We investigate how common institutional investors (CIIs) in supply chains affect supplier performance. Social network theory suggests that buyer–supplier relationships are influenced by networks of ties in which they are embedded. While prior research has concentrated on networks of trade interactions, we instead examine the influences of networks through common investors. Utilizing a large sample of buyer–supplier relationships, we find that the presence of CIIs improves suppliers' operating and market performance, especially for suppliers with greater dependence on buyers. In addition, supplier performance increases with the common ownership stakes held by CIIs, but decreases with the asymmetric ownership stakes of CIIs across supply chain partners. We find that better financial collaboration between the partners appears to be a mechanism through which CIIs enhance supplier performance. Lastly, we find that the role of CIIs in strengthening supplier performance is distinct from that of direct equity links. Collectively, our findings highlight a novel role of indirect cross‐ownership in fostering supply chain collaboration and coordinating vertical relationships and, in turn, improving supplier performance.

中文翻译：

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普通机构投资者和供应链中的供应商绩效

我们调查了供应链中的普通机构投资者（CII）如何影响供应商的绩效。社会网络理论表明，买方与供应商之间的关系受嵌入其中的联系网络的影响。尽管先前的研究集中在贸易互动网络上，但我们通过普通投资者研究了网络的影响。利用大量的买方与供应商关系样本，我们发现CII的存在可以改善供应商的运营和市场绩效，特别是对于那些对买方的依赖性更大的供应商。此外，供应商的绩效随着CII持有的普通所有权股份的增加而增加，但随着CII在整个供应链合作伙伴中所有权的不对称而下降。我们发现，合作伙伴之间更好的财务合作似乎是CII提高供应商绩效的一种机制。最后，我们发现CII在增强供应商绩效方面的作用与直接股权联系不同。总体而言，我们的研究结果突出了间接交叉所有权在促进供应链协作和协调垂直关系以及反过来改善供应商绩效方面的新型作用。