Supplier Relationships Research Articles

An analysis of supply chain management practices in MSMEs

This study analyzes micro, small and medium enterprises (MSMEs) implementing supply chain management (SCM) practices between suppliers, manufacturers, distributors, and customers to encourage supply chain performance and good firm performance. This data collection was obtained from interviews and questionnaires conducted in parallel. The sampling technique used is purposive sampling, with 50 MSMEs – determination of the samples based on considering MSMEs that have implemented SCM practices. The analytical tool used is a path analysis model. The variables used in this study are aspects of SCM practices: customer relationship management, supplier relationship management, goal congruence, and information sharing. The results show that the dimensions of SCM practices partially positively influence firm performance and supply chain performance. Unfortunately, supply chain performance cannot mediate SCM practices on MSMEs performance. The supplier relationship management variable is considered to have the lowest value among other variables. Suggestions of this research that MSMEs can make are expected to work together with suppliers to improve product quality, such as evaluating product raw materials from suppliers, as well as routinely making continuous product improvements to maintain product quality owned by MSMEs.

Strategies to streamline supplier relationship management during crises: lessons learned from COVID-19 and future pathways

PurposeThis paper explores the strategies adopted by purchasing firms to streamline relationships with suppliers amid the COVID-19 outbreak.Design/methodology/approachThis study employed a multiple case study method and conducted 42 semi-structured interviews with procurement managers from six firms in the United Arab Emirates.FindingsThis study reveals six helpful strategies that purchasing firms can undertake to streamline supplier relationship management (SRM) in the wake of COVID-19. Precisely, purchasing firms are revising supply chain costs, planning orders in advance, sharing critical information with suppliers, planning major contingencies, developing a robust relationship with suppliers (e.g. partnership) and finally, improving the supplier's visibility.Research limitations/implicationsThis study comes with certain limitations. First, the results are based on a limited number of 42 interviewees. Hence, the study’s results cannot be generalized to a broader population. Second, the data were collected based on the cause and effect relationship.Practical implicationsThe findings of this study can help purchasing firms learn and use new appropriate strategies to manage the relationship with their suppliers in the midst of the COVID-19 outbreak.Originality/valueThis study contributes to SRM literature by unveiling six distinct strategies (such as revising supply chain costs, planning orders in advance, sharing critical information, etc.) that purchasing firms have employed to develop a robust and healthy working relationship with the suppliers in the midst of the COVID-19 outbreak.

Supply and demand relationship of ecosystem services from the perspective of hydropower development

The supply and demand of ecosystem services is a popular research topic, however, studies on ecosystem services related to hydropower are rare. We selected hydropower stations in the Lhasa River of the Qinghai-Tibet Plateau as the beneficiaries of hydropower development. We then identified three ecosystem services. We assessed the supply of ecosystem services and the demand of hydropower for them. Finally, we discussed the relationship between hydropower and watersheds. The results demonstrated the following: (1) Water yield was 309.0 ± 110.3 mm, with a decreasing spatial pattern from the northeast to the southwest. Soil conservation was 119.2 ± 224.6 t/(hm2⋅a), with a spatial pattern that was high in the southeast and low in the northwest. Flood mitigation was 21.3 ± 2.9 mm, and the lower values were in lower elevation areas. (2) Hydropower has produced demands for the three services. The demand for the water yield of the five stations was 0.45 × 108 m3 − 1.64 × 108 m3. The demand for soil conservation from the Pangduo and Zhikong stations were 7.87 and 4.53 times their storage capacity, respectively. The demand for the flood mitigation of these two stations were 1.49 times and 1.09 times that of their flood regulation storage capacities. (3) The supply of the water yield service was greater than the demand for nearly the entire year, with an ecosystem supply and demand index between 4.73 and 14.06. The supply and demand of soil conservation services was nearly balanced. The flood mitigation service provided by the upstream ecosystem of Pangduo was 70.18 times the demand and 20.58 times the service of Zhikong. The results demonstrated that hydropower has a strong dependence on ecosystem services. This indicated that both enhancement and mitigation should be considered in the design payment of ecosystem service roles.

A mixed methods approach to analyze and predict supply disruptions by combining causal inference and deep learning

In today's complex supply networks, disruptions caused by diverse events represent major unknown operational conditions and risk factors requiring research on supply chain risk management. Hereby, operations management (OM) researchers are traditionally focusing on defining analytical and mathematical risk mitigation strategies characterized by a variety of different constraints, such as capacities, timeliness, or relations, leading to limited transferability into practice. Given the complexity of modern supply chains we argue that a data-driven approach to supply chain risk management enhances the assessment and comparability of risk mitigation strategies. Thereby an approach that allows conclusions about causal relationships between supply chain interventions and potential outcomes is of particular importance. Inspired by deep learning as well as causal learning theory and following a design science research approach, we design an analytical model that can predict supply disruptions based on external and internal data and quantify causal effects on delivery reliability. The model is evaluated in a single case study using data from a large first tier automotive supplier. The results show that the model has a high predictive performance and can learn causalities from observed data and analyze interventions effecting supply disruptions. The identification of causal relationships offers the potential to identify lacking supplier relationships and consequently bundle supply chain risk management activities. Building on the empirical and analytical insights, we discuss implications for both theory and practice.

Assessing Rail Station Accessibility Based on Improved Two-Step Floating Catchment Area Method and Map Service API

Accessibility is an important index for evaluating the efficiency of rail stations. In view of the imbalance between the supply and demand of rail station settings and population distribution, this paper takes the Shijingshan District in Beijing as an example. Based on the Gaussian two-step floating catchment area method and Gaode map’s service interface, the accessibility of rail stations is simulated and analyzed in terms of both walking and riding. Combined with the calculation results, supply and demand relationship and trip time, the current characteristics and causes are analyzed, and the corresponding optimization suggestions are put forward. The main conclusions are as follows: (1) The accessibility distribution of rail stations in the Shijingshan District is relatively coordinated with the population distribution. The effectiveness of the accessibility assessment of rail stations can be further improved by improving the causal evaluation model with traditional calculation data; (2) The change of trip mode has a small impact on the accessibility of large stations, while small stations and areas with uneven station distribution can be improved by riding; (3) According to the K-value clustering method, the results of the two calculation methods are divided into five categories, and each category of demand units has different accessibility characteristics and causes; (4) Comprehensive accessibility is positively correlated with road density and population density.

Social sustainability in supply chains: the role of local practices and informal networks

PurposeThe study aims to investigate cultural aspects in supply chains, analysing the effect that local customs may have in the quality of buyer–supplier relationships. Building on the premisses of social exchange theory (SET), it concentrates on the impacts that suppliers’ use of local practices and informal networks may have in buyers’ attitudes and perceptions. The issues addressed and the empirical evidence provided represent initial, yet important steps in the fulfilment of the ‘cultural void’ within supply chain social sustainability (SCCS) literature.Design/methodology/approachThrough a role-playing experiment applied to a total sample of 468 participants, the effects of Chinese guanxi, Russian blat, South Korean yongo and Brazilian jeitinho on buyers’ satisfaction, buyers’ commitment, trust and solution severity are measured by their use to access informal networks as solutions to both common (i.e. documentation irregularities) and extraordinary (i.e. modern slavery) supply chain problems.FindingsResults show that, while the activation of informal networks may impact buyers’ perceptions, the use of some local practices by suppliers (i.e. Chinese guanxi and Brazilian jeitinho) cause greater variations in buyers’ attitudes and perceptions than others (i.e. South Korean yongo and Russian blat), with ethical offences (i.e. modern slavery) and higher levels of buyers’ dependency acting as catalysts of these processes.Originality/valueThe investigation of cultural practices typical of economically peripheral countries contributes to the understanding of new facets of buyer–supplier relationships, with the investigation of non-Northwestern practices being particularly important in this regard.

AN ASSESSMENT OF THE UP -TO- DATE CORPORATE USAGE OF PUBLIC SECTOR TENDERING PROCUREMENT PROCEDURES :A CASE STUDY OF THE MINISTRY OF LOCAL GOVERNMENT AND PUBLIC WORKS IN ZIMBABWE

This research study evaluated the use of tendering in public sector procurement using the Ministry of Local Government and Public Works (MLGPW) as the case study in Zimbabwe. The objectives were to explore the current extent of tendering procedures on influencing the acquisition of goods and services at competitive prices; assess the effect of tendering on the quality of products and services; and examine the impact of tendering on the security of supply at the MLGPW. Contemporary literature was reviewed in line with the research purposes. The study adopted a quantitative approach and an explanatory survey design. The target population was MLGPW employees in the procurement function. Questionnaires were used to collect data from a sample of 61 respondents selected using systematic sampling. Data analysis performed using SPSS revealed that tenderers scout for opportunities to reduce costs in their value chain to enable them to submit the lowest price. It came out that attempts by tenderers to outcompete each other induce self-drive to reduce costs for fear of losing contracts. The study found that tendering embeds minimum technical scores and quality standards which have to be met as part of the pre-selection process thus enhancing quality. It was revealed that tendering affords opportunities to negotiate favorable delivery terms for public entities as conditions for awarding the tender which enhanced the security of supply. The research study concluded that tendering has a strong positive influence on lowering the cost of goods and services, quality of products and security of supply for public entities. This study recommended that the MLGPW priorities tendering as the public procurement process for goods, services, utilities and works; deepen procurement negotiation skills and capabilities with its procurement staff; and develop collaborative supplier relationships. It was suggested that a further study could be conducted with a higher number of public ministries entities such as the ministry of trade and commerce, ministry of primary and secondary education and ministry of health and child welfare.

Rhizospheric compensation of nutrient cycling functions dominates crop productivity and nutrient use efficiency

The influence of fertilization on crop nutrient use efficiency (NUE) and productivity remain unclear. Here, to assess how fertilization management influences the soil microbial communities and their functional profiles and consequently affects NUE and crop productivity, we established a field experiment with mineral and combined organic-mineral fertilization as well as mineral fertilizer reduction practices. The composition of the microbial community was measured by high-throughput amplicon sequencing, and its functional profile was predicted using PICRUSt (Phylogenetic Investigation of Communities by Reconstruction of Unobserved States) software. Our results demonstrated that fertilization management significantly shifted the rhizosphere bacterial community and regulated the compensation intensity of nutrient cycling-related functions, which means the rhizosphere bacterial community assembles to harbour greater nutrient cycling-related functions in lower available nutrient conditions to meet the nutrient requirements of the host plant. Moderate compensation intensity of nutrient cycling functions contributed to the highest NUE and crop productivity being achieved in the combined organic-mineral fertilization treatment. However, insufficient fertilizer input induced intense functional compensation, while standard mineral fertilizer input resulted in weakened functional compensation of nutrient cycling functions, both of which decreased NUE and crop productivity. Overall, this study provides new insights into the key roles of the rhizosphere microbiome in improving NUE, and suggests that the functional compensation characteristics of the rhizosphere microbial community may be a sensitive indicator of nutrient supply and demand relationships as well as a predictor of NUE.

Scale Adaptation of Innovation-Outsourcing in Companies

In line with the strategic management approach which was developed in the light of changes in production and markets, there is an emphasis in the literature of this field that companies need to be well managed in order to survive, to benefit from strategic management, and to have a sustainable competitive advantage. This study aimed to adapt and apply a scale of innovation and outsourcing. While adapting the scale, in addition to the data from the qualitative research, three different scales were used in the selection. We arranged a questionnaire and created new questions. The questionnaire consists of eight chapters: the characteristics of companies, outsourcing, supplier relations, suppliers’ satisfaction level, innovation process, innovations in the last five years, and outsourcing-innovation. We collected the data from companies in Turkey, which are on the Fortune 500 list. We analyzed the data with SPSS 23 and AMOS 20. As a result of exploratory and confirmatory factor analyses, the outsourcing scale was composed of 3 dimensions and 20 items. While the innovation scale consisted of 12 items in one dimension. The reliability coefficient of the outsourcing scale is 0.912, and the innovation scale is 0.911. The low number of items facilitates its applicability.

Enduring buyer–supplier relationship and buyer performance: the mediating role of buyer–supplier dyadic embeddedness and supplier external embeddedness

PurposeThe purpose of this research is to investigate the causal mechanisms that explain the relationship between the long-term buyer–supplier relationship and buyer performance. Building on the growing body of research on social capital in supply chain management (SCM), the authors examine how a buyer achieves superior performance in forming the enduring partnership with a supplier through two different forms of supplier embeddedness: buyer–supplier dyadic embeddedness and supplier external embeddedness.Design/methodology/approachThe bootstrapping method is utilized in data analysis to examine the mediating effects of the two different forms of supplier embeddedness simultaneously on the linkage between the duration of buyer–supplier relationships and buyer performance outcomes.FindingsThe authors find that the two forms of supplier embeddedness serve as distinct conduits for the buyer to translate the long-term buyer–supplier relationship into performance effectiveness. Notably, dyadic embeddedness only mediates the linkage between the duration of buyer–supplier relationships and buyer economic performance, while supplier external embeddedness solely mediates the linkage between the duration of buyer–supplier relationships and buyer innovation performance.Originality/valueThis study empirically demonstrates that different forms of supplier embeddedness may benefit a buyer differentially when directed at distinct performance goals. If a buyer can leverage both buyer–supplier dyadic embeddedness and supplier external embeddedness, the buyer will overcome value creation limitations of social capital from a single source, obtaining more comprehensive performance benefits sought by developing long-term buyer–supplier relationships.

Supply Chain Risk Management: Moroccan Pharmaceutical Sector Case

Pharmaceutical systems are care settings characterized by the wide range of activities and scenarios with which they would be challenged. This causes interactions that result in unexpected scenarios associated with a variety of dangers such as variations in demand, risks associated with supplier relationships, and so on…. As a result, risk management appears to be a major issue for decision-makers. Today supply chain management needs to be dynamic and responsive to create added value, and mitigates these risks by using flexibility strategies to respond to change while remaining competitive. The goal of this research is to look into the supply and demand strategies used by pharmaceutical companies to respond to disruptions and avoid medicine interruptions for consumers. In this thesis the supply chain risk management strategies are basically connected to an empirical study done in 32 Moroccan pharmaceutical enterprises. Following that, the participants’ responses were based on a questionnaire structured through the literature seeks to bring more detailed information about these strategies. Accordingly, the results showed that Moroccan pharmaceutical firms focus on some crucial activities such as supplier selection, flexible control, supplier control, vendor verification, and inventory management to account for supply and demand risk.
 Empirical studies in the field of pharmaceutical risk management are rare. Thus, the goal of this work is address the scarcity of empirical studies in this field by outlining several key risk management strategies used by pharmaceutical supply chain laboratories in the context of Morocco which are putting more resources into these vital strategies. Most of the supply and demand techniques of these firms are found to be proactive .

The mediating role of key supplier adaptability and involvement in the relationship between supplier relationship management and NPD project success

The mediating role of key supplier adaptability and involvement in the relationship between supplier relationship management and NPD project success

Contract Types, Institutional Distance and Operational Performance: Evidence from Global Trade Flows in the LNG Industry

AbstractIn this study, we examine the relationship between contract types, institutional distance and operational performance in the context of cross‐border trade in the liquefied natural gas (LNG) industry. Drawing on the buyer–supplier long‐term relationships literature, we argue for a negative link between short‐term contractual agreements and operational performance. Further, drawing insights from institutional theory, we contend that a high level of formal and informal institutional distance between the origin (i.e. supplier) and destination (i.e. buyer) countries reduces operational performance. We also argue that formal and informal institutional distance mitigates the negative effect of short‐term contracts on operational performance. Finally, we draw on the role of ‘asymmetry in distance’ by examining the direct and moderating effect of both the relevance and direction of formal institutional distance. We test our assumptions using LNG global trade flows from 39 source countries to 44 destination countries over the 2008–2017 period (a total of 17,447 shipments). Our study extends our knowledge on the operational performance implications of buyer–supplier relationships and stresses the important role formal and informal institutional distance plays as a direct and moderating effect on this relationship.

The Effect of Trust and Relationship Commitment on Supply Chain Performance through Integration and Collaboration

Purpose: This study analyzed the effects of supply chain management trust and relationship commitment on financial and non-financial performance, focusing on the mediating effect of supply chain management integration and collaboration.
 Design/methodology/approach: This study was designed as a conceptual research model to verify the mediating effect of integration and collaboration in the relationship trust and relationship commitment and supply chain performance. In order to design a conceptual research model, a total 30 items were investigated and the SEM method was verified using six observations variables.
 Findings: According to this study, it was found that financial and non-financial performance of companies adopting Korea's supply chain management increased when trust and relationship commitment were strengthened with partner companies. In particular, in the relationship between trust of supply chain management and supply chain management performance, integration with partner companies contributed to increase financial performance, but did not make a positive contribution to non-financial performance. On the other hand, in the relationship between supply chain management's relationship commitment and supply chain management, collaboration made a positive contribution to increasing financial and non-financial performance. What this study means is that higher trust and relationship commitment with partner companies in supply chain management contributed to a direct influence on financial and non-financial performance.
 Research limitations/implications: This study used the citation count to measure the effect of trust and relationship on supply chain performance. While this serves the purpose of this study, citation counts may not perfectly represent the value and impact of a study. The findings of this study provide a guide post for future studies.
 Originality/value: This study provides an updated, comprehensive literature review of the overall development, contributions and limitations of forecasting studies in the supply chain management fields. The researchers can see the subjects and types of research that already conducted and which topics remain unexamined.

Supply Chain Relationships in Circular Business Models: Supplier Tactics at Royal Smit Transformers

Background: Despite growing popularity, Circular Economy has not reached its full potential. One of the frequently mentioned success factors is the adoption of a Circular Business Model. However, fueled by (too) many constraints, its implementation is often hampered by so-called vicious cycles. Successful Circular Business Models require intensive collaboration between buyers and suppliers, with one of the key questions remaining who takes the initiative and leads the development: buyer or supplier? Methods: Through a single case study combining desk research, interviews, participative observations and analysis of vicious cycles, we investigate how supply chain relationships managed by the supplier can enhance the implementation of Circular Business Models. Results: We show that supplier tactics can relax constraints and break vicious cycles through (1) buyer–supplier relationship management, (2) functional integration of stakeholders and (3) incentive management. We also show that, due to supplier captive conditions, a number of enabling factors are indispensable, namely: (1) the availability of buyer incentives; (2) (joint experimenting to develop) circular knowledge; (3) sharing clear visions on circularity; (4) being transparent in possibilities; and (5) supply chain leadership. Conclusions: As a consequence, strategic trust-based partnerships are a prerequisite for turning vicious cycles into virtuous cycles. Future research should also investigate the role of the buyer, including buyer captive conditions, and how to shape supply chain leadership. Finally, the role of supplier tactics in relation to other success factors next to Circular Business Models needs to be further explored.

The Relationship between FDI and Exports: Based on the Activities of Foreign Affiliates

Purpose - This paper empirically investigates the effect of foreign direct investment of Korean multinational firms on exports using firm-level data. In particular, based on the sales data of affiliates in host countries, we classify FDI types and examine whether the impact on exports is different. The affiliates’ activities include local sales, export back to Korea and export to third countries.
 Design/Methodology/Approach - Our empirical model considers five factors: the various activities of the affiliates, the cultural similarity and type of FDI, the income level of the host country, the sector of the affiliate, and whether the exporting firm is related to the parent firm. The differential export effect is investigated through empirical analysis considering each factor.
 Findings - Our main findings can be summarized as follows: local sales activities (horizontal FDI) promote exports of parent firm. Export to third countries (complex FDI) improves exports, and Korea’s FDI has a stronger vertical character. Even if the cultural similarity is low, export improves when entering overseas markets through FDI, and exports increase when the parent firm invests abroad even in the case of a third-party firm unrelated to the parent firm. It was confirmed that FDI of Korean multinational firms has the effect of promoting exports.
 Research Implications - Existing studies has focused on the effect of FDI on total exports and determining whether the effect is complementary or substitute. This study attempts to evaluate how each FDI types affects a firm’s exports when it is classified in terms of affiliates’ activities. In addition, in the international environment where the global value chain is deepening, it is meaningful to examine whether the influence of the parent firm’s overseas investment is also present in firms that have outsourced or external supply relationships with the parent firm.

A Comparative Study of Korean and U.S. Firms amid COVID-19 Supply Chain Disruptions: The Role of Relational Capital for Improving Ambidextrous Innovation and Firm Performance

Purpose - Supply chain disruptions have plagued firms since the advent of COVID-19 lockdowns. As a result, supply chains remain unstable and dynamic. To better understand supply chain management during periods of disruption, this study compares the impact of relational capital on ambidextrous innovation and firm performance between Korean and U.S firms.
 Design/Methodology/Approach - This study includes a sample of 200 Korean firms and 227 U.S firms. PLS-SEM is the statistical tool utilized with MICOM multigroup analysis.
 Findings - Korean and U.S. firms were found to be different on three different pathways indicating that open innovation and investment in supplier relations improve supply chain disruption orientation, exploration innovation, and firm performance
 Research Implications - Relationship capital can significantly improve supply chain management, innovation, and firm performance. Exploitation innovation is better for enhancing supply chain management in the short-term amid interruptions.

Measuring spatial accessibility and supply-demand deviation of urban green space: A mobile phone signaling data perspective.

The reasonable distribution of urban green space (UGS) is a topic that urban researchers have been exploring for a long time. Solving the imbalance between the supply and demand of UGS plays an important role in improving the health level of a city. This study examines the central urban area of Hefei as an example. We developed a modified Gaussian two-step floating catchment area method and used the path planning model of Gaode Map to evaluate the accessibility of UGS under different transportation modes and different time thresholds while integrating mobile phone signaling data. Additionally, a fine-scale analysis of the actual supply and demand relationship of UGS was conducted by integrating the accessibility evaluation results with the recreational situation of UGS to analyze the deviation of supply and demand to further discuss the spatial distribution equilibrium of UGS. The main conclusions are as follows. (1) The spatial distribution of UGSs in the central urban area of Hefei is uneven. Different time thresholds and different transportation modes have a significant impact on the UGS accessibility evaluation results. (2) With the increase in the time threshold or travel distance, the number of grids above the moderate accessibility level generally increases. The spatial distribution of the grids with moderate, high and highest accessibility level present different patterns of contiguous, clusters, and spots distribution. (3) After combining these results with the actual recreational situation of UGS, we found that the overall demand in the central urban area exceeds the supply at the 15-min threshold, while the overall supply exceeds the demand at the 30-min threshold. The grids with balanced supply and demand or more supply than demand have comprehensive parks with a moderate population density and strong road connectivity in the neighborhood. This study strengthens the data granularity and improves the accuracy of accessibility evaluation by integrating mobile phone signaling data with the path planning model of Gaode Map. Also, we evaluate the accessibility with multi-transport modes and different time thresholds, which can bring more practical guidance for optimizing the distribution of UGS.

The Mediation Role of Supply Chain Practices and Logistics Integration on the Effect of Lean Supply Chain Strategy on Operational Performance

Supply chain strategy is the determinant of supply chain management (SCM) and product flow efficiency in the market. Lean supply chain strategy (LSCS), which is based on lean practices in production and supply chain, is a strategy that aims to prevent waste and increase efficiency. Although some studies in the literature examine the relationship of many elements of supply chain management with supply chain performance (SCP), and others examine the correlation of many lean manufacturing elements with performance, studies examining the LSCS-SCP relationship is limited. In addition, the number of studies examining the relationship of LSCS with supply chain practices and logistics integration (LI), as well as the number of studies examining LSCS, supply chain practices, LI, and SCP is much more limited. The research aims to examine the effect of LSCS on the supply chain practices which consists of customer relations (CR) and strategic supplier relations (SSR) and the LI as well as, based on these variables, the effect of LSCS on SCP. Data were obtained from 294 companies in the manufacturing sector through questionnaires. A structural equation model, including LSCS, supply chain practices, LI, and SCP, was tested for the first time. In conclusion, the mediating effects of CR, SSR and LI was emphasized to be important in the impact of LSCS on SCP.

Industrial restructuring, spatio-temporal fixes and the financialization of the North European forest industry

Departing from the Regulation Approach and the concept of spatio-temporal fixes, this article analyses how different mechanisms of financialization have ameliorated and accelerated crisis-tendencies in the North European forest industry and its implications for labour, suppliers and corporate R&D. Although wood products can potentially ameliorate the climate crisis by substituting plastics, petrochemicals, polyester and various other applications from fossils, firms have been slow to advance into these higher value-added segments. Instead, under an increasingly financialized accumulation regime, innovation has been undermined through R&D downsizing while dividends have been increased to shareholders at labour’s expense. Meanwhile, amid ultra-low interest rates, the industry’s profitability has been supported by appreciating forest assets that are increasingly treated as a new financial asset class by the financial sector. Evidently, while some mechanisms of financialization are detrimental to firms, the financialization of forests has constituted a profitability-enhancing socioecological fix (McCarthy, 2015; Ekers & Prudham, 2017) not only for financial capital (Ekers, 2019) but also for non-financial firms themselves. In the long run, however, it is highly uncertain if forest asset prices can be kept from depreciating amid the problems of profitability, weakened ecological carrying capacity, rising interest rates and strained supplier relations.