Supply chain resilience and market performance amid COVID-19 disruptions: The role of relational capital and supply chain disruption orientation in South Korean firms

Journal of Optimization in Industrial Engineering

مقاله 10، دوره 16، شماره 2 - شماره پیاپی 35، آذر 2024، صفحه 131-146   

نوع مقاله: Original Manuscript

شناسه دیجیتال (DOI): 10.22094/joie.2023.1986336.2065

نویسندگان

Aaron Rae Stephens¹؛ Charles A Robb^{* 2}؛ Min-Hyo Kang³

¹Department of Business Administration and Accounting, Hartwick College, Oneonta, NY 13820, USA

²Linton Global School, Global Business, Daejeon, 34430, South Korea

³Department of Business Administration, Dongguk University WISE Campus, Gyeongju, 38066, South Korea

چکیده

The COVID-19 pandemic has catalyzed unprecedented disruptions across global supply chains, necessitating a thorough examination of the implications for organizational performance. This research aims to fill this knowledge gap by investigating the intricate relationships between supply chain dynamism, disruption orientation, relational capital, supply chain resilience, and market performance. Grounded in event systems theory and social network theory, we propose a comprehensive model that details the dynamics shaping organizations' responses to disruptions. This study employs PLS-SEM to analyze data collected from a diverse sample of Korean organizations. The findings underscore the critical role of supply chain dynamism, revealing its positive association with both supply chain disruption orientation and relational capital. Moreover, supply chain resilience is positively linked with both supply chain dynamism and relational capital, highlighting its central importance. This study also unveils the mediating roles of supply chain disruption orientation, relational capital, and supply chain resilience in enhancing market performance. These results not only contribute to theoretical advancements but also offer valuable insights for practitioners. As managers adapt their supply chain strategies in response to the pandemic, our research emphasizes the long-term value of cultivating resilient relationships and embracing disruption as a catalyst for organizational growth. This nuanced understanding contributes to academic knowledge and managerial decisions amid unprecedented disruptions.

کلیدواژه‌ها

Supply chain disruption orientation؛ Supply chain dynamism؛ Relational capital؛ Market performance؛ Supply chain resilience

مراجع

Aldrighetti, R., Battini, D., Ivanov, D., & Zennaro, I. (2021). Costs of resilience and disruptions in supply chain network design models: A review and future research directions. International Journal of Production Economics, 235, 108103. https://doi.org/10.1016/j.ijpe.2021.108103

Ambulkar, S., Blackhurst, J., & Grawe, S. (2015). Firm’s resilience to supply chain disruptions: Scale development and empirical examination. Journal of Operations Management, 33-34(1), 111-122. https://doi.org/10.1016/j.jom.2014.11.002

Bode, C., Wagner, S. M., Petersen, K. J., & Ellram, L. M. (2011). Understanding Responses to Supply Chain Disruptions: Insights from Information Processing and Resource Dependence Perspectives. Academy of Management Journal, 54(4), 833-856. https://doi.org/10.5465/amj.2011.64870145

Carey, S., Lawson, B., & Krause, D. R. (2011). Social capital configuration, legal bonds and performance in buyer-supplier relationships. Journal of Operations Management, 29(4), 277-288. https://doi.org/10.1016/j.jom.2010.08.003

Cepeda-Carrion, G., Cegarra-Navarro, J.-G., & Cillo, V. (2019). Tips to use partial least squares structural equation modelling (PLS-SEM) in knowledge management. Journal of Knowledge Management, 23(1), 67-89. https://doi.org/10.1108/JKM-05-2018-0322

Chabowski, B. R., Mena, J. A., & Gonzalez-Padron, T. L. (2011). The structure of sustainability research in marketing, 1958-2008: A basis for future research opportunities. Journal of the Academy of Marketing Science, 39(1), 55-70. https://doi.org/10.1007/s11747-010-0212-7

Chung, H., Birkett, H., Forbes, S., & Seo, H. (2021). Covid-19, Flexible Working, and Implications for Gender Equality in the United Kingdom. Gender & Society, 35(2), 218-232. https://doi.org/10.1177/08912432211001304

Craighead, C. W., Ketchen, D. J., & Cheng, L. (2016). “Goldilocks” Theorizing in Supply Chain Research: Balancing Scientific and Practical Utility via Middle-Range Theory. Transportation Journal, 55(3), 241-257. https://doi.org/10.5325/transportationj.55.3.0241

Craighead, C. W., Ketchen, D. J., & Darby, J. L. (2019). Taking AIM at Theoretical and Pragmatic Impact: A Call for Actionable, Insightful, and Measurable Research. Journal of Business Logistics, 40(4), 289-298. https://doi.org/10.1111/jbl.12214

Craighead, C. W., Ketchen, D. J., & Darby, J. L. (2020). Pandemics and Supply Chain Management Research: Toward a Theoretical Toolbox. Decision Sciences, 51(4), 838-866. https://doi.org/10.1111/deci.12468

Dyer, J. H., & Singh, H. (1998). The Relational View: Cooperative Strategy and Sources of Interorganizational Competitive Advantage. The Academy of Management Review, 23(4), 660. https://doi.org/10.2307/259056

Fornell, C., & Larcker, D. F. (1981). Evaluating Structural Equation Models with Unobservable Variables and Measurement Error. Journal of Marketing Research, 18(1), 39. https://doi.org/10.2307/3151312

Fuller, C. M., Simmering, M. J., Atinc, G., Atinc, Y., & Babin, B. J. (2016). Common methods variance detection in business research. Journal of Business Research, 69(8), 3192-3198. https://doi.org/10.1016/j.jbusres.2015.12.008

Gligor, D., Bozkurt, S., Russo, I., & Omar, A. (2019). A look into the past and future: Theories within supply chain management, marketing and management. Supply Chain Management: An International Journal, 24(1), 170-186. https://doi.org/10.1108/SCM-03-2018-0124

Gölgeci, I., & Kuivalainen, O. (2020). Does social capital matter for supply chain resilience? The role of absorptive capacity and marketing-supply chain management alignment. Industrial Marketing Management, 84, 63-74. https://doi.org/10.1016/j.indmarman.2019.05.006

Golgeci, I., & Y. Ponomarov, S. (2013). Does firm innovativeness enable effective responses to supply chain disruptions? An empirical study. Supply Chain Management: An International Journal, 18(6), 604-617. https://doi.org/10.1108/SCM-10-2012-0331

Hair, J. F., Hult, G. T. M., Ringle, C. M., Sarstedt, M., Danks, N. P., & Ray, S. (2021). Partial Least Squares Structural Equation Modeling (PLS-SEM) Using R: A Workbook. Springer International Publishing. https://doi.org/10.1007/978-3-030-80519-7

Hair, J. F., Ringle, C. M., & Sarstedt, M. (2011). PLS-SEM: Indeed a Silver Bullet. Journal of Marketing Theory and Practice, 19(2), 139-152. https://doi.org/10.2753/MTP1069-6679190202

Henseler, J., Ringle, C. M., & Sinkovics, R. R. (2009). The use of partial least squares path modeling in international marketing. In R. R. Sinkovics & P. N. Ghauri (Eds.), Advances in International Marketing (Vol. 20, pp. 277-319). Emerald Group Publishing Limited. https://doi.org/10.1108/S1474-7979(2009)0000020014

Henseler, J., & Sarstedt, M. (2013). Goodness-of-fit indices for partial least squares path modeling. Computational Statistics, 28(2), 565-580. https://doi.org/10.1007/s00180-012-0317-1

Hu, L., & Bentler, P. M. (1999). Cutoff criteria for fit indexes in covariance structure analysis: Conventional criteria versus new alternatives. Structural Equation Modeling: A Multidisciplinary Journal, 6(1), 1-55. https://doi.org/10.1080/10705519909540118

Hu, S., Hsu, C., & Zhou, Z. (2021). The impact of SETA event attributes on employees’ security-related Intentions: An event system theory perspective. Computers & Security, 109, 102404. https://doi.org/10.1016/j.cose.2021.102404

Im, J., Kim, J., & Choeh, J. Y. (2021). COVID-19, social distancing, and risk-averse actions of hospitality and tourism consumers: A case of South Korea. Journal of Destination Marketing & Management, 20, 100566. https://doi.org/10.1016/j.jdmm.2021.100566

Ivanov, D. (2020). Predicting the impacts of epidemic outbreaks on global supply chains: A simulation-based analysis on the coronavirus outbreak (COVID-19/SARS-CoV-2) case. Transportation Research Part E: Logistics and Transportation Review, 136, 101922. https://doi.org/10.1016/j.tre.2020.101922

Ivanov, D., & Dolgui, A. (2020). Viability of intertwined supply networks: Extending the supply chain resilience angles towards survivability. A position paper motivated by COVID-19 outbreak. International Journal of Production Research, 58(10), 2904-2915. https://doi.org/10.1080/00207543.2020.1750727

Kang, M., & Stephens, A. R. (2022). Supply chain resilience and operational performance amid COVID-19 supply chain interruptions: Evidence from South Korean manufacturers. Uncertain Supply Chain Management, 10(2), 383-398. https://doi.org/10.5267/j.uscm.2021.12.013

Kanwal, A., & Rajput, A. (2016). A Transaction Cost Framework in Supply Chain Relationships: A Social Capital Perspective. Journal of Relationship Marketing, 15(1-2), 92-107. https://doi.org/10.1080/15332667.2016.1158048

Kim, J., Kim, J., Lee, S. K., & Tang, L. (Rebecca). (2020). Effects of epidemic disease outbreaks on financial performance of restaurants: Event study method approach. Journal of Hospitality and Tourism Management, 43, 32-41. https://doi.org/10.1016/j.jhtm.2020.01.015

Kim, S. W. (2009). An investigation on the direct and indirect effect of supply chain integration on firm performance. International Journal of Production Economics, 119(2), 328-346. https://doi.org/10.1016/j.ijpe.2009.03.007

Kock, N. (2015). Common Method Bias in PLS-SEM: A Full Collinearity Assessment Approach. International Journal of e-Collaboration, 11(4), 1-10. https://doi.org/10.4018/ijec.2015100101

Kock, N., & Gaskins, L. (2014). The Mediating Role of Voice and Accountability in the Relationship Between Internet Diffusion and Government Corruption in Latin America and Sub-Saharan Africa. Information Technology for Development, 20(1), 23-43. https://doi.org/10.1080/02681102.2013.832129

Kumar, S., & Bhatia, M. S. (2021). Environmental dynamism, industry 4.0 and performance: Mediating role of organizational and technological factors. Industrial Marketing Management, 95, 54-64. https://doi.org/10.1016/j.indmarman.2021.03.010

Lawson, B., Tyler, B. B., & Cousins, P. D. (2008). Antecedents and consequences of social capital on buyer performance improvement. Journal of Operations Management, 26(3), 446-460. https://doi.org/10.1016/j.jom.2007.10.001

Li, Y., Chen, K., Collignon, S., & Ivanov, D. (2021). Ripple effect in the supply chain network: Forward and backward disruption propagation, network health and firm vulnerability. European Journal of Operational Research, 291(3), 1117-1131. https://doi.org/10.1016/j.ejor.2020.09.053

Liu, Z. (2020). Achieving Supply Chain Resilience to Improve Performance under a Global Sourcing Context. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3715691

McFarland, L. A., Reeves, S., Porr, W. B., & Ployhart, R. E. (2020). Impact of the COVID-19 pandemic on job search behavior: An event transition perspective. Journal of Applied Psychology, 105(11), 1207-1217. https://doi.org/10.1037/apl0000782

Morgeson, F. P., Mitchell, T. R., & Liu, D. (2015). Event System Theory: An Event-Oriented Approach to the Organizational Sciences. Academy of Management Review, 40(4), 515-537. https://doi.org/10.5465/amr.2012.0099

Mubarik, M. S., Bontis, N., Mubarik, M., & Mahmood, T. (2022). Intellectual capital and supply chain resilience. Journal of Intellectual Capital, 23(3), 713-738. https://doi.org/10.1108/JIC-06-2020-0206

Nitzl, C., Roldan, J. L., & Cepeda, G. (2016). Mediation analysis in partial least squares path modeling: Helping researchers discuss more sophisticated models. Industrial Management & Data Systems, 116(9), 1849-1864. https://doi.org/10.1108/IMDS-07-2015-0302

Nunnally, J., & Bernstein, I. (1994). Psychometric Theory (3rd ed). McGraw-Hill, New York.

Oh, S., Moon, H. C., & Zhong, Y. (2020). Contingency Management and Supply Chain Performance in Korea: A COVID-19 Pandemic Approach. Sustainability, 12(23), 9823. https://doi.org/10.3390/su12239823

Parast, M. M., & Shekarian, M. (2019). The Impact of Supply Chain Disruptions on Organizational Performance: A Literature Review. In G. A. Zsidisin & M. Henke (Eds.), Revisiting Supply Chain Risk (Vol. 7, pp. 367-389). Springer International Publishing. https://doi.org/10.1007/978-3-030-03813-7_21

Podsakoff, P. M., MacKenzie, S. B., Lee, J.-Y., & Podsakoff, N. P. (2003). Common method biases in behavioral research: A critical review of the literature and recommended remedies. Journal of Applied Psychology, 88(5), 879-903. https://doi.org/10.1037/0021-9010.88.5.879

Polyviou, M., Croxton, K. L., & Knemeyer, A. M. (2019). Resilience of medium-sized firms to supply chain disruptions: The role of internal social capital. International Journal of Operations & Production Management, 40(1), 68-91. https://doi.org/10.1108/IJOPM-09-2017-0530

Ponomarov, S. Y., & Holcomb, M. C. (2009). Understanding the concept of supply chain resilience. The International Journal of Logistics Management, 20(1), 124-143. https://doi.org/10.1108/09574090910954873

Reimann, F., Kosmol, T., & Kaufmann, L. (2017). Responses to Supplier-Induced Disruptions: A Fuzzy-Set Analysis. Journal of Supply Chain Management, 53(4), 37-66. https://doi.org/10.1111/jscm.12141

Robb, C. A., & Stephens, A. R. (2021). The Effects of Market Orientation and Proactive Orientation on the Export Performance of South African SMEs. Journal of Global Marketing, 34(5), 392-410. https://doi.org/10.1080/08911762.2021.1894625

Robb, C., Kang, M., & Stephens, A. (2022). The effects of dynamism, relational capital, and ambidextrous innovation on the supply chain resilience of U.S. firms amid COVID-19. Operations and Supply Chain Management: An International Journal, 1-16. https://doi.org/10.31387/oscm0480326

Rutten, W., Blaas-Franken, J., & Martin, H. (2016). The impact of (low) trust on knowledge sharing. Journal of Knowledge Management, 20(2), 199-214. https://doi.org/10.1108/JKM-10-2015-0391

Sarstedt, M., Ringle, C. M., Henseler, J., & Hair, J. F. (2014). On the Emancipation of PLS-SEM: A Commentary on Rigdon (2012). Long Range Planning, 47(3), 154-160. https://doi.org/10.1016/j.lrp.2014.02.007

Scala, B., & Lindsay, C. F. (2021). Supply chain resilience during pandemic disruption: Evidence from healthcare. Supply Chain Management: An International Journal, 26(6), 672-688. https://doi.org/10.1108/SCM-09-2020-0434

Stephens, A. R., Kang, M., & Robb, C. A. (2022). Linking Supply Chain Disruption Orientation to Supply Chain Resilience and Market Performance with the Stimulus–Organism–Response Model. Journal of Risk and Financial Management, 15(5), 227. https://doi.org/10.3390/jrfm15050227

Thi Mai Anh, N., Hui, L., Khoa, V. D., & Mehmood, S. (2019). Relational capital and supply chain collaboration for radical and incremental innovation: An empirical study in China. Asia Pacific Journal of Marketing and Logistics, 31(4), 1076-1094. https://doi.org/10.1108/APJML-10-2018-0423

Wang, Y. (2016). Investigating dynamic capabilities of family businesses in China: A social capital perspective. Journal of Small Business and Enterprise Development, 23(4), 1057-1080. https://doi.org/10.1108/JSBED-12-2015-0175

Wetzels, Odekerken-Schröder, & van Oppen. (2009). Using PLS Path Modeling for Assessing Hierarchical Construct Models: Guidelines and Empirical Illustration. MIS Quarterly, 33(1), 177. https://doi.org/10.2307/20650284

Williams, Z., Lueg, J. E., Hancock, T., & Goffnett, S. P. (2019). Positioning through B2B carrier signals: Understanding how service quality is communicated via websites. Industrial Marketing Management, 81, 54-64. https://doi.org/10.1016/j.indmarman.2018.09.007

Wong, C. W. Y., Lirn, T.-C., Yang, C.-C., & Shang, K.-C. (2020). Supply chain and external conditions under which supply chain resilience pays: An organizational information processing theorization. International Journal of Production Economics, 226, 107610. https://doi.org/10.1016/j.ijpe.2019.107610

Wright, O., & Grace, A. (2011). Trust and commitment within franchise systems: An Australian and New Zealand perspective. Asia Pacific Journal of Marketing and Logistics, 23(4), 486-500. https://doi.org/10.1108/13555851111165048

Wu, I.-L., Chuang, C.-H., & Hsu, C.-H. (2014). Information sharing and collaborative behaviors in enabling supply chain performance: A social exchange perspective. International Journal of Production Economics, 148, 122-132. https://doi.org/10.1016/j.ijpe.2013.09.016

Yu, W., Jacobs, M. A., Chavez, R., & Yang, J. (2019). Dynamism, disruption orientation, and resilience in the supply chain and the impacts on financial performance: A dynamic capabilities perspective. International Journal of Production Economics, 218, 352-362. https://doi.org/10.1016/j.ijpe.2019.07.013

Yu, Y., & Huo, B. (2019). The impact of environmental orientation on supplier green management and financial performance: The moderating role of relational capital. Journal of Cleaner Production, 211, 628-639. https://doi.org/10.1016/j.jclepro.2018.11.198

Zacharia, Z. G., Nix, N. W., & Lusch, R. F. (2011). Capabilities that enhance outcomes of an episodic supply chain collaboration. Journal of Operations Management, 29(6), 591-603. https://doi.org/10.1016/j.jom.2011.02.001

Zhao, K., Zuo, Z., & Blackhurst, J. V. (2019). Modelling supply chain adaptation for disruptions: An empirically grounded complex adaptive systems approach. Journal of Operations Management, 65(2), 190-212. https://doi.org/10.1002/joom.1009

Zhou, H., & Benton, W. C. (2007). Supply chain practice and information sharing. Journal of Operations Management, 25(6), 1348-1365. https://doi.org/10.1016/j.jom.2007.01.009

Zhu, G., Chou, M. C., & Tsai, C. W. (2020). Lessons Learned from the COVID-19 Pandemic Exposing the Shortcomings of Current Supply Chain Operations: A Long-Term Prescriptive Offering. Sustainability, 12(14), 5858. https://doi.org/10.3390/su12145858