The Impact of Supply Chain Shareholding on Corporate Strategy Aggressiveness: Evidence from China

Employing a sample of Chinese A-share listed companies from 2007 to 2023, this study investigates the impact of supply chain shareholding on corporate strategy aggressiveness. The empirical results demonstrate that supply chain shareholding significantly and negatively constrains a firm's strategy aggressiveness. This conclusion remains robust across various tests, including adjustments for sample periods and variable restructuring. the heterogeneity analysis demonstrates that the constraining influence of supply chain equity participation on firms’ strategy aggressiveness is more salient for enterprises situated in eastern provinces and for those embedded in high-technology sectors, suggesting that regional marketization levels and industry technological attributes moderate this relationship. Mechanism tests indicate that supply chain shareholding primarily enhances corporate financial stability through two pathways: accelerating cash turnover and alleviating debt financing constraints. Consequently, companies lack sufficient incentives for high-uncertainty aggressive investments and adopt more conservative strategy postures. This study contributes to research on factors influencing corporate strategy and the economic consequences of supply chain equity ownership, providing empirical evidence for understanding the strategic transmission mechanisms of supply chain capital linkages.