Supply chain innovation announcements and shareholder value under industries 4.0 and 5.0: evidence from China

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Abstract
Purpose: This study aims to empirically examine the effect of supply chain innovation (SCI) announcements on shareholder value within the context of Industry 4.0 and Industry 5.0.Design/methodology/approach: This study uses an event study method to examine the effect of SCI announcements on shareholder value of the 156 listed companies in China.Findings: First, SCI announcements have a positive effect on shareholder value. Second, SCI with an integrated form more positively affects shareholder value than SCI with an independent form. SCI at the strategy level more positively affects shareholder value than SCI at the operation level. Technology-type SCI more positively affects shareholder value than process-type SCI. Third, this study finds that investors pay more attention to the SCI of companies in the service industry than that of in the manufacturing industry. Finally, the post-hoc analysis finds that digital SCI more positively affects shareholder value than intelligent SCI.Originality/value: First, most scholars use questionnaire data rather than second-hand data to conduct empirical research to explore the impact of SCI on performance. Second, although scholars focus on performance comprehensively, including operational, financial, relational and environmental performance, no scholars use an event study to explore the impact of SCI on the stock market. Third, no scholars have explored the differential impact of SCI in different industries. Forth, few scholars have classified SCI according to the characteristics to explore the differential impact of SCI. Finally, the differences between SCI of Industry 4.0 and SCI of Industry 5.0 have been described, but no scholars have used empirical research to explore the differences.

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