[go: up one dir, main page]

IDEAS home Printed from https://ideas.repec.org/a/wly/sustdv/v30y2022i5p1343-1369.html
   My bibliography  Save this article

Evolution of supply chain finance: A comprehensive review and proposed research directions with network clustering analysis

Author

Listed:
  • Ratri Parida
  • Manoj Kumar Dash
  • Anil Kumar
  • Edmundas Kazimieras Zavadskas
  • Sunil Luthra
  • Eyob Mulat‐weldemeskel
Abstract
Over the last decade, supply chain finance (SCF) has gained popularity and increasing attention among academicians and stakeholders in the context of financial flows in the supply chain. However, some research gaps still exist that need to be explored to improve the sustainability of supply chains. Specifically, there is a critical research need to look at the conceptual background of SCF and its potential applicability in various phases of supply chains. Therefore, this article aims to bridge this gap by conducting a comprehensive State‐of‐the‐Art literature review based on 367 papers published from 2006 to 2020. Furthermore, this article is one of the first attempts to present current and past studies in the domain of SCF in a holistic manner. The analysis highlights the most influential authors, keywords, organisations, leading publications and clusters in existing research areas. This article also sets out a proposed research framework based on the triangulation approach perspective, that is, financial perspective, buyer perspective and supply chain‐oriented perspective. The most important and unique contribution of the article is the identification of new and emerging research areas where the application of SCF is still in the nascent stage. These findings can guide stakeholders at every stage of the value chain to appropriately use techniques that model policies to better inform investment and operational decisions in line with Sustainable Development Goals.

Suggested Citation

  • Ratri Parida & Manoj Kumar Dash & Anil Kumar & Edmundas Kazimieras Zavadskas & Sunil Luthra & Eyob Mulat‐weldemeskel, 2022. "Evolution of supply chain finance: A comprehensive review and proposed research directions with network clustering analysis," Sustainable Development, John Wiley & Sons, Ltd., vol. 30(5), pages 1343-1369, October.
  • Handle: RePEc:wly:sustdv:v:30:y:2022:i:5:p:1343-1369
    DOI: 10.1002/sd.2272
    as

    Download full text from publisher

    File URL: https://doi.org/10.1002/sd.2272
    Download Restriction: no

    File URL: https://libkey.io/10.1002/sd.2272?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. van der Vliet, Kasper & Reindorp, Matthew J. & Fransoo, Jan C., 2015. "The price of reverse factoring: Financing rates vs. payment delays," European Journal of Operational Research, Elsevier, vol. 242(3), pages 842-853.
    2. Chaomei Chen, 2006. "CiteSpace II: Detecting and visualizing emerging trends and transient patterns in scientific literature," Journal of the American Society for Information Science and Technology, Association for Information Science & Technology, vol. 57(3), pages 359-377, February.
    3. Jia, Fu & Blome, Constantin & Sun, Hui & Yang, Yang & Zhi, Bangdong, 2020. "Towards an integrated conceptual framework of supply chain finance: An information processing perspective," International Journal of Production Economics, Elsevier, vol. 219(C), pages 18-30.
    4. Chen, Ting & Wang, Derong, 2020. "Combined application of blockchain technology in fractional calculus model of supply chain financial system," Chaos, Solitons & Fractals, Elsevier, vol. 131(C).
    5. Joel F. Houston & Chen Lin & Zhongyan Zhu, 2016. "The Financial Implications of Supply Chain Changes," Management Science, INFORMS, vol. 62(9), pages 2520-2542, September.
    6. Norazah Mohd Suki & Norbayah Mohd Suki & Arshian Sharif & Sahar Afshan, 2021. "The role of logistics performance for sustainable development in top Asian countries: Evidence from advance panel estimations," Sustainable Development, John Wiley & Sons, Ltd., vol. 29(4), pages 595-606, July.
    7. Qi Zhou & Xiangfeng Chen & Shuting Li, 2018. "Innovative Financial Approach for Agricultural Sustainability: A Case Study of Alibaba," Sustainability, MDPI, vol. 10(3), pages 1-20, March.
    8. Chen, Xiangfeng & Cai, Gangshu (George), 2011. "Joint logistics and financial services by a 3PL firm," European Journal of Operational Research, Elsevier, vol. 214(3), pages 579-587, November.
    9. Lang Zhang & Haiqing Hu & Dan Zhang, 2015. "A credit risk assessment model based on SVM for small and medium enterprises in supply chain finance," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 1(1), pages 1-21, December.
    10. Chun-Tao Chang & Jinn-Tsair Teng & Suresh Kumar Goyal, 2008. "Inventory Lot-Size Models Under Trade Credits: A Review," Asia-Pacific Journal of Operational Research (APJOR), World Scientific Publishing Co. Pte. Ltd., vol. 25(01), pages 89-112.
    11. Robert Grüter & David A. Wuttke, 2017. "Option matters: valuing reverse factoring," International Journal of Production Research, Taylor & Francis Journals, vol. 55(22), pages 6608-6623, November.
    12. Zhao, Lima & Huchzermeier, Arnd, 2019. "Managing supplier financial distress with advance payment discount and purchase order financing," Omega, Elsevier, vol. 88(C), pages 77-90.
    13. Sumita Raghuram & Philipp Tuertscher & Raghu Garud, 2010. "Research Note ---Mapping the Field of Virtual Work: A Cocitation Analysis," Information Systems Research, INFORMS, vol. 21(4), pages 983-999, December.
    14. Philippe Mongeon & Adèle Paul-Hus, 2016. "The journal coverage of Web of Science and Scopus: a comparative analysis," Scientometrics, Springer;Akadémiai Kiadó, vol. 106(1), pages 213-228, January.
    15. Charles W. Haley & Robert C. Higgins, 1973. "Inventory Policy and Trade Credit Financing," Management Science, INFORMS, vol. 20(4-Part-I), pages 464-471, December.
    16. Song, Hua & Yang, Xuan & Yu, Kangkang, 2020. "How do supply chain network and SMEs’ operational capabilities enhance working capital financing? An integrative signaling view," International Journal of Production Economics, Elsevier, vol. 220(C).
    17. Wuttke, David A. & Blome, Constantin & Henke, Michael, 2013. "Focusing the financial flow of supply chains: An empirical investigation of financial supply chain management," International Journal of Production Economics, Elsevier, vol. 145(2), pages 773-789.
    18. Xuedong Liang & Xianli Zhao & Min Wang & Zhi Li, 2018. "Small and Medium-Sized Enterprises Sustainable Supply Chain Financing Decision Based on Triple Bottom Line Theory," Sustainability, MDPI, vol. 10(11), pages 1-17, November.
    19. Nees Jan Eck & Ludo Waltman, 2010. "Software survey: VOSviewer, a computer program for bibliometric mapping," Scientometrics, Springer;Akadémiai Kiadó, vol. 84(2), pages 523-538, August.
    20. Lai, Guoming & Debo, Laurens G. & Sycara, Katia, 2009. "Sharing inventory risk in supply chain: The implication of financial constraint," Omega, Elsevier, vol. 37(4), pages 811-825, August.
    21. Zhu, You & Zhou, Li & Xie, Chi & Wang, Gang-Jin & Nguyen, Truong V., 2019. "Forecasting SMEs' credit risk in supply chain finance with an enhanced hybrid ensemble machine learning approach," International Journal of Production Economics, Elsevier, vol. 211(C), pages 22-33.
    22. Hana Trollman & James Colwill, 2021. "The imperative of embedding sustainability in business: A model for transformational sustainable development," Sustainable Development, John Wiley & Sons, Ltd., vol. 29(5), pages 974-986, September.
    23. Fabbri, Daniela & Klapper, Leora F., 2016. "Bargaining power and trade credit," Journal of Corporate Finance, Elsevier, vol. 41(C), pages 66-80.
    24. Wang, Fan & Yang, Xiao & Zhuo, Xiaopo & Xiong, Minghua, 2019. "Joint logistics and financial services by a 3PL firm: Effects of risk preference and demand volatility," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 130(C), pages 312-328.
    25. Xiaohong Liu & Liguo Zhou & Yen-Chun Jim Wu, 2015. "Supply Chain Finance in China: Business Innovation and Theory Development," Sustainability, MDPI, vol. 7(11), pages 1-21, November.
    26. Dekkers, Rob & de Boer, Ronald & Gelsomino, Luca Mattia & de Goeij, Christiaan & Steeman, Michiel & Zhou, Qijun & Sinclair, Scott & Souter, Victoria, 2020. "Evaluating theoretical conceptualisations for supply chain and finance integration: A Scottish focus group," International Journal of Production Economics, Elsevier, vol. 220(C).
    27. Tseng, Ming-Lang & Wu, Kuo-Jui & Hu, Jiayao & Wang, Chin-Hsin, 2018. "Decision-making model for sustainable supply chain finance under uncertainties," International Journal of Production Economics, Elsevier, vol. 205(C), pages 30-36.
    28. Budin, Morris & Eapen, A T, 1970. "Cash Generation in Business Operations: Some Simulation Models," Journal of Finance, American Finance Association, vol. 25(5), pages 1091-1107, December.
    29. Seifert, Daniel & Seifert, Ralf W. & Protopappa-Sieke, Margarita, 2013. "A review of trade credit literature: Opportunities for research in operations," European Journal of Operational Research, Elsevier, vol. 231(2), pages 245-256.
    30. van Eck, Nees Jan & Waltman, Ludo, 2014. "CitNetExplorer: A new software tool for analyzing and visualizing citation networks," Journal of Informetrics, Elsevier, vol. 8(4), pages 802-823.
    31. Ma, Hoi-Lam & Wang, Z.X. & Chan, Felix T.S., 2020. "How important are supply chain collaborative factors in supply chain finance? A view of financial service providers in China," International Journal of Production Economics, Elsevier, vol. 219(C), pages 341-346.
    32. Danish I. Godil & Zhang Yu & Arshian Sharif & Rimsha Usman & Syed Abdul Rehman Khan, 2021. "Investigate the role of technology innovation and renewable energy in reducing transport sector CO2 emission in China: A path toward sustainable development," Sustainable Development, John Wiley & Sons, Ltd., vol. 29(4), pages 694-707, July.
    33. Xu, Xinhan & Chen, Xiangfeng & Jia, Fu & Brown, Steve & Gong, Yu & Xu, Yifan, 2018. "Supply chain finance: A systematic literature review and bibliometric analysis," International Journal of Production Economics, Elsevier, vol. 204(C), pages 160-173.
    34. Zhao, Lima & Huchzermeier, Arnd, 2015. "Operations–finance interface models: A literature review and framework," European Journal of Operational Research, Elsevier, vol. 244(3), pages 905-917.
    35. Huang, Jing & Yang, Wensheng & Tu, Yiliu, 2020. "Financing mode decision in a supply chain with financial constraint," International Journal of Production Economics, Elsevier, vol. 220(C).
    36. Wang, Zhiqiang & Wang, Qiang & Lai, Yin & Liang, Chaojie, 2020. "Drivers and outcomes of supply chain finance adoption: An empirical investigation in China," International Journal of Production Economics, Elsevier, vol. 220(C).
    37. Merigó, José M. & Yang, Jian-Bo, 2017. "A bibliometric analysis of operations research and management science," Omega, Elsevier, vol. 73(C), pages 37-48.
    38. Zhixin Wang & Yue Wang, 2019. "Measuring Risks of Confirming Warehouse Financing from the Third Party Logistics Perspective," Sustainability, MDPI, vol. 11(23), pages 1-24, November.
    39. Nainsi Gupta & Gunjan Soni, 2021. "A Decision-Making Framework for Sustainable Supply Chain Finance in Post-COVID Era," International Journal of Global Business and Competitiveness, Springer, vol. 16(1), pages 29-38, December.
    40. Cai, Ya-Jun & Chen, Yue & Siqin, Tana & Choi, Tsan-Ming & Chung, Sai-Ho, 2019. "Pay upfront or pay later? Fixed royal payment in sustainable fashion brand franchising," International Journal of Production Economics, Elsevier, vol. 214(C), pages 95-105.
    41. Camerinelli, Enrico, 2009. "Supply chain finance," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 3(2), pages 114-128, April.
    42. Wuttke, David A. & Blome, Constantin & Sebastian Heese, H. & Protopappa-Sieke, Margarita, 2016. "Supply chain finance: Optimal introduction and adoption decisions," International Journal of Production Economics, Elsevier, vol. 178(C), pages 72-81.
    43. Erik Hofmann & Oliver Belin, 2011. "Supply Chain Finance Solutions," SpringerBriefs in Business, Springer, number 978-3-642-17566-4, January.
    44. Cameron Allen & Graciela Metternicht & Thomas Wiedmann, 2021. "Priorities for science to support national implementation of the sustainable development goals: A review of progress and gaps," Sustainable Development, John Wiley & Sons, Ltd., vol. 29(4), pages 635-652, July.
    45. Zebin Zhao & Dongling Chen & Luqi Wang & Chuqiao Han, 2018. "Credit Risk Diffusion in Supply Chain Finance: A Complex Networks Perspective," Sustainability, MDPI, vol. 10(12), pages 1-20, December.
    46. WUTTKE, David A & BLOME, Constantin & HENKE, Michael, 2013. "Focusing the financial flow of supply chains: an empirical investigation of financial supply chain management," LIDAM Reprints CORE 2601, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    47. Song Xu & Xiaotong Zhang & Lipan Feng & Wenting Yang, 2020. "Disruption risks in supply chain management: a literature review based on bibliometric analysis," International Journal of Production Research, Taylor & Francis Journals, vol. 58(11), pages 3508-3526, June.
    48. Syed Abdul Rehman Khan & Yu Zhang & Anil Kumar & Edmundas Zavadskas & Dalia Streimikiene, 2020. "Measuring the impact of renewable energy, public health expenditure, logistics, and environmental performance on sustainable economic growth," Sustainable Development, John Wiley & Sons, Ltd., vol. 28(4), pages 833-843, July.
    49. Yan, Nina & Sun, Baowen & Zhang, Hui & Liu, Chongqing, 2016. "A partial credit guarantee contract in a capital-constrained supply chain: Financing equilibrium and coordinating strategy," International Journal of Production Economics, Elsevier, vol. 173(C), pages 122-133.
    50. Waltman, Ludo & van Eck, Nees Jan & Noyons, Ed C.M., 2010. "A unified approach to mapping and clustering of bibliometric networks," Journal of Informetrics, Elsevier, vol. 4(4), pages 629-635.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Xu, Xinhan & Chen, Xiangfeng & Jia, Fu & Brown, Steve & Gong, Yu & Xu, Yifan, 2018. "Supply chain finance: A systematic literature review and bibliometric analysis," International Journal of Production Economics, Elsevier, vol. 204(C), pages 160-173.
    2. Lele Zhou & Maowei Chen & Hyangsook Lee, 2022. "Supply Chain Finance: A Research Review and Prospects Based on a Systematic Literature Analysis from a Financial Ecology Perspective," Sustainability, MDPI, vol. 14(21), pages 1-27, November.
    3. Chakuu, Sumeer & Masi, Donato & Godsell, Janet, 2019. "Exploring the relationship between mechanisms, actors and instruments in supply chain finance: A systematic literature review," International Journal of Production Economics, Elsevier, vol. 216(C), pages 35-53.
    4. Anh Huu Nguyen & Thinh Gia Hoang & Vu Minh Ngo & Loan Quynh Thi Nguyen & Huan Huu Nguyen, 2023. "Sustainability-oriented supply chain finance in Vietnam: insights from multiple case studies," Operations Management Research, Springer, vol. 16(1), pages 259-279, March.
    5. Jiao Wang & Lima Zhao & Arnd Huchzermeier, 2021. "Operations‐Finance Interface in Risk Management: Research Evolution and Opportunities," Production and Operations Management, Production and Operations Management Society, vol. 30(2), pages 355-389, February.
    6. Wang, Zhiqiang & Wang, Qiang & Lai, Yin & Liang, Chaojie, 2020. "Drivers and outcomes of supply chain finance adoption: An empirical investigation in China," International Journal of Production Economics, Elsevier, vol. 220(C).
    7. Zericho R Marak & Deepa Pillai, 2018. "Factors, Outcome, and the Solutions of Supply Chain Finance: Review and the Future Directions," JRFM, MDPI, vol. 12(1), pages 1-23, December.
    8. Jia, Fu & Blome, Constantin & Sun, Hui & Yang, Yang & Zhi, Bangdong, 2020. "Towards an integrated conceptual framework of supply chain finance: An information processing perspective," International Journal of Production Economics, Elsevier, vol. 219(C), pages 18-30.
    9. Zhang, Wen & Yan, Shaoshan & Li, Jian & Tian, Xin & Yoshida, Taketoshi, 2022. "Credit risk prediction of SMEs in supply chain finance by fusing demographic and behavioral data," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 158(C).
    10. Yubin Yang & Xuejian Chu & Ruiqi Pang & Feng Liu & Peifang Yang, 2021. "Identifying and Predicting the Credit Risk of Small and Medium-Sized Enterprises in Sustainable Supply Chain Finance: Evidence from China," Sustainability, MDPI, vol. 13(10), pages 1-19, May.
    11. Liu, Bai & Ju, Tao & Chan, Hing Kai, 2022. "The diverse impact of heterogeneous customer characteristics on supply chain finance: Empirical evidence from Chinese factoring," International Journal of Production Economics, Elsevier, vol. 243(C).
    12. Jena, Sarat Kumar & Padhi, Sidhartha S & Cheng, T.C.E., 2023. "Optimal selection of supply chain financing programmes for a financially distressed manufacturer," European Journal of Operational Research, Elsevier, vol. 306(1), pages 457-477.
    13. Yu Gong & Yun Zhang & Mohammed Alharithi, 2022. "Supply Chain Finance and Blockchain in Operations Management: A Literature Review," Sustainability, MDPI, vol. 14(20), pages 1-21, October.
    14. Chen, Sihua & Du, Jiangze & He, Wei & Siponen, Mikko, 2022. "Supply chain finance platform evaluation based on acceptability analysis," International Journal of Production Economics, Elsevier, vol. 243(C).
    15. Wu, Yaobin & Wang, Yingying & Xu, Xun & Chen, Xiangfeng, 2019. "Collect payment early, late, or through a third party's reverse factoring in a supply chain," International Journal of Production Economics, Elsevier, vol. 218(C), pages 245-259.
    16. Shi, Jinzhao & Guo, Ju'e & Du, Qiang & Lin, Feng & Lai, Kin Keung & Cheng, T.C.E., 2020. "Optimal financing mode selection for a capital-constrained retailer under an implicit bankruptcy cost," International Journal of Production Economics, Elsevier, vol. 228(C).
    17. Zhu, Xiaoyan & Cao, Yunzhi & Wu, Jinwei & Liu, He & Bei, Xiaoqiang, 2022. "Optimum operational schedule and accounts receivable financing in a production supply chain considering hierarchical industrial status and uncertain yield," European Journal of Operational Research, Elsevier, vol. 302(3), pages 1142-1154.
    18. Wang, Mengyue & Huang, Hongxuan, 2019. "The design of a flexible capital-constrained global supply chain by integrating operational and financial strategies," Omega, Elsevier, vol. 88(C), pages 40-62.
    19. Anna Trunk & Hendrik Birkel, 2022. "No Resilience Without Partners: A Case Study on German Small and Medium-Sized Enterprises in the Context of COVID-19," Schmalenbach Journal of Business Research, Springer, vol. 74(4), pages 537-574, December.
    20. Yan, Nina & Jin, Xuyu & Zhong, Hechen & Xu, Xun, 2020. "Loss-averse retailers’ financial offerings to capital-constrained suppliers: loan vs. investment," International Journal of Production Economics, Elsevier, vol. 227(C).

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wly:sustdv:v:30:y:2022:i:5:p:1343-1369. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://onlinelibrary.wiley.com/journal/10.1002/(ISSN)1099-1719 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.