Can supply chain network centrality curb corporate R&D manipulation?

This study examines how supply chain network centrality affects corporate R&D manipulation. Using a sample of Chinese A-share listed firms from 2012 to 2024, we find that centrality significantly curbs R&D manipulation, with exchange-issued comment letters and capital market trading pressure serving as key mediating channels. Further analyses indicate that the disciplinary effect is strengthened by institutional investor shareholding, top management compensation, and high-quality internal controls. The findings offer evidence on the role of supply chain relationships in disciplining innovation behaviour, with implications for corporate governance and innovation.