Beyond Shareholder Primacy: How Stakeholder Laws Strengthen Supply Chains
A recent study published in the Journal of Financial Stability addresses a fundamental question in corporate governance: Can state-level stakeholder protection laws generate positive spillovers that strengthen the entire supply chain?
Authored by Dr. Ruirui FANG from the School of Accounting and Finance (AF) at The Hong Kong Polytechnic University (PolyU), the research—titled “The spillover effect of constituency statutes along supply chains: Evidence from supplier commitment”—provides robust empirical evidence on this cross-boundary dynamic.
The Framework: Understanding Constituency Statutes
Constituency Statutes are legal frameworks in the U.S. that explicitly permit corporate boards to consider the interests of non-shareholder stakeholders—such as employees, suppliers, and local communities—during decision-making. Crucially, these laws protect directors from legal liability for breaching fiduciary duties to shareholders when they prioritize these broader interests.
Methodology & Core Innovation
While prior research has largely focused on the direct impact of these laws on the firms themselves, Dr. Fang’s study is the first to identify a “spillover effect” along the supply chain. By analyzing a comprehensive dataset of 41,205 U.S. supplier-customer-year observations from 1976 to 2020, the study shows that the legal environment of a customer firm significantly shapes suppliers’ relationship-specific investments in the supply chain.
Key Findings
The research reveals three pivotal outcomes:
- Increased Relationship-Specific R&D: When customers are protected by these statutes, suppliers are more likely to increase R&D expenditures specifically tailored to those customers' needs.
- Enhanced Technological Synergy: The study finds a higher frequency of suppliers citing their customers' patents, reflecting a deeper alignment of technological roadmaps.
- Mitigation of the "Hold-up Problem": The primary driver is trust. Because the law empowers customers to value long-term stability over short-term gains, suppliers feel secure making specialized investments without the fear of future exploitation.
Managerial Implications
Among the various stakeholders, the integrity of the supply-chain relationship is crucial to a firm’s success. This study sheds light on how stakeholder orientation can offer firms competitive advantages through its impact on supply-chain relationship and shaping firm boundaries. By signaling a stakeholder-oriented culture, firms can foster stable, long-term strategic bonds with suppliers, ultimately driving sustainable mutual growth.
Keywords: Constituency statutes, Corporate social responsibility, Supplier commitment, Supplier-customer relationship, R&D investment
Research Paper: Dichu Bao, Ruirui Fang, Lixin (Nancy) Su, The spillover effect of constituency statutes along supply chains: Evidence from supplier commitment, Journal of Financial Stability, Volume 75, (2024), 101347
👉Read the full article here: https://doi.org/10.1016/j.jfs.2024.101347
超越股東至上：利害關係人法律如何強化供應鏈
近期發表於《金融穩定期刊》（Journal of Financial Stability）的一項研究探討了公司治理中的一個根本性問題：州層級的利害關係人保護法能否產生正面的外溢效應，從而強化整個供應鏈。
這項研究由香港理工大學會計及金融學院（AF）方瑞瑞博士主導，題為《The spillover effect of constituency statutes along supply chains: Evidence from supplier commitment》，為這種跨組織的動態協作提供了強有力的實證支持。
法律框架：理解「利害關係人法規」（Constituency Statutes）
「利害關係人法規」是美國的一項法律框架，明確允許公司董事會在決策時，除了考慮股東利益外，亦可兼顧員工、供應商及當地社區等「非股東利害關係人」的權益。當董事為了優先考量這些更廣泛的利益而被指控違反對股東的受託責任時，這些法律可保護其免於承擔法律責任。
研究方法與核心創新
過去的研究多聚焦於法規對受保公司本身的直接影響。方博士的研究則首度揭示了供應鏈上的「外溢效應」（Spillover effect）。透過分析1976年至2020年間、共 41,205 個美國供應商—客戶—年度觀測值的數據集，該研究顯示：客戶公司的法律環境會顯著影響供應商在供應鏈中所進行的關係專屬性投資。
主要發現
研究得出三個關鍵成果：
- 帶動關係專屬性研發投入：當客戶受利害關係人法規保護時，供應商更有動力增加專門針對該客戶需求的研發支出（Relationship-specific R&D）。
- 強化技術協同：研究發現，供應商引用客戶專利的頻率顯著上升，反映出雙方技術發展藍圖更深度的契合。
- 緩解「套牢問題」（Hold-up problem）：其核心驅動因素是信任。由於法律賦予客戶得以重視長期穩定而非短期利益的空間，供應商因此更有信心進行專屬性投資，而無需擔心未來被客戶利用或「套牢」。
管理啟示
在企業所面對的各類利害關係人關係中，供應鏈關係的穩固與否對企業的成功尤為關鍵。本研究揭示了利害關係人導向如何藉由影響供應鏈關係、並形塑企業的組織邊界，為企業創造競爭優勢。當企業向外傳遞出利害關係人導向的文化訊號時，便能與供應商培養穩定且長期的策略性連結，最終推動雙方永續的共同成長。
關鍵詞：利害關係人法規(Constituency statutes), 企業社會責任(CSR), 供應商承諾, 供應商與客戶關係, 研發投資
研究論文（只限英文版）：Dichu Bao, Ruirui Fang, Lixin (Nancy) Su, The spillover effect of constituency statutes along supply chains: Evidence from supplier commitment, Journal of Financial Stability, Volume 75, (2024), 101347
👉閱讀完整文章： https://doi.org/10.1016/j.jfs.2024.101347
Research Assistant Professor
