Supply chain integration and shareholder value: Evidence from consortium based industry exchanges
研究了企业参与行业交易所（一种供应链整合机制）对股东价值的影响，发现参与能带来正向但微弱的异常回报，其中创始企业获益更显著，且议价能力强、流程效率高的企业受益更多。
Abstract Recent trade and academic literature point to the importance of supply chain integration among partners as a key determinant of value creation. This paper analyzes the shareholder value effects of setting up industry exchanges, a prominent mechanism used to achieve supply chain integration. Shareholder value effects are estimated by measuring the stock market reaction (abnormal returns) associated with announcements to form or join industry exchanges. We find that abnormal returns from participation in industry exchanges are positive but only marginally significant in the whole sample of 144 firms in 18 exchanges formed during 2000–2001. In the sub‐sample of 88 exchange founders who were part of the original announcements to form the exchange, the abnormal market reaction is about 1% and significant. We also find that firms with greater bargaining power and higher process efficiency benefit more from participation in industry exchanges.