SavedAdd your journal

Journals / Anadolu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi / 2026 / Volume: 26 Issue: 1

THE RELATIONSHIPS BETWEEN THE GLOBAL SUPPLY CHAIN AND THE STOCK MARKETS OF DEVELOPED AND EMERGING COUNTRIES: SECTORAL VIEW

Serap Kamışlı(Bilecik Şeyh Edebali Üniversitesi)0000-0002-4714-6678
Pages
—
Publication Date
2025-03-27
🏛️Bibliographic metadata and full text access for this article are provided via DergiPark.
DergiPark Record ↗
✨

AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

The study provides investors important information about the differentiated relationships between global supply chain pressure and the stock indices at both country and sectoral basis, that they can use in portfolio management decisions.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:The study aims to determine the long-run relationships between the increases in the global supply chain pressure index (GSCPI) and the decreases in different sector indices of developed and emerging markets.
📊
Key Findings & Data:For this purpose, the relationships between GSCPI and 8 different sectors of 18 developed and emerging markets were first analyzed by Bayer & Hanck (2013) Combined Cointegration Test and then by Özer et al. (2024) Implicit Asymmetric Combined Cointegration Test.
💡
Conclusion & Impact:The study provides investors important information about the differentiated relationships between global supply chain pressure and the stock indices at both country and sectoral basis, that they can use in portfolio management decisions.
🔬Design:Research Article
📍Scope:2013 Verileri
⚙️Variables:The Global Supply Chain Pressure Index · Negative shocks · Implicit Asymmetric Combined Cointegration

Abstract

The study aims to determine the long-run relationships between the increases in the global supply chain pressure index (GSCPI) and the decreases in different sector indices of developed and emerging markets. For this purpose, the relationships between GSCPI and 8 different sectors of 18 developed and emerging markets were first analyzed by Bayer & Hanck (2013) Combined Cointegration Test and then by Özer et al. (2024) Implicit Asymmetric Combined Cointegration Test. The results of the study indicated long-run relationships between the increases in GSCPI and the decreases in different sector indices of many countries. The most important finding of the study is that the decreases in the sector indices of emerging countries are more related with the increases in GSCPI in the long run compared to developed countries. Another important finding of the study is that the decreases in the communication, industry and technology sector indices are related with the increases in global supply chain pressure in the long run, then the other sector indices. The study provides investors important information about the differentiated relationships between global supply chain pressure and the stock indices at both country and sectoral basis, that they can use in portfolio management decisions.

🔖

Cite This Article

Kamışlı, S. (2025). THE RELATIONSHIPS BETWEEN THE GLOBAL SUPPLY CHAIN AND THE STOCK MARKETS OF DEVELOPED AND EMERGING COUNTRIES: SECTORAL VIEW. Anadolu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, Volume: 26 Issue: 1. https://doi.org/10.53443/anadoluibfd.1641157

📄 Full Text PDF Viewer

📄

PDF görüntüleyici hazırlanıyor...

References (40)

  1. Abakah, E. J., Abdullah, M., Dankwah, B., & Lee, C. (2024). Asymmetric dynamics between the Baltic dry index and financial markets during major global economic events. The North American Journal of Economics and Finance, 72. https://doi.org/10.1016/j.najef.2024.102126
  2. Ağca, Ş., Birge, J. R., Wang, Z., & Wu, J. (2023). The impact of COVID‐19 on supply chain credit risk. Production and Operations Management, 32(12), 4088-4113. https://doi.org/10.1111/poms.14079
  3. Arto, I., Andreoni, V., & Cantuche, J. M. (2015). Global impacts of the automotive supply chain disruption following the Japanese earthquake of 2011. Economic Systems Research, 27(3), 306-323. https://doi.org/10.1080/09535314.2015.1034657
  4. Ascari, G., Bonam, D., & Smadu, A. (2024). Global supply chain pressures, inflation, and implications for monetary policy. Journal of International Money and Finance, 142. https://doi.org/10.1016/j.jimonfin.2024.103029
  5. Baghersad, M., & Zobel, C. W. (2021). Assessing the extended impacts of supply chain disruptions on firms: An empirical study. International Journal of Production Economics, 231. https://doi.org/10.1016/j.ijpe.2020.107862
  6. Banerjee, A., Dolado, J., & Mestre, R. (1998). Error‐correction mechanism tests for Cointegration in a single‐equation framework. Journal of Time Series Analysis, 19(3), 267-283. https://doi.org/10.1111/1467-9892.00091
  7. Bayer, C., & Hanck, C. (2013). Combining non-cointegration tests. Journal of Time Series Analysis, 34(1), 83-95. https://doi.org/10.1111/j.1467-9892.2012.00814.x
  8. Benigno, G., di Giovanni, J., Groen, J. J. J., & Noble, A. I. (2022). The GSCPI: A new barometer of global supply chain pressures (Staff Reports 1017). Federal Reserve Bank of New York. https://www.newyorkfed.org/research/staff_reports/sr1017.html
  9. Boswijk, H. P. (1994). Testing for an unstable root in conditional and structural error correction models. Journal of Econometrics, 63(1), 37-60. https://doi.org/10.1016/0304-4076(93)01560-9
  10. Engle, R. F., & Granger, C. W. (1987). Co-integration and error correction: Representation, estimation, and testing. Econometrica, 55(2), 251-276. https://doi.org/10.2307/1913236
  11. Gozgor, G., Khalfaoui, R., & Yarovaya, L. (2023). Global supply chain pressure and commodity markets: Evidence from multiple wavelet and quantile connectedness analyses. Finance Research Letters, 54. https://doi.org/10.1016/j.frl.2023.103791
  12. Hendricks, K. B., & Singhal, V. R. (2005). An empirical analysis of the effect of supply chain disruptions on long‐run stock price performance and equity risk of the firm. Production and Operations Management, 14(1), 35-52. https://doi.org/10.1111/j.1937-5956.2005.tb00008.x
  13. Hernández, J. R., Ventosa-Santaulària, D., & Valencia, J. E. (2024). Global supply chain inflationary pressures and monetary policy in Mexico. Emerging Markets Review, 58. https://doi.org/10.1016/j.ememar.2023.101089
  14. Hu, G., Gozgor, G., Lu, Z., Mahalik, M. K., & Pal, S. (2024). Determinants of renewable stock returns: The role of global supply chain pressure. Renewable and Sustainable Energy Reviews, 191. https://doi.org/10.1016/j.rser.2023.114182
  15. Hupka, Y. (2022). Leverage and the global supply chain. Finance Research Letters, 50. https://doi.org/10.1016/j.frl.2022.103269
  16. Johansen, S. (1988). Statistical analysis of cointegration vectors. Journal of Economic Dynamics and Control, 12(2-3), 231-254. https://doi.org/10.1016/0165-1889(88)90041-3
  17. Kanike, U. K. (2023). Factors disrupting supply chain management in manufacturing industries. Journal of Supply Chain Management Science, 4(1-2), 1-24. https://doi.org/10.18757/jscms.2023.6986
  18. Khan, A., Sindhwani, R., Atif, M., & Varma, A. (2024). Supply chain driven herding behavior during COVID-19: Evidence of interdependence from India. Journal of Business & Industrial Marketing, 39(8), 1764-1787. https://doi.org/10.1108/jbim-10-2023-0568
  19. Kuo, P., Chiu, C., Chen, C., & Wang, M. (2020). The dynamic relationships between the Baltic dry index and the BRICS stock markets: A wavelet analysis. Asian Economic and Financial Review, 10(3), 340-351. https://doi.org/10.18488/journal.aefr.2020.103.340.351
  20. Li, J., Wang, Y., Song, Y., & Su, C. W. (2023). How resistant is gold to stress? New evidence from global supply chain. Resources Policy, 85. https://doi.org/10.1016/j.resourpol.2023.103960
  21. Lin, A. J., Chang, H. Y., & Hsiao, J. L. (2019). Does the Baltic dry index drive volatility spillovers in the commodities, currency, or stock markets?. Transportation Research Part E: Logistics and Transportation Review, 127, 265-283. https://doi.org/10.1016/j.tre.2019.05.013
  22. Liu, J., Sarkar, S., Kumar, S., & Jin, Z. (2018). An analysis of stock market impact from supply chain disruptions in Japan. International Journal of Productivity and Performance Management, 67(1), 192-206. https://doi.org/10.1108/ijppm-06-2016-0104
  23. Liu, W., Liu, X., & Choi, T. (2023). Effects of supply chain quality event announcements on stock market reaction: An empirical study from China. International Journal of Operations & Production Management, 43(2), 197-234. https://doi.org/10.1108/ijopm-10-2021-0638
  24. Manoharan, M., & Visalakshmi, S. (2019). The interrelation between Baltic dry index a practical economic indicator and emerging stock market indices. Afro-Asian J. of Finance and Accounting, 9(2), 213-224. https://doi.org/10.1504/AAJFA.2019.099483
  25. Mrabet, Z., Alsamara, M., Mimouni, K., & Awwad, A. (2025). Do supply chain pressures affect consumer prices in major economies? New evidence from time-varying causality analysis. Economic Modelling, 142. https://doi.org/10.1016/j.econmod.2024.106914
  26. Nguemgaing, H. F., & Sant’Anna, A. C. (2021). The impact of supply chain disruptions on stock market returns during COVID-19. Agricultural Finance Review, 82(4), 732-764. https://doi.org/10.1108/afr-06-2021-0083
  27. Özer, M., Vukovic, D., Frömmel, M., & Kamişli, M. (2024). Does bitcoin shocks truly Cointegrate with financial and commodity markets?. International Review of Financial Analysis, 95, 103354. https://doi.org/10.1016/j.irfa.2024.103354
  28. Qin, M., Su, C., Lobonţ, O., & Moldovan, N. (2023). Does global supply chain pressure motivate the gold market?. Economic Research-Ekonomska Istraživanja, 36(3). https://doi.org/10.1080/1331677x.2023.2183229
  29. Qin, M., Su, C., Wang, Y., & Doran, N. M. (2024). Could "Digital gold” resist global supply chain pressure?. Technological and Economic Development of Economy, 30(1), 1-21. https://doi.org/10.3846/tede.2023.18557
  30. Ren, X., Fu, C., Jin, C., & Li, Y. (2024). Dynamic causality between global supply chain pressures and China's resource industries: A time-varying Granger analysis. International Review of Financial Analysis, 95. https://doi.org/10.1016/j.irfa.2024.103377
  31. Romero-Ramírez, H. (2024). Effects of global supply chain pressure on sentiment, expectation, and uncertainty: A VAR approach. The Anáhuac Journal, 24(2), 1-25. https://doi.org/10.36105/theanahuacjour.2024v24n2.2515
  32. Sim, M., Lee, J., Kim, Y., & Lee, C. (2024). Resilient responses to global supply chain disruptions: Focusing on the stock price of global logistics companies. Applied Sciences, 14(23). https://doi.org/10.3390/app142311256
  33. Tarigan, Z. J., Siagian, H., & Jie, F. (2021). Impact of internal integration, supply chain partnership, supply chain agility, and supply chain resilience on sustainable advantage. Sustainability, 13(10). https://doi.org/10.3390/su13105460
  34. The Federal Reserve Bank of New York. (n.d.). Global Supply Chain Pressure Index (GSCPI). Retrieved from https://www.newyorkfed.org/research/policy/gscpi#/interactive
  35. Trif, R., DumitraȘcu, D., & Ranf, D. E. (2024). New global supply chain pressures index. An analysis of the inflationary changes brought about by global supply chains. International Conference Knowledge-Based Organization, 30(1), 1-8. https://doi.org/10.2478/kbo-2024-0041
  36. Wang, M., Ouyang, K., & Jing, P. (2025). Dynamic interplay of energy uncertainty, supply chain disruption, and digital transformation on China's renewable energy stocks. Energy Economics, 141. https://doi.org/10.1016/j.eneco.2024.108127
  37. Wang, Q., Zhou, H., & Zhao, X. (2024). The role of supply chain diversification in mitigating the negative effects of supply chain disruptions in COVID-19. International Journal of Operations & Production Management, 44(1), 99-132. https://doi.org/10.1108/ijopm-09-2022-0567
  38. Wang, Z., Dong, Y., & Liu, A. (2022). How does China's stock market react to supply chain disruptions from COVID-19?. International Review of Financial Analysis, 82. https://doi.org/10.1016/j.irfa.2022.102168
  39. Xu, Z., Elomri, A., Kerbache, L., & El Omri, A. (2020). Impacts of COVID-19 on global supply chains: Facts and perspectives. IEEE Engineering Management Review, 48(3), 153-166. https://doi.org/10.1109/emr.2020.3018420
  40. Ye, M., Si Mohammed, K., Tiwari, S., Ali Raza, S., & Chen, L. (2023). The effect of the global supply chain and oil prices on the inflation rates in advanced economies and emerging markets. Geological Journal, 58(7), 2805-2817. https://doi.org/10.1002/gj.4742