How Does Supplier ESG Rating Divergence Affect Corporate Operational Resilience
The frequent occurrence of external shocks and unexpected events has significantly disrupted business operations,resulting in substantial economic losses and exposing the vulnerability of operational systems.In response,an increasing number of companies are shifting their strategic focus from solely pursuing high profits to enhancing operational resilience.Existing studies have primarily focused on the role of internal resources and capabilities in fostering operational resilience,with limited attention to the influence of supply chain partner characteristics.However,as the supply chain collaboration deepens,the behavior and characteristics of upstream and downstream partners are increasingly critical in influencing the operational resilience of focal firms.In the context of a global emphasis on sustainable development,the environmental,social,and governance(ESG)performance of suppliers not only directly affects their ability to cope with operational risks but also has spillover effects on the operational resilience of focal firms through supply chain linkages.Beyond the direct influence of ESG performance,suppliers'ESG rating divergence warrants particular attention.Such rating divergence may not only expose suppliers to skepticism and negative evaluations from stakeholders but also impair focal firms'ability to address operational uncertainty and supply chain disruption risks via signaling mechanisms.Although some studies have emphasized the impact of suppliers'ESG performance on focal firms'operations,there remains a lack of research on whether and how suppliers'ESG rating divergence affects the operational resilience of focal firms.This study uses a sample of A-share listed companies and their suppliers from 2009 to 2022 to examine the impact of suppliers'ESG rating divergence on the operational resilience of focal firms from the perspective of signaling theory.The results suggest that suppliers'ESG rating divergence significantly reduces the operational resilience of focal firms,confirming the negative spillover effects of ESG rating divergence within supply chains.Furthermore,focal firms'external attention amplifies this negative effect,while supply network centrality and market share effectively mitigate it.The mechanism analysis indicates that suppliers'ESG rating divergence weakens the operational resilience of focal firms by increasing negative media coverage,exacerbating financing constraints,and inducing instability in supply chain relationships.The heterogeneity analysis reveals that the negative spillover effects of suppliers'ESG rating divergence on focal firms'operational resilience are more pronounced in large firms,firms located in the eastern region,and firms operating in highly competitive markets.These findings indicate that companies should not only strive to improve their ESG performance but also establish robust supply chain ESG management systems to enhance operational resilience and mitigate the risks associated with ESG issues within supply chains.This study provides new insights into the understanding of ESG issues in supply chains and their impact on firms'operations,highlights the signaling effects of suppliers'ESG performance on the operational resilience of focal firms,broadens the research perspective on operational resilience,and provides important implications for advancing ESG practices and strengthening resilience building of Chinese companies.
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