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March  2021, 17(2): 649-668. doi: 10.3934/jimo.2019127

Supplier's investment in manufacturer's quality improvement with equity holding

1. 

School of Management, Hefei University of Technology, Hefei 230009, China

2. 

Key Laboratory of Process Optimization and Intelligent Decision-Making, Ministry of Education, Hefei 230009, China

3. 

School of Economics and Management, Chongqing Jiaotong University, Chongqing 400074, China

* Corresponding author: Bo Chen, okchenbo@mail.ustc.edu.cn

Received  December 2018 Revised  April 2019 Published  March 2021 Early access  October 2019

This paper considers a supply chain in which an upstream supplier sells a component to a downstream manufacturer facing a price and quality sensitive demand. The supplier has a chance to make investment in the manufacturer, which can not only enable the supplier to hold equity shares in the manufacturer and thus achieve profit sharing with the manufacturer, but also provide resources for the manufacturer to improve its product quality. Under any given investment strategy of the supplier, the equilibrium decisions of the two chain members on wholesale price and profit margin are characterized. Then, the supplier's optimal investment strategy is derived. The paper considers three competition models: supplier Stackelberg (SS), manufacturer Stackelberg (MS), and vertical Nash (VN) models, which correspond to different market power structures. The paper shows that the investment can always increase the market demand. Moreover, in both the SS and VN models, the value of the supplier's investment for the entire supply chain, comes from not only the quality improvement but also the profit sharing caused by equity holding; while in the MS model, the investment value comes only from the quality improvement.

Citation: Hong Fu, Mingwu Liu, Bo Chen. Supplier's investment in manufacturer's quality improvement with equity holding. Journal of Industrial and Management Optimization, 2021, 17 (2) : 649-668. doi: 10.3934/jimo.2019127
References:
[1]

M. S. Altug and G. Ryzin, Product quality selection: Contractual agreements and supplier competition in an assemble-to-order environment, Internat. J. Produc. Econ., 141 (2013), 626-638.  doi: 10.1016/j.ijpe.2012.09.023.

[2]

R. Attri and S. Grover, Analysis of quality enabled factors in the product design stage of a production system life cycle: A relationship modelling approach, Internat. J. Manag. Sci. Engineering Manag., 13 (2018), 65-73.  doi: 10.1080/17509653.2017.1298480.

[3]

R. D. BankerI. Khosla and K. K. Sinha, Quality and competition, Management Science, 44 (1998), 1179-1192.  doi: 10.1287/mnsc.44.9.1179.

[4]

V. Baulkaran, Management entrenchment and the valuation discount of dual class firms, The Quarterly Review of Economics and Finance, 54 (2014), 70-81.  doi: 10.1016/j.qref.2013.08.001.

[5]

D. Brito, L. Cabral and H. Vasconcelos, Competitive effects of partial control in an input supplier, working paper, 2016. Available from: https://ssrn.com/abstract=2814072.

[6]

G. P. Cachon, Supply chain coordination with contracts, Handbooks in Operations Research and Management Science, 11, Elsevier, 2003, 227–339. doi: 10.1016/S0927-0507(03)11006-7.

[7]

G. P. Cachon and M. A. Lariviere, Supply chain coordination with revenue-sharing contracts: Strengths and limitations, Management Science, 51 (2005), 30-44.  doi: 10.1287/mnsc.1040.0215.

[8]

G. H. ChaoS. M. Iravani and R. C. Savaskan, Quality improvement incentives and product recall cost sharing contracts, Management Science, 55 (2009), 1122-1138.  doi: 10.1287/mnsc.1090.1008.

[9]

J. ChenL. Liang and F. Yang, Cooperative quality investment in outsourcing, Internat. J. Prod. Econ., 162 (2015), 174-191.  doi: 10.1016/j.ijpe.2015.01.019.

[10]

J. ChenL. LiangD. Q. Yao and S. Sun, Price and quality decisions in dual-channel supply chains, European J. Oper. Res., 259 (2017), 935-948.  doi: 10.1016/j.ejor.2016.11.016.

[11]

T. K. Das and B. S. Teng, A resource-based theory of strategic alliances, J. Manag., 26 (2000), 31-61.  doi: 10.1177/014920630002600105.

[12]

C. S. Eun and S. Janakiramanan, A model of international asset pricing with a constraint on the foreign equity ownership, J. Finance, 41 (1986), 897-914.  doi: 10.1111/j.1540-6261.1986.tb04555.x.

[13]

D. Flath, Vertical integration by means of shareholding interlocks, Internat. J. Industrial Org., 7 (1989), 369-380.  doi: 10.1016/0167-7187(89)90004-0.

[14]

H. FuY. Ma and X. Cai, Downstream firm's investment with equity holding in decentralized assembly systems, Omega, 75 (2018), 27-56.  doi: 10.1016/j.omega.2017.02.002.

[15]

H. FuY. MaD. Ni and X. Cai, Coordinating a decentralized hybrid push-pull assembly system with unreliable supply and uncertain demand, Ann. Oper. Res., 257 (2017), 537-557.  doi: 10.1007/s10479-015-1865-x.

[16]

C. GaignéK. Latouche and S. Turolla, Vertical ownership and export performance: Firm-level evidence from France, American J. Agricultural Econ., 100 (2017), 46-72. 

[17]

I. Giannoccaro and P. Pontrandolfo, Supply chain coordination by revenue sharing contracts, Internat. J. Produc. Econ., 92 (2004), 131-139.  doi: 10.1016/S0925-5273(03)00047-1.

[18]

P. Greenlee and A. Raskovich, Partial vertical ownership, European Econ. Review, 50 (2006), 1017-1041. 

[19]

A. HaX. Long and J. Nasiry, Quality in supply chain encroachment, Manufac. Service Oper. Manag., 18 (2015), 280-298.  doi: 10.1287/msom.2015.0562.

[20]

Y. HeQ. XuB. Xu and P. Wu, Supply chain coordination in quality improvement with reference effects, J. Oper. Res. Society, 67 (2016), 1158-1168.  doi: 10.1057/jors.2016.10.

[21]

J. B. Heide and G. John, Alliances in industrial purchasing: The determinants of joint action in buyer-supplier relationships, J. Marketing Res., 27 (1990), 24-36.  doi: 10.2307/3172548.

[22]

F. Höffler and S. Kranz, Imperfect legal unbundling of monopolistic bottlenecks, J. Regulatory Econom., 39 (2011), 273-292.  doi: 10.1007/s11149-011-9144-5.

[23]

F. Höffler and S. Kranz, Legal unbundling can be a golden mean between vertical integration and ownership separation, Internat. J. Industr. Organization, 29 (2011), 576-588.  doi: 10.1016/j.ijindorg.2011.01.001.

[24]

M. Hunold, Backward ownership, uniform pricing and entry deterrence, working paper, 2017. Available from: http://hdl.handle.net/10419/158026.

[25]

M. Hunold and K. Stahl, Passive vertical integration and strategic delegation, The Rand Journal of Economics, 47 (2016), 891-913.  doi: 10.1111/1756-2171.12158.

[26]

A. P. Jeuland and S. M. Shugan, Managing channel profits, Marketing Sci., 2 (1983), 239-272.  doi: 10.1287/mksc.1070.0332.

[27]

M. Kaya and Ö. Özer, Quality risk in outsourcing: Noncontractible product quality and private quality cost information, Naval Res. Logist., 56 (2009), 669-685.  doi: 10.1002/nav.20372.

[28]

M. KrollP. Wright and R. A. Heiens, The contribution of product quality to competitive advantage: Impacts on systematic variance and unexplained variance in returns, Strategic Manag. J., 20 (1999), 375-384. 

[29]

C. K. Lee, Samsung-BYD link could open EV market, Korea Joongang Daily, 2016. Available from: http://koreajo\ongangdaily.joins.com/news/article/Article.aspx?aid=3021751.

[30]

M. LengZ. Li and L. Liang, Implications for the role of retailers in quality assurance, Produc. Oper. Manag., 25 (2016), 779-790.  doi: 10.1111/poms.12501.

[31]

D. Li and A. Nagurney, A general multitiered supply chain network model of quality competition with suppliers, Internat. J. Produc. Econom., 170 (2015), 336-356. 

[32]

W. Li and J. Chen, Backward integration strategy in a retailer Stackelberg supply chain, Omega, 75 (2018), 118-130.  doi: 10.1016/j.omega.2017.03.002.

[33]

P. MaH. Wang and J. Shang, Contract design for two-stage supply chain coordination: Integrating manufacturer-quality and retailer-marketing efforts, Internat. J. Produc. Econom., 146 (2013), 745-755.  doi: 10.1016/j.ijpe.2013.09.004.

[34]

P. MaH. Wang and J. Shang, Supply chain channel strategies with quality and marketing effort-dependent demand, Internat. J. Produc. Econom., 144 (2013), 572-581.  doi: 10.1016/j.ijpe.2013.04.020.

[35]

N. M. Modak and S. Panda, Bargaining end customer prices for supply chain coordination in a declining price sensitive market, Internat. J. Manag. Sci. and Engineering Manag., 12 (2017), 68-78.  doi: 10.1080/17509653.2015.1125309.

[36]

N. M. ModakS. Panda and S. S. Sana, Two-echelon supply chain coordination among manufacturer and duopolies retailers with recycling facility, Internat. J. Adv. Manufac. Techn., 87 (2016), 1531-1546.  doi: 10.1007/s00170-015-8094-y.

[37]

J. Z. NiB. B. Flynn and F. R. Jacobs, Impact of product recall announcements on retailers' financial value, Internat. J. Produc. Econom., 153 (2014), 309-322.  doi: 10.1016/j.ijpe.2014.03.014.

[38]

R. Raj, Samsung invests $450mn in Chinese auto firm, Inshorts, 2016. Available from: https://www.inshorts.com/news/samsung-invests-%24450mn-in-chinese-auto-firm-1469124594106.

[39]

M. SeifbarghyK. Nouhi and A. Mahmoudi, Contract design in a supply chain considering price and quality dependent demand with customer segmentation, Internat. J. Produc. Econom., 167 (2015), 108-118.  doi: 10.1016/j.ijpe.2015.05.004.

[40]

X. F. Shao and J. H. Ji, Effects of sourcing structure on performance in a multiple-product assemble-to-order supply chain, European J. Oper. Res., 192 (2009), 981-1000.  doi: 10.1016/j.ejor.2007.10.014.

[41]

K. Sharma, Factors determining India's export performance, J. Asian Econom., 14 (2003), 435-446.  doi: 10.1016/S1049-0078(03)00036-8.

[42]

A. Sohdi, Temasek, IDG, Qualcomm lead $90m round for Xiaomi, AltAssets, 2011. Available from: https://www.altassets.net/private-equity-news/by-news-type/deal-news/temasek-idg-qualcomm-lead-90m-round-for-xiaomi.html.

[43]

G. Sošić, Impact of demand uncertainty on stability of supplier alliances in assembly models, Produc. Oper. Manag., 20 (2011), 905-920.  doi: 10.1111/j.1937-5956.2010.01208.x.

[44]

G. XieW. YueS. Wang and K. K. Lai, Quality investment and price decision in a risk-averse supply chain, European J. Oper. Res., 214 (2011), 403-410.  doi: 10.1016/j.ejor.2011.04.036.

[45]

X. Xu, Optimal price and product quality decisions in a distribution channel, Management Sci., 55 (2009), 1347-1352.  doi: 10.1287/mnsc.1090.1023.

[46]

D. Yang and T. Xiao, Coordination of a supply chain with loss-averse consumers in service quality, Internat. J. Produc. Res., 55 (2017), 3411-3430.  doi: 10.1080/00207543.2016.1241444.

[47]

S. Yin, Alliance formation among perfectly complementary suppliers in a price-sensitive assembly system, Manufac. Service Oper. Manag., 12 (2010), 527-544.  doi: 10.1287/msom.1090.0283.

[48]

J. Yu and S. Ma, Impact of decision sequence of pricing and quality investment in decentralized assembly system, J. Manufac. Systems, 32 (2013), 664-679.  doi: 10.1016/j.jmsy.2013.02.004.

[49]

K. ZhuR. Q. Zhang and F. Tsung, Pushing quality improvement along supply chains, Management Sci., 53 (2007), 421-436.  doi: 10.1287/mnsc.1060.0634.

show all references

References:
[1]

M. S. Altug and G. Ryzin, Product quality selection: Contractual agreements and supplier competition in an assemble-to-order environment, Internat. J. Produc. Econ., 141 (2013), 626-638.  doi: 10.1016/j.ijpe.2012.09.023.

[2]

R. Attri and S. Grover, Analysis of quality enabled factors in the product design stage of a production system life cycle: A relationship modelling approach, Internat. J. Manag. Sci. Engineering Manag., 13 (2018), 65-73.  doi: 10.1080/17509653.2017.1298480.

[3]

R. D. BankerI. Khosla and K. K. Sinha, Quality and competition, Management Science, 44 (1998), 1179-1192.  doi: 10.1287/mnsc.44.9.1179.

[4]

V. Baulkaran, Management entrenchment and the valuation discount of dual class firms, The Quarterly Review of Economics and Finance, 54 (2014), 70-81.  doi: 10.1016/j.qref.2013.08.001.

[5]

D. Brito, L. Cabral and H. Vasconcelos, Competitive effects of partial control in an input supplier, working paper, 2016. Available from: https://ssrn.com/abstract=2814072.

[6]

G. P. Cachon, Supply chain coordination with contracts, Handbooks in Operations Research and Management Science, 11, Elsevier, 2003, 227–339. doi: 10.1016/S0927-0507(03)11006-7.

[7]

G. P. Cachon and M. A. Lariviere, Supply chain coordination with revenue-sharing contracts: Strengths and limitations, Management Science, 51 (2005), 30-44.  doi: 10.1287/mnsc.1040.0215.

[8]

G. H. ChaoS. M. Iravani and R. C. Savaskan, Quality improvement incentives and product recall cost sharing contracts, Management Science, 55 (2009), 1122-1138.  doi: 10.1287/mnsc.1090.1008.

[9]

J. ChenL. Liang and F. Yang, Cooperative quality investment in outsourcing, Internat. J. Prod. Econ., 162 (2015), 174-191.  doi: 10.1016/j.ijpe.2015.01.019.

[10]

J. ChenL. LiangD. Q. Yao and S. Sun, Price and quality decisions in dual-channel supply chains, European J. Oper. Res., 259 (2017), 935-948.  doi: 10.1016/j.ejor.2016.11.016.

[11]

T. K. Das and B. S. Teng, A resource-based theory of strategic alliances, J. Manag., 26 (2000), 31-61.  doi: 10.1177/014920630002600105.

[12]

C. S. Eun and S. Janakiramanan, A model of international asset pricing with a constraint on the foreign equity ownership, J. Finance, 41 (1986), 897-914.  doi: 10.1111/j.1540-6261.1986.tb04555.x.

[13]

D. Flath, Vertical integration by means of shareholding interlocks, Internat. J. Industrial Org., 7 (1989), 369-380.  doi: 10.1016/0167-7187(89)90004-0.

[14]

H. FuY. Ma and X. Cai, Downstream firm's investment with equity holding in decentralized assembly systems, Omega, 75 (2018), 27-56.  doi: 10.1016/j.omega.2017.02.002.

[15]

H. FuY. MaD. Ni and X. Cai, Coordinating a decentralized hybrid push-pull assembly system with unreliable supply and uncertain demand, Ann. Oper. Res., 257 (2017), 537-557.  doi: 10.1007/s10479-015-1865-x.

[16]

C. GaignéK. Latouche and S. Turolla, Vertical ownership and export performance: Firm-level evidence from France, American J. Agricultural Econ., 100 (2017), 46-72. 

[17]

I. Giannoccaro and P. Pontrandolfo, Supply chain coordination by revenue sharing contracts, Internat. J. Produc. Econ., 92 (2004), 131-139.  doi: 10.1016/S0925-5273(03)00047-1.

[18]

P. Greenlee and A. Raskovich, Partial vertical ownership, European Econ. Review, 50 (2006), 1017-1041. 

[19]

A. HaX. Long and J. Nasiry, Quality in supply chain encroachment, Manufac. Service Oper. Manag., 18 (2015), 280-298.  doi: 10.1287/msom.2015.0562.

[20]

Y. HeQ. XuB. Xu and P. Wu, Supply chain coordination in quality improvement with reference effects, J. Oper. Res. Society, 67 (2016), 1158-1168.  doi: 10.1057/jors.2016.10.

[21]

J. B. Heide and G. John, Alliances in industrial purchasing: The determinants of joint action in buyer-supplier relationships, J. Marketing Res., 27 (1990), 24-36.  doi: 10.2307/3172548.

[22]

F. Höffler and S. Kranz, Imperfect legal unbundling of monopolistic bottlenecks, J. Regulatory Econom., 39 (2011), 273-292.  doi: 10.1007/s11149-011-9144-5.

[23]

F. Höffler and S. Kranz, Legal unbundling can be a golden mean between vertical integration and ownership separation, Internat. J. Industr. Organization, 29 (2011), 576-588.  doi: 10.1016/j.ijindorg.2011.01.001.

[24]

M. Hunold, Backward ownership, uniform pricing and entry deterrence, working paper, 2017. Available from: http://hdl.handle.net/10419/158026.

[25]

M. Hunold and K. Stahl, Passive vertical integration and strategic delegation, The Rand Journal of Economics, 47 (2016), 891-913.  doi: 10.1111/1756-2171.12158.

[26]

A. P. Jeuland and S. M. Shugan, Managing channel profits, Marketing Sci., 2 (1983), 239-272.  doi: 10.1287/mksc.1070.0332.

[27]

M. Kaya and Ö. Özer, Quality risk in outsourcing: Noncontractible product quality and private quality cost information, Naval Res. Logist., 56 (2009), 669-685.  doi: 10.1002/nav.20372.

[28]

M. KrollP. Wright and R. A. Heiens, The contribution of product quality to competitive advantage: Impacts on systematic variance and unexplained variance in returns, Strategic Manag. J., 20 (1999), 375-384. 

[29]

C. K. Lee, Samsung-BYD link could open EV market, Korea Joongang Daily, 2016. Available from: http://koreajo\ongangdaily.joins.com/news/article/Article.aspx?aid=3021751.

[30]

M. LengZ. Li and L. Liang, Implications for the role of retailers in quality assurance, Produc. Oper. Manag., 25 (2016), 779-790.  doi: 10.1111/poms.12501.

[31]

D. Li and A. Nagurney, A general multitiered supply chain network model of quality competition with suppliers, Internat. J. Produc. Econom., 170 (2015), 336-356. 

[32]

W. Li and J. Chen, Backward integration strategy in a retailer Stackelberg supply chain, Omega, 75 (2018), 118-130.  doi: 10.1016/j.omega.2017.03.002.

[33]

P. MaH. Wang and J. Shang, Contract design for two-stage supply chain coordination: Integrating manufacturer-quality and retailer-marketing efforts, Internat. J. Produc. Econom., 146 (2013), 745-755.  doi: 10.1016/j.ijpe.2013.09.004.

[34]

P. MaH. Wang and J. Shang, Supply chain channel strategies with quality and marketing effort-dependent demand, Internat. J. Produc. Econom., 144 (2013), 572-581.  doi: 10.1016/j.ijpe.2013.04.020.

[35]

N. M. Modak and S. Panda, Bargaining end customer prices for supply chain coordination in a declining price sensitive market, Internat. J. Manag. Sci. and Engineering Manag., 12 (2017), 68-78.  doi: 10.1080/17509653.2015.1125309.

[36]

N. M. ModakS. Panda and S. S. Sana, Two-echelon supply chain coordination among manufacturer and duopolies retailers with recycling facility, Internat. J. Adv. Manufac. Techn., 87 (2016), 1531-1546.  doi: 10.1007/s00170-015-8094-y.

[37]

J. Z. NiB. B. Flynn and F. R. Jacobs, Impact of product recall announcements on retailers' financial value, Internat. J. Produc. Econom., 153 (2014), 309-322.  doi: 10.1016/j.ijpe.2014.03.014.

[38]

R. Raj, Samsung invests $450mn in Chinese auto firm, Inshorts, 2016. Available from: https://www.inshorts.com/news/samsung-invests-%24450mn-in-chinese-auto-firm-1469124594106.

[39]

M. SeifbarghyK. Nouhi and A. Mahmoudi, Contract design in a supply chain considering price and quality dependent demand with customer segmentation, Internat. J. Produc. Econom., 167 (2015), 108-118.  doi: 10.1016/j.ijpe.2015.05.004.

[40]

X. F. Shao and J. H. Ji, Effects of sourcing structure on performance in a multiple-product assemble-to-order supply chain, European J. Oper. Res., 192 (2009), 981-1000.  doi: 10.1016/j.ejor.2007.10.014.

[41]

K. Sharma, Factors determining India's export performance, J. Asian Econom., 14 (2003), 435-446.  doi: 10.1016/S1049-0078(03)00036-8.

[42]

A. Sohdi, Temasek, IDG, Qualcomm lead $90m round for Xiaomi, AltAssets, 2011. Available from: https://www.altassets.net/private-equity-news/by-news-type/deal-news/temasek-idg-qualcomm-lead-90m-round-for-xiaomi.html.

[43]

G. Sošić, Impact of demand uncertainty on stability of supplier alliances in assembly models, Produc. Oper. Manag., 20 (2011), 905-920.  doi: 10.1111/j.1937-5956.2010.01208.x.

[44]

G. XieW. YueS. Wang and K. K. Lai, Quality investment and price decision in a risk-averse supply chain, European J. Oper. Res., 214 (2011), 403-410.  doi: 10.1016/j.ejor.2011.04.036.

[45]

X. Xu, Optimal price and product quality decisions in a distribution channel, Management Sci., 55 (2009), 1347-1352.  doi: 10.1287/mnsc.1090.1023.

[46]

D. Yang and T. Xiao, Coordination of a supply chain with loss-averse consumers in service quality, Internat. J. Produc. Res., 55 (2017), 3411-3430.  doi: 10.1080/00207543.2016.1241444.

[47]

S. Yin, Alliance formation among perfectly complementary suppliers in a price-sensitive assembly system, Manufac. Service Oper. Manag., 12 (2010), 527-544.  doi: 10.1287/msom.1090.0283.

[48]

J. Yu and S. Ma, Impact of decision sequence of pricing and quality investment in decentralized assembly system, J. Manufac. Systems, 32 (2013), 664-679.  doi: 10.1016/j.jmsy.2013.02.004.

[49]

K. ZhuR. Q. Zhang and F. Tsung, Pushing quality improvement along supply chains, Management Sci., 53 (2007), 421-436.  doi: 10.1287/mnsc.1060.0634.

Figure 1.  Supplier invests in the manufacturer
Figure 2.  Impact of the supplier's investment on the demand in the SS model
Figure 3.  Response curves of the two players
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