Green Transformation of Enterprises and the Bullwhip Effect: Empirical Evidence from Listed Companies in China

Mu Xing, Hongmei Zhang (), Dong Chen and Wenhe Chen
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Mu Xing: School of Economics and Management, Nanjing University of Science and Technology, Nanjing 210094, China
Hongmei Zhang: Yangtze Industrial Development Institute, Nanjing University, Nanjing 210093, China
Dong Chen: Yangtze Industrial Development Institute, Nanjing University, Nanjing 210093, China
Wenhe Chen: School of Economics and Management, Anhui Normal University, Wuhu 241000, China

Sustainability, 2025, vol. 17, issue 12, 1-32

Abstract: In the face of growing economic downturn pressure in China, disruptions in certain segments of the supply chain have intensified the bullwhip effect, severely destabilizing supply chains and posing risks to the sustainable development of the real economy. This study utilizes data from Chinese A-share listed enterprises from 2008 to 2022, employing a multiple linear regression model alongside robustness and endogeneity tests to investigate the mechanism through which corporate green transformation alleviates the bullwhip effect. The empirical results indicate that a one-unit increase in the green transformation leads to a significant 0.073-unit reduction in the bullwhip effect. Mechanism analysis further reveals that green transformation mitigates the bullwhip effect by enhancing supply-chain information sharing, strengthening organizational resilience, and improving managerial effectiveness. Heterogeneity analysis shows that the impact of green transformation on the bullwhip effect varies significantly depending on ownership structure and industry characteristics. This study contributes to the integration of green development theory and supply chain management by providing theoretical insights and practical implications for fostering corporate green transformation and optimizing supply-chain strategies. Specifically, it suggests that policymakers enhance regulatory guidance and incentives, encourage enterprises to prioritize green transformation, and implement tailored strategies based on firm characteristics to achieve supply chain stability and sustainable development.

Keywords: green transformation; bullwhip effect; supply-chain information sharing; organizational resilience; management quality (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2025
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