Anti-takeover provisions, supply chain stability and firm performance

Kejing CHEN, Han BAO, Liping ZHU, Xiong XIONG, Jie LIU

Systems Engineering - Theory & Practice ›› 2025, Vol. 45 ›› Issue (5) : 1572-1588.

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Systems Engineering - Theory & Practice ›› 2025, Vol. 45 ›› Issue (5) : 1572-1588. DOI: 10.12011/SETP2023-1762

Anti-takeover provisions, supply chain stability and firm performance

  • Kejing CHEN1(Email), Han BAO1(Email), Liping ZHU1(Email), Xiong XIONG2,*(Email), Jie LIU1(Email)
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Abstract

This paper uses textual analysis techniques to identify anti-takeover provisions existing in the company's articles of association, and focuses on the mechanism of anti-takeover provisions on company performance from the perspective of supply chain stability. It is found that anti-takeover provisions can significantly enhance firm performance, and this positive effect is particularly significant in firms with large customers or dependent suppliers. This suggests that anti-takeover provisions contribute to maintaining supply chain stability and thus enhance firm performance. The results of the mechanism of action test show that from the perspective of customers, anti-takeover provisions can help firms obtain more orders from large customers, which in turn generates scale effects and reduces selling expenses. From the supplier's perspective, anti-takeover provisions can help the company obtain raw materials from suppliers in a timely manner, which can reduce operating costs and increase the turnover rate of raw materials. This paper expands the literature on the economic consequences of anti-takeover provisions, which is important to understand the role of anti-takeover provisions in promoting supply chain stability.

Key words

anti-takeover provisions / firm performance / supply chain stability

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Kejing CHEN, Han BAO, Liping ZHU, Xiong XIONG, Jie LIU. Anti-takeover provisions, supply chain stability and firm performance. Systems Engineering - Theory & Practice, 2025, 45(5): 1572-1588 https://doi.org/10.12011/SETP2023-1762

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National Social Science Foundation of China (23BGL114)

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