Supply Chain Stability and Corporate Total Factor Productivity Under Uncertainty

ABSTRACT Productivity serves as the core driving force for corporate development, but with the period of the global supply chain reconfiguration, the remarkable increase in supply chain uncertainty has posed severe challenges to the improvement of corporate productivity. We examine the impact of supply chain stability on corporate productivity under uncertainty using a sample of Chinese A‐share listed companies from 2009 to 2023. This study indicates that supply chain stability can play a safeguarding role in promoting corporate total factor productivity. The underlying mechanisms are that supply chain stability promotes corporate total factor productivity through improvements in resource accessibility, operational performance, and governance effectiveness. Further heterogeneity analysis reveals that the positive effect is more pronounced in firms with high supply chain risk, weak supply chain power, and low social capital. This study provides new perspectives and knowledge for maintaining supply chain stability and promoting corporate total factor productivity.