Shareholder connection network and corporate supply chain resilience: evidence from Chinese listed firms

Purpose Supply chain resilience is crucial for firms navigating an increasingly volatile global environment, yet the factors that enhance it remain underexplored. Existing literature offers conflicting views on the role of shareholder connection networks, debating whether they foster governance synergy or promote competitive collusion. Design/methodology/approach Using panel data from Shanghai and Shenzhen A-share listed companies during the period 2012–2023, our study investigates the impact of the shareholder connection network as a circular-oriented relational intangible (circular intellectual capital) on supply chain resilience as a capability enabling circular transformation. Findings We find that such networks significantly enhance supply chain resilience. This positive effect operates through two primary channels: reducing operational risk and improving information disclosure quality relevant to inter-firm transparency, which in turn foster inter-firm trust and collaboration supporting regenerative, closed-loop supply chains. The impact is more pronounced among firms in growth or decline stages and in settings characterized by lower levels of marketization or less intense competition. Originality/value Our findings offer practical insights for managers to better understand the role of such networks in risk management and supply chain governance, aid firms in partner selection, and inform policymakers seeking to promote supply chain resilience and circular-oriented value creation through high-quality development.