Bha adwaj, P ashan h Nagend a
A icle
Empi ical examina ion o he ela ionship be ween supply
chain e ec i eness and a company's o e all success
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Ci a ion: Bha adwaj, P ashan h
Nagend a. 2024. Empi ical
Examina ion o he Rela ionship
be ween Supply Chain E ec i eness
and a Company’s O e all Success.
Adminis a i e Sciences 14: 74.
h ps://doi.o g/10.3390/
admsci14040074
Recei ed: 4 Decembe 2023
Re ised: 3 Ap il 2024
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adminis a i e
sciences
A icle
Empi ical Examina ion o he Rela ionship be ween Supply
Chain E ec i eness and a Company’s O e all Success
P ashan h Nagend a Bha adwaj
Ebe ly College o Business, Indiana Uni e si y o Pennsyl ania (IUP), Indiana, PA 15705, USA; [email p o ec ed]
Abs ac : The ela ionship be ween he e ec i e managemen o supply chains and o e all o ga-
niza ional success is no ully explained in he li e a u e. The di e ences in he e ec i eness o
supply chains as well as he co po a e social esponsibili y (CSR) o supply chain companies in No h
Ame ica, Eu ope, and Asia Paci ic a e no b oadly s udied. This a icle a emp s o b idge ha gap in
he li e a u e using da a om he Ga ne Supply Chain G oup, B and Finance, Ame ican Consume
Sa is ac ion Index, and Bloombe g Finance. Pe inen s a is ical ools including mul iple eg ession,
ANOVA, - es s, and chi-squa e es s we e u ilized in he s udy. SCM op pe o me s we e ound
o ha e highe cus ome sa is ac ion han hei indus y coun e pa s; supply chain a iables used
cu en ly do no ha e a s a is ically signi ican impac on he o e all success o hose companies;
No h Ame ican companies ha e expe ienced signi ican ly highe supply chain e ec i eness han
hei coun e pa s in Eu ope and Asia Paci ic; and Eu opean supply chain companies a e signi ican ly
ahead o companies in Ame ica and Asia in he a ea o CSR. The indings can help manage s in
companies o benchma k wi h hei global pee s. The main con ibu ion o his esea ch is ha i
demons a es he alue o supply chain e ec i eness while unde sco ing he need o u he esea ch
o link supply chain e ec i eness wi h o ganiza ional pe o mance. Supply chain manage s need
o explo e ope a ional o in e nal p ocess me ics ha ha e a mo e signi ican impac on o e all
company success.
Keywo ds: supply chain e ec i eness; cus ome sa is ac ion; b and alue; co po a e social
esponsibili y
;
ma ke capi aliza ion; in en o y u ns; e u n on asse s
1. In oduc ion
Supply chain managemen (SCM) has gained an e e -inc easing le el o impo ance
a ound he wo ld in he pas wo decades in bo h academe and indus y (Yildiz Çankaya
and Sezen 2019;Fulconis and Paché2005). Many uni e si ies ha e in oduced majo s,
acks, and concen a ions in SCM a he MBA as well as he unde g adua e le els (Bahou h
e al. 2014;S ewa e al. 2017). Leading companies a ound he wo ld ha e ealized he
impo ance o supply chain managemen in imp o ing cus ome sa is ac ion, enhancing
ma ke sha e, and inc easing p o i abili y. The e ha e been sco es o companies ha ha e
succeeded o ailed based on he le el o impo ance ha hey ha e placed on manag-
ing hei supply chains ( o example, Agus 2013;D’Amico e al. 2017;Lockamy 2019).
Fo y yea s ago, Hayes and Wheelw igh (1984) came up wi h he hie a chical ou -s age
ope a ions s a egy model o classi y companies. The ou h and mos ma u ed s age is
“Ex e nally Suppo i e,” whe e he ope a ions unc ion akes he lead in p oac i ely helping
he company be a bes -in-class in i s sec o . Today, he e m ope a ions can be eplaced
wi h supply chain. In addi ion o managing ope a ions in one’s business, companies need
o e ec i ely coo dina e he complex se o ac i i ies in hei supply chains. Supply chain
e ec i eness can be co ela ed wi h he “Ex e nally Suppo i e” companies o Hayes and
Wheelw igh (1984) ha include a a ie y o ac i i ies such as designing and de eloping
quali y p oduc s ha he cus ome s wan (Zimon 2017), deli e ing he igh p oduc s o he
igh place a he igh ime while main aining cos e iciency (Luo e al. 2021), and ha ing
Adm. Sci. 2024,14, 74. h ps://doi.o g/10.3390/admsci14040074 h ps://www.mdpi.com/jou nal/admsci
Adm. Sci. 2024,14, 74 2 o 25
he in as uc u e o coo dina e he in o ma ion and he in en o y pe aining o he a ious
en i ies in he supply chain (Badenho s -Weiss and Waugh 2015). Supply chain ac i i ies
encompass he en i e gamu o unc ions wi hin he o ganiza ion as well as i s supplie s,
pa ne s, and cus ome s. Wo ks o au ho s such as K aljic (1983,1984) and an Weele (1984)
helped ele a e pu chasing and supply chain managemen om mo e o an ope a ional and
ac ical unc ion o a mo e s a egic one, leading o o e all company pe o mance.
Today’s global and complex supply chains need o manage he sequence o ope a ions
be ween i e common supply chain en i ies—cus ome , e aile , dis ibu o , manu ac u e ,
and supplie (Olhage e al. 2015). This is a simpli ied e sion o he supply chain since, in
eali y, he e may be mo e en i ies such as he wholesale s, he manu ac u e ’s dis ibu o s,
and se e al ie s o supplie s (Ekinci and Baykaso˘glu 2019;Tu ne e al. 2018).
Companies in a supply chain always need o engage in ade-o s o balance con lic ing
objec i es (Manuj and Men ze 2008). Cus ome s ypically expec p oduc a ie y which
companies mus deli e wi hou undue inc ease in in en o y. S a egies such as pos pone-
men o delayed di e en ia ion a e o en used in a di e se se o companies om elec onics
o ga men manu ac u ing o assu e bo h p oduc a ie y and lowe in en o y cos s (Yang
e al. 2005). Ano he ade-o is he in en o y/ anspo a ion cos . P ac icing jus -in- ime
deli e y is ideal o minimize in en o y; howe e , small lo sizes will esul in less- han-
uck-load shipmen s, which can esul in highe anspo a ion cos s pe uni (Bake 2007).
S a egies such as c oss-docking can help alle ia e his con lic . The lo size/in en o y
adeo is simila which has been add essed by s a egies such as Kanban and se up ime
educ ion (Bi kie 2016). Any ime he cus ome se ice is imp o ed, he e is a possibili y
o he cos s o go up. His o ically, many companies chose o excel in ei he inno a ion
(e.g., In el) o ope a ions (e.g., Walma ), bu i is impo an o oday’s businesses o assu e
excellence in bo h inno a ion and ope a ions (e.g., Apple). The e is a g owing end among
leading companies o ele a e he company’s op supply chain o icial o he C-le el in he
o ganiza ion (e.g., Villena e al. 2018) o be on pa wi h he chie s o inance and ma ke ing.
The chie objec i es in a supply chain a e o enhance p o i abili y, imp o e cus ome
sa is ac ion, and inc ease ma ke sha e. None o hese would be possible wi hou gaining
compe i i e ad an age and di e en ia ing capabili ies. Po e (1985) and many schola s,
subsequen ly, ha e p o ided subs an ial e idence ha managing p ima y and seconda y
ac i i ies no only helps in a aining di e en ia ing capabili ies in he alue chain bu is
also a he oo o a s ong supply chain ( o example, F iis e al. 2016;McPhee and Wheele
2006;Saku amo o e al. 2019). Po e classi ied inbound logis ics, ope a ions, ou bound
logis ics, ma ke ing and sales, and se ice as he i e p ima y alue-adding ac i i ies,
while accoun ing, in o ma ion sys ems, pu chasing, human esou ces, e c. we e seconda y
alue-adding ac i i ies. Th ee o he p ima y alue-adding ac i i ies (inbound logis ics,
ou bound logis ics, and ope a ions) ep esen he majo ac i i ies in oday’s supply chains.
The alue associa ed wi h he p oduc can be maximized by inno a ion excellence while he
cos incu ed can be minimized wi h he help o ope a ional excellence. While managing
supply chains is c i ical, hei impac needs o be e lec ed in ex e nal ma ke and inancial
measu es. Supply chain e ec i eness is measu ed no only by ope a ional measu es bu
also by i s impac on cus ome -based and inancial measu es.
Ve y ew esea ch s udies ha e empi ically examined he ela ionship be ween supply
chain e ec i eness and o e all business pe o mance as e idenced by publicly a ailable
da a o inancial and ma ke measu es o success ul companies. The p ima y goal o his
pape is o use a wide a ay o seconda y da a o examine he in e ela ionship be ween he
company’s supply chain esou ces and he o e all success o he company as e idenced by
he inancial, cus ome /ma ke , and ela ed key pe o mance indica o s o he company.
The ole o co po a e social esponsibili y (CSR) in companies ha cons i u e oday’s
global supply chains has been ca e ully examined by go e nmen s and cus ome s (e.g.,
No i asa i e al. 2023;Le 2023;Modak e al. 2020). Resea ch companies such as Ga ne
(2021) ha e highligh ed he impo ance o CSR in oday’s supply chains. CSR is e ol ing
in o a mo e quan i iable and audi able amewo k called ESG o en i onmen , social, and
Adm. Sci. 2024,14, 74 3 o 25
go e nance. Volle o e al. (2022) compa ed he CSR messaging among companies in h ee
mac o egions o he wo ld—Asia, Eu ope, and No h Ame ica. The seconda y goal o he
cu en pape is o examine i he e is a p eponde ance o e ec i e supply chain p ac ices
and ocus on CSR in a speci ic egion o he wo ld in o de o companies in o he egions
o benchma k hei business p ac ices.
The con ibu ions o his a icle a e h ee- old: (a) using a highly popula p ac i ione -
o ien ed supply chain anking (Ga ne 2021) o de elop a supply chain e ec i eness me ic
ha could be used o s a is ical analysis in esea ch s udies; (b) s a is ically es ing he
impac o supply chain e ec i eness on cus ome sa is ac ion and he inancial pe o mance
o companies; and (c) examining he di e ences in supply chain e ec i eness and co po a e
social esponsibili y among companies in majo indus ialized egions o he wo ld.
This pape lows as ollows: a e he in oduc ion, a li e a u e e iew on supply chain
e ec i eness and i s impo ance is p esen ed along wi h he heo e ical backg ound and
esea ch hypo heses. Subsequen ly, he esea ch me hodology o assess he hypo heses
is p esen ed, ollowed by esul s and analyses. The p ac ical implica ions a e ou lined in
he subsequen sec ion. Finally, he conclusions, limi a ions, and u u e esea ch di ec ions
a e o e ed.
2. Li e a u e Re iew, Theo e ical Backg ound, and Hypo heses
The li e a u e e iew was conduc ed using EBSCOhos and ele an da abases. Ca e
was aken o ensu e he op jou nals in he supply chain managemen a ea, as ou lined
in s uc u ed li e a u e e iew (SLR) a icles such as Swanson e al. (2018) and G imm
e al. (2015), we e included in he e iew. Key wo d ph ases used included “supply
chain e ec i eness”, “supply chain pe o mance”, “supply chain and CSR”, “supply chain
and cus ome sa is ac ion”, and “global supply chains.” A icles om 2000 onwa ds we e
iden i ied and selec ed, and pe inen a icles a e e e enced in his a icle.
2.1. Global Na u e o Mode n Supply Chains
Supply chains a e mo e complex and global han mos people can imagine. Schwa z
(2014) shows ha supply chains ha e been global e en o a common pencil which equi es
g aphi e om S i Lanka, ubbe om Malaysia, wood om O egon, and clay om Mississippi.
Fo a mo e complex p oduc such as Apple’s iPhone, Bos ic (2013) shows how Apple’s
supply chain spans dozens o coun ies in mul iple con inen s. A published lis o he op
200 supplie s on Apple’s web si e (Supplie Lis 2023) shows ha in addi ion o he much-
alked-abou Taiwan’s Hon-Hai (Foxconn) con ac assembly ope a ions in China, Apple
has supplie s in many o he pa s o Asia including Samsung in S. Ko ea, Hi achi in Japan,
and lesse known subcon ac o s in Vie nam, Indonesia, India, Philippines, Thailand, e c.
Apple’s supply chain is also dis inc in No h Ame ica, wi h companies like In el, 3M, and
Co ning. The e a e some supplie s in Eu ope as well as in Sou h Ame ica. Companies such
as Apple ha e eached he pinnacle o managing supply chains because o hei impeccable
managemen o supplie s and con ac o s om a ound he wo ld (Subedi 2013). The mo e
global he supply chains, he mo e complex hey a e o manage (Sajadieh 2009).
I is impo an oday o companies om di e en egions o he wo ld o benchma k
wi h each o he on supply chain and ela ed p ac ices. Benchma king is he p ocess
o compa ing pe o mance me ics wi h he bes in he indus y while iden i ying and
emula ing he bes p ac ices in he leading companies (Camp 1989). Volle o e al. (2022)
compa ed he CSR messaging among companies in h ee mac o egions o he wo ld—Asia,
Eu ope, and No h Ame ica. Mahade an e al. (2022) ound ha he supply pe o mance
o Asia–Paci ic o ganiza ions is di e en when compa ed wi h ha o global o ganiza ions.
Ib ahim e al. (2015), in a con en analysis o global supply chain esea ch, ound
ha he global supply chain s udies we e a ewe han he non-global/domes ic supply
chain s udies. They also disco e ed ha mos s udies pe ain o a single indus y and
e y ew cu ac oss indus ies. The same a icle alks abou he lack o empi ical esea ch
pe aining o supply chains beyond No h Ame ica. The cu en pape ies o ill ha
Adm. Sci. 2024,14, 74 4 o 25
gap by examining commonali ies and di e ences in supply chains pe aining o se e al
indus ies and encompassing a ious egions o he globe.
2.2. Supply Chain E ec i eness
Supply chain e ec i eness is measu ed by me ics such as cos s pe aining o ans-
po a ion, wa ehousing, in en o y, and logis ics (Fuga e e al. 2009;Mulchandani e al.
2023). The opic o supply chain e ec i eness has been s udied by au ho s in di e en pa s
o he wo ld and in di e en indus ies, o example, small and medium en e p ises in
China (Wang and Ali 2023), small and medium en e p ises in India (Mulchandani e al.
2023), s a e-owned en e p ises in Sou h A ica (Chinomona e al. 2023), he manu ac u ing
sec o in A ica (Tlale e al. 2022), supply chain and logis ics sec o companies in he UAE
(Albish i e al. 2019), o name bu a ew. Ga ai and Roy (2020) demons a e om hei li e a-
u e e iew ha he classical pe o mance indica o s in supply chains included “agg ega e
e enue, cus ome sa is ac ion, and en i onmen al conce n.”
The esou ce-based iew (RBV) in oduced by Ba ney (1991) p o ides companies a
way by which in e nal esou ces, ha a e mainly unde he pu iew o supply chain man-
agemen , can be deployed o gain compe i i e ad an age. RBV has gained he signi ican
a en ion o supply chain schola s in he ecen pas (Shibin e al. 2020). Since he concep
o balanced sco eca d (BSC) was made popula mo e han wen y yea s back (Kaplan and
No on 1996;Kaplan and No on 2001), he e ha e been sco es o a icles o i s applica ion
in a a ie y o ields. BSC is he app oach whe e he business is expec ed o iew i sel in a
balanced way om ou di e en pe spec i es as opposed o exclusi ely o p edominan ly
om he inancial pe spec i e. While he inancial pe o mance and s ewa dship o inan-
cial esou ces a e c i ical, businesses also need o look a he cus ome /ma ke , in e nal
p ocess, and o ganiza ional lea ning/g ow h pe spec i es. In his pape , he in e nal busi-
ness p ocess pe spec i e is used synonymously wi h he supply chain o he o ganiza ion.
RBV and BSC ha e ele a ed he impo ance o supply chain e ec i eness in companies
and i s ela ionship wi h ma ke and inancial pe o mance.
Ellinge e al. (2012) examined he ela ionship be ween SCM compe ency and cus-
ome sa is ac ion as well as sha eholde alue. They ound ha a highe le el o SCM
compe ency esul ed in highe le els o su oga e measu es o cus ome sa is ac ion and
sha eholde alue. The SCM compe ency in ha s udy was based on he Ga ne Supply
Chain G oup’s annual ankings o he op 25 companies. Howe e , only he opinion pa
o he anking p ocess was used in he Ellinge e al. (2012) s udy. In an explo a o y
esea ch s udy, Bha adwaj (2015) examined he co ela ion be ween SCM compe ency and
su oga es o ma ke ing and inancial measu es. The cu en esea ch signi ican ly expands
on hese pape s and examines he annual da a om i een yea s o Ga ne Top 25 supply
chain compe ency ankings as well as da a pe aining o b and alue, cus ome sa is ac ion,
e enue g ow h, p ice/ea nings (P/E) a io, and ma ke capi aliza ion.
2.3. Supply Chains and CSR
Resea che s ha e been inc easingly ocused on CSR wi h espec o supply chains as
opposed o indi idual companies. S ekelo um e al. (2019) s udied he ex en o which
he CSR expec a ions o cus ome s in luence he CSR ac i i ies o F ench companies and
hei CSR equi emen s o hei own supplie s. Bow ey and Clemen s (2019) in oduced
a amewo k o he holis ic e alua ion o he en i e supply chain CSR epo ing as op-
posed o indi idual segmen s wi hin supply chains. Lee e al. (2018) s udied he issue
o g eenwashing in he name o CSR in compe ing supply chains. Vo and Nguyen (2017)
s udied he ac o s in imp o ing he pe o mance o CSR implemen a ion in a mul i-le el
supply chain.
The impo ance o CSR has been ele a ed in he ecen pas by he adop ion o iple
bo om line me ics (p o i , people, and plane ) by Apple, one o he mos globally ecog-
nizable and p o i able companies in he wo ld (Bonsu 2019). Ga ne (2021), he epu ed
esea ch company, has iden i ied Apple as he bes supply chain in he wo ld.
Adm. Sci. 2024,14, 74 5 o 25
2.4. Hypo heses De elopmen Based on Ex an Li e a u e
The Ga ne Top 25 supply chain me hodology has been popula among p ac i ione s
o he pas i een yea s (Ga ne 2023). The o e all composi e sco e o each company is
calcula ed wi h 50% weigh a ibu ed o publicly a ailable inancial da a and 50% based
on subjec i e opinions o he Ga ne expe s and pee s in he supply chain indus y. The
companies wi h he 25 highes o e all composi e sco e a e iden i ied as he op companies
in dec easing o de o he composi e sco es. Ellinge e al. (2012) used only he opinion
pa o he Ga ne s udy in hei esea ch and did no use he inancial pa o he da a. I
is impo an o examine i he objec i e da a om company inancials can p edic supply
chain e ec i eness as well as he expe s and pee s in he supply chain indus y could do.
H1. The objec i e inancial da a can p edic supply chain e ec i eness be e han subjec i e opinions.
Ellinge e al. (2012) demons a ed ha i ms wi h high le els o SCM compe ency
had highe le els o cus ome sa is ac ion and sha eholde alue. The supply chain- ela ed
da a ha we e used in ha s udy we e based on he annual Top 25 supply chain ankings
by Ga ne Supply Chain G oup om 2004 o 2010. Skipwo h e al. (2015) concluded ha
supply chain managemen mus deli e cus ome alue a he lowes possible cos , he eby
inc easing ne income and e u n on asse s. Wong e al. (2012) es ed he hypo hesis ha
supply chain enable s deli e be e cus ome alue and sha eholde alue. Kuma e al.
(2015) es ed he impo ance o supply chain managemen p ac ices on s ockholde weal h
in a de eloping coun y.
Bo h Cohen and F azzini (2008) and Li e al. (2015) p o ide empi ical e idence o
he ela ionship be ween supply chain pe o mance and s ock-ma ke pe o mance. In a
comp ehensi e li e a u e e iew o he ela ionship be ween SCM and inancial pe o -
mance, Shi and Yu (2013) a i m he impo ance o e ec i e supply chain p ac ices on
inancial pe o mance measu es such as e enue g ow h, ope a ing cos s, and wo king
capi al e iciency. The p esence o a company in he SCM Top 25 lis s is a measu e o
supe io pe o mance in he supply chain a ea. These companies a e expec ed o pe o m
be e han hei indus y coun e pa s.
H2. Supe io pe o mance in he supply chain a ea esul s in (a) highe cus ome sa is ac ion and
(b) inancial esul s.
H3. Supe io pe o mance in he supply chain a ea esul s in o e all supe io pe o mance in he
company as measu ed by he ma ke capi aliza ion o he company.
One o he a eas o u u e di ec ions o esea ch ha Shi and Yu (2013) ecommend
includes de e mining he egional di e ences pe aining o inancial pe o mance and
SCM p ac ices. The e is a s eam o esea ch ha ocuses on he compa ison o supply
chains in he h ee main indus ial egions o he wo ld: No h Ame ica, Eu ope, and
Asia–Paci ic. Bookbinde and Tan (2003) examined he logis ics sys ems in Eu ope and Asia
and ca ego ized di e en coun ies in o di e en logis ics ie s o clus e s.
H4. The p opo ion/sha e o op SCM pe o ming companies in No h Ame ica, Eu ope, and Asia
is he same as he p opo ion/sha e o he companies om hese h ee egions in he Fo une Global
500 lis , which iden i ies he 500 la ges companies by e enue in he wo ld.
Co po a e social esponsibili y (CSR) has become a c i ical ac o o bo h cus ome s
and sha eholde s judging companies in he supply chain. Da idson e al. (2018) discuss
he o igins o he o mal CSR concep in he academic and business wo lds o No h
Ame ica and Eu ope while explo ing he inco po a ion o CSR (o lack he eo ) in Asia’s
bigges economies: China, Japan, India, and Sou h Ko ea. Aigbedo (2021) used da a om
10 indus y sec o s in 32 coun ies o empi ically s udy he impac o inancial pe o mance
on en i onmen al pe o mance in global supply chain companies.
Adm. Sci. 2024,14, 74 6 o 25
H5. Supply chain companies in No h Ame ica do no ha e s a is ically di e en le els o ocus on
co po a e social esponsibili y as compa ed o hei Eu opean and Asian coun e pa s.
3. Resea ch Me hodology
Fi s , we desc ibe he se e al sou ces o da a ha a e u ilized in his s udy.
3.1. Ga ne Supply Chain G oup’s Top 25 Da a
Ga ne Supply Chain (p e iously, AMR Resea ch) has been publishing i s Supply
Chain Top 25 lis s since 2004, wi h 2019 ma king i s 15 h edi ion. In his esea ch, i was
decided ha i would be ideal o use he da a om 2004 o 2019 since i een yea s o
da a was subs an ial, and we did no wan o mix he da a wi h pos -COVID da a since
he supply chain indus y wen h ough signi ican dis up ions du ing 2020–2023. The
me hodology and c i e ia used o de e mine he Top 25 ha e e ol ed o e he yea s.
Al hough any me hodology could ha e pi alls, he Ga ne Top 25 me hodology, which
uses a combina ion o well-accep ed inancial measu es as well as expe and pee opinions,
is as obus as i can ge in p ac ice. Companies in he Top 25 unde s and he need o
demand-d i en managemen as well as o excel in inno a ion and ope a ions. The ankings
in 2019 we e de eloped based on he ollowing c i e ia and weigh s (Ga ne 2019):
•
Fi y pe cen o he weigh is based on opinions by expe s and indus y pee s, includ-
ing o e 162 senio execu i es om di e en supply chain o ganiza ions a ound he
wo ld and 38 Ga ne expe s.
•
Fo y pe cen o he weigh is a ibu ed o inancial me ics ha a e publicly a ailable.
#
The h ee inancial measu es a e e enue g ow h (10%), in en o y u ns (10%),
and e u n on asse s (ROA; 20%).
#
Bo h e enue g ow h and ROA a e h ee-yea weigh ed a e ages wi h 50%, 30%,
and 20% weigh s assigned o he h ee p e ious yea s. The h ee-yea a e age,
as opposed o annual igu es, no only akes ca e o any peaks and alleys in he
e enues bu also p o ides ample ime o ce ain in es men s o bea ui .
#
The in en o y u ns a e based on he qua e ly-ending in en o y as opposed o
he annual-ending in en o y used in he ea lie yea s o he anking.
#
The e enue g ow h, al hough dependen on many ex e nal ac o s, is a good
su oga e measu e o he inno a ion and ope a ional excellence o a company.
ROA p o ides a good measu e o he o e all p oduc i i y o he o ganiza ion,
while in en o y u ns a e a solid supply chain measu e ha can be easily calcu-
la ed using publicly a ailable da a. I is also a measu e o which bo h inance and
ope a ions p o essionals can easily ela e.
•
The inal 10% o he weigh in he anking me hodology is gi en o an e idence-
based co po a e social esponsibili y (CSR) Index om 1 o 10. The CSR componen
was added only in 2016 o e lec he commi men o he companies o social and
en i onmen al causes as expec ed by cus ome s, in es o s, employees, and o he
s akeholde s o he o ganiza ions.
Fo mo e de ails on he Ga ne op 25 me hodology, please see G iswold e al. (2019).
The ankings o he Ga ne SCM Top 25 a e modi ied and used as a su oga e o supply
chain e ec i eness, as explained in he nex sec ion.
Ga ne looks a bo h Fo une Global 500 and Fo bes Global 2000 company-lis s and
gleans ou companies ha mee he minimum e enue h eshold o USD 12 billion. Only
he companies in indus ies such as manu ac u ing, e ail, and dis ibu ion sec o s a e
included. Companies in many se ice indus ies whe e supply chain managemen is no
as c i ical a e elimina ed om he s udy, o example, sec o s such as banking, u ili ies,
ene gy, eal es a e, in o ma ion echnology, e c. The panelis s pa icipa ing in he pee
opinions come om many signi ican indus ies, wi h no single indus y accoun ing o
mo e han 25%. The panelis s a e also sp ead ac oss he wo ld, coming om each o
he h ee majo egions: Ame icas (38%), Eu ope–Middle Eas –A ica (EMEA, 40%) and
Adm. Sci. 2024,14, 74 7 o 25
Asia–Paci ic (APAC, 22%). The e is also di e si y in e ms o he size o he companies, wi h
nea ly 20% o he companies ha ing e enues o less han USD 1 billion; on he o he hand,
15% o hem ha e e enues be ween USD 1 billion and USD 50 billion. The emaining 65%
o he companies ha e e enues o o e USD 50 billion.
3.2. B and Finance
B and Finance is an independen London-based i m ha has been calcula ing b and
alue o companies since 1996 using a p o en me hodology, wi h he help o publicly a ail-
able inancial da a. The me hodology, known as he Royal y Relie Me hodology, in ol es
calcula ing he b and alue as a unc ion o h ee ac o s: (i) B and S eng h Index (BSI) om
ze o o 100, which is based on a numbe o inancial and non- inancial a ibu es; (ii) B and
Royal y Ra e o he espec i e sec o s based on licensing ag eemen s; and (iii) B and Re -
enues, based on ac ual his o ical da a as well as expe o ecas s. The b and alue is he
cu en alue o he u u e income a ibu able o he b and asse . Each yea , companies
no only ecei e a a ing akin o he c edi a ing scale om D o AAA bu also a dolla
amoun . Fo example, in 2019, Amazon had a a ing o AAA- wi h a b and alue o USD
188 billion while Apple had a a ing o AAA wi h a b and alue o USD 154 billion. Fo mo e
in o ma ion, please e e o B and Finance Global (2019). Mo e han 95% o he companies in
he Ga ne Supply Chain Top 25 ha e b and alues epo ed each yea by B and Finance.
3.3. Ame ican Consume Sa is ac ion Index (ACSI)
The ACSI was ounded in 1994 a he Uni e si y o Michigan in conjunc ion wi h he
Ame ican Socie y o Quali y, and i was he i s mul i-sec o cus ome sa is ac ion index.
The ACSI has made epo ing cus ome sa is ac ion a science, wi h he use o cus ome
su ey da a and i s p op ie a y model. The 0–100 ange o he sa is ac ion index is based on
se e al ac o s such as cus ome expec a ions, pe cei ed quali y, pe cei ed alue, cus ome
complain s, and cus ome loyal y. The ACSI conduc s o e 300,000 in e iews annually
and p oduces indexes o abou 400 majo companies. Since he da a a e es ic ed o U.S.
companies, abou 40% o he companies in he Ga ne Supply Chain Top 25 ha e ACSI
a ings. Fo mo e in o ma ion, please e e o Ame ican Cus ome Sa is ac ion Index (2023).
Fo each o he yea s 2012 o 2019, whe e a ailable, he ACSI sco es o all he companies
in he SCM Top 25 we e abula ed nex o he co esponding indus y a e age. Fo example,
he ACSI sco es o Coca Cola and Pepsi we e compa ed o he indus y a e age (benchma k)
sco e o he So D inks indus y, while he ACSI sco es o P oc o and Gamble, Unile e ,
and Colga e Palmoli e we e compa ed o he indus y a e age (benchma k) o he Pe sonal
Ca e and Cleaning P oduc s indus y.
3.4. Bloombe g Financial Da a
The Bloombe g Te minal p o ides access o a a ie y o eal- ime and his o ical da a o
publicly aded companies. This was he sou ce o he s ock pe o mance, p ice/ea nings
(P/E) a ios, and ma ke capi aliza ion da a used in his s udy. These da a could ha e
been ob ained om many o he publicly a ailable sou ces, bu Bloombe g is one o he
mos widely accep ed and eliable sou ces (Blackhu s 2014). The au ho ’s uni e si y has a
Bloombe g Financial Lab wi h access o Bloombe g Te minals, using which he da a we e
downloaded o all he companies in he Ga ne Supply Chain Top 25.
Table 1p esen s he summa y da a o companies compiled by he au ho based on he
anking by he Ga ne Supply Chain G oup o e ime. I has some in e es ing insigh s.
The Ga ne da a ha e 25 op companies anked each yea o i een yea s. Fi e companies
ha e achie ed he s a us o Mas e (M) supply chains since hey made he op i e ankings
o se en yea s in a ow in he p e ious decade o ankings. Tha includes Apple and P&G
in 2015, Amazon in 2017, McDonald’s in 2018, and Unile e in 2019. Fo eigh yea s in a
ow, 2008–2014, Apple was he #1 anked company on his global lis .
Adm. Sci. 2024,14, 74 8 o 25
Table 1. Ranking o supply chain companies by Ga ne Supply Chain G oup.
Company 2004 2005 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 # o Yea s
Ranked
Weigh ed
Ra ing
P&G 3 2 3 4 3 2 3 5 6 5 M M M M M 15 349
Apple 2 1 1 1 1 1 1 1 M M M M M 13 324
Cisco Sys ems 18 11 8 5 3 6 8 7 7 6 7 4 3 5 14 266
Amazon 10 5 2 3 3 1 3 M M M 10 230
Wal-Ma S o es 5 8 6 6 7 4 7 9 13 14 13 16 18 20 14 15 230
McDonald’s 11 8 3 2 2 2 2 2 M M 10 226
PepsiCo 10 16 15 11 9 6 9 12 16 15 15 15 11 8 4 15 218
Samsung Elec onics 7 10 9 8 7 10 13 8 6 8 8 25 17 21 14 207
In el 19 11 25 18 16 7 5 8 4 4 6 5 6 13 204
Unile e 22 21 15 10 4 4 3 1 1 1 M 11 203
The Coca-Cola Company 17 25 13 13 13 13 11 6 9 10 11 9 14 22 20 15 184
Dell 1 1 3 2 5 2 4 11 8 179
Nike 21 18 15 14 16 20 14 14 12 10 11 8 6 10 14 175
Colga e-Palmoli e 20 17 13 11 10 9 9 13 9 4 1 11 170
Indi ex 23 19 15 12 11 5 6 3 2 2 10 162
Johnson & Johnson 7 6 14 19 12 14 21 22 25 22 21 21 13 18 8 15 147
IBM 4 3 4 5 4 8 14 7 140
Nokia 2 4 1 2 6 19 15 7 133
H&M 17 17 13 7 5 5 9 16 8 119
S a bucks 22 16 15 17 12 12 10 10 9 9 111
Nes lé18 18 21 25 17 10 7 7 3 9 108
Hewle -Packa d 13 21 18 17 15 17 24 17 19 14 7 11 104
Toyo a Mo o 6 5 5 7 10 24 6 99
3M 14 24 21 19 18 14 14 12 11 17 10 96
Tesco 9 9 8 12 15 20 23 7 86
Anheuse -Busch 20 12 7 10 4 55
Bes Buy 18 17 9 14 21 24 6 53
Johnson Con ols 8 10 16 23 4 47
Schneide Elec ic 18 17 12 11 4 46
Resea ch In Mo ion (RIM) 9 4 19 3 46
L’O éal 23 22 22 19 20 15 15 7 46
Texas Ins umen s 19 17 21 18 4 29
Mic oso 12 12 2 28
Home Depo 21 14 25 23 19 5 28
Leno o 20 16 18 25 24 5 27
Diageo 23 16 12 3 27
Woolwo hs 12 13 2 27
Adm. Sci. 2024,14, 74 15 o 25
Table 7. Top 25 SCM pe o me s (2018) and hei co esponding Bloombe g indus y/sec o .
Bloombe g Indus y/Sec o SCM Top 25 Companies
Appa el Adidas. H&M. Indi ex. Nike
Au omo i e BMW
Consume P oduc s Diageo
Food/Be e age Coca-Cola, Nes le, Pepsi
Heal hca e Johnson & Johnson
Indus ials 3M. Schneide Elec ic
Ma e ials/Chemicals Akzo Nobel. BASF
Pe sonal and Household Colga e-Palmoli e. Kimbe ly-Cla k, L’O eal. P&G.
Res au an s and Ho els McDonald’s. S a bucks
Re ail Amazon, Home Depo , Walma .
Technology—Ha dwa e and So wa e Apple. Cisco Sys ems, HP, In el, Samsung
Table 8. Resul s o - es s—Compa ison o SCM Top pe o me s’ e enue g ow h and P/E a io wi h
Bloombe g indus y/sec o igu es.
Indus y Re enue
Annual G ow h
SCM Companies’
Annual G ow h
Mean 0.076 0.042
Va iance 0.002 0.009
Obse a ions 29 29
Pea son Co ela ion 0.450
Hypo hesized Mean Di e ence 0
d 28
S a 2.110
P (T ≤ ) one- ail 0.022
C i ical one- ail 1.701
P (T ≤ ) wo- ail 0.044
C i ical wo- ail 2.048
H3 hypo hesizes ha supe io pe o mance in he supply chain a ea esul s in o e all
supe io pe o mance in he company. Balanced sco eca d has been one o he mos popula
ools in p ac ice o e alua e company pe o mance ( o example, Camille i 2021;Hegazy
e al. 2020;Naza i-Shi kouhi e al. 2020). I looks a mee ing he company’s s a egic
objec i es wi h he help o a balanced ocus on inancial pe o mance, cus ome sa is ac ion,
in e nal p ocess e iciency, and inno a ion/lea ning.
Fo his s udy, ma ke capi aliza ion was used as a measu e o o e all company
pe o mance, which was hypo hesized o depend upon i e independen a iables: e enue
g ow h, e u n on asse s, in en o y u ns, he ACSI, and b and alue. Re enue g ow h
was he su oga e o inancial pe o mance; e u n on asse s and in en o y u ns o
in e nal p ocess e iciency; and he ACSI o cus ome sa is ac ion. The e enue g ow h,
in en o y u ns, and ROA a e publicly a ailable da a ha a e also used in he Ga ne
supply chain s udy. In addi ion, he b and alue ob ained om B and Finance was used
as a ca ch-all me ic since i was calcula ed u ilizing b and oyal y, e enue o ecas s, and
quali a i e measu es.
Adm. Sci. 2024,14, 74 16 o 25
Table 9. Resul s o - es s—Compa ison o SCM Top pe o me s’ e enue g ow h and P/E a io wi h
Bloombe g indus y/sec o igu es.
Indus y P/E SCM Companies’ P/E
Mean 22.57 26.67
Va iance 31.64 949.52
Obse a ions 29 29
Pea son Co ela ion −0.145
Hypo hesized Mean Di e ence 0
d 28
S a −0.69
P (T ≤ ) one- ail 0.25
C i ical one- ail 1.70
P (T ≤ ) wo- ail 0.50
C i ical wo- ail 2.05
A mul iple linea eg ession analysis using SPSS was conduc ed. The esul s o he
eg ession models a e shown in Table 10. The model is signi ican wi h an R-squa e o
0.587. The b and alue is he independen a iable ha makes he s onges con ibu ion
(
Be a = 0.715
) o explaining he dependen a iable, ma ke capi aliza ion. The ypical
supply chain o in e nal p ocess e iciency su oga es, ROA and in en o y u ns, a e ei he
s a is ically no signi ican o make insigni ican con ibu ions in he model. Re enue
g ow h and cus ome sa is ac ion index ha e s a is ically signi ican impac . I is clea ha
he su oga e measu es o inancial pe o mance and cus ome sa is ac ion ha e a highe
impac han in e nal p ocess o supply chain pe o mance on he o e all company pe o -
mance. The da a we e u he analyzed o asce ain ha he e was no mul icollinea i y, bu
he sca e plo showed ha he e we e a ew ou lie s in he ma ke capi aliza ion. A e he
da a we e sie ed h ough, he wo companies ha we e ou lie s o ma ke capi aliza ion
we e Amazon and Apple. The same model was e un a e emo ing hese wo companies
om he analysis. The esul s a e shown in Table 11. The model is weak, wi h R-squa e
d opping o 0.138, and he only a iable ha is signi ican is b and alue, wi h Be a being
only 0.315. The ypical supply chain me ics o in en o y u ns and ROA did no ha e any
impac on he ma ke capi aliza ion o he success ul supply chain companies.
H4 p oposes ha he p opo ion o op SCM pe o ming companies in No h Ame ica,
Eu ope, and Asia is he same as he p opo ion o he companies om hese egions in
he Fo une Global 500 lis . The pe cen ages o No h Ame ican, Eu opean, and Asian
companies in he Fo une Global 500 lis a e 30%, 28%, and 42%, espec i ely. A chi-squa e
goodness-o - i es was un o es his hypo hesis, and he esul s a e shown in Table 12.
The esul s indica e ha he e is signi ican di e ence in he p opo ion o companies
ep esen ed on he SCM op pe o me s as compa ed o he p opo ion o companies
ep esen ed in he Fo une Global 500 lis ,
χ2
(2, 216) = 159.29, p= 0.000. I is ob ious ha
he No h Ame ican (speci ically, US) companies domina e his lis . H4 is ejec ed.
H5 hypo hesizes ha supply chain companies in No h Ame ica, Eu ope, and Asia
do no ha e s a is ically di e en le els o ocus on co po a e social esponsibili y. The
desc ip i e s a is ics showed ha he companies in Eu ope had highe CSR sco es han
hei No h Ame ican coun e pa s and he Asian companies had he lowes CSR sco es.
A one-way ANOVA was un wi h CSR as he dependen a iable and he egion as he
ac o . The pos hoc Tukey es esul s wi h mul iple compa isons o he h ee egions a e
shown in Table 13. I is e y clea ha he CSR ocus o Eu opean companies is s a is ically
supe io o ha o No h Ame ican and Asian companies, bu he di e ence be ween No h
Ame ican and Asian companies is no signi ican . H5 is ejec ed. The esul s o he ANOVA
es a e shown in Table 13.
Adm. Sci. 2024,14, 74 17 o 25
Table 10. Reg ession model o balanced sco eca d.
Model Summa y
Model R R Squa e Adjus ed R Squa e S d. E o o he
Es ima e
1 0.766 a0.587 0.562 156.07424
a. P edic o s: (Cons an ),
B andValue, ROA, ACSI,
Re G ow h, In Tu ns
b. Dependen Va iable:
Ma ke Cap
Coe icien s
Model Uns anda dized B Coe icien s S d.
E o
S anda dized
Coe icien s Be a Sig.
1
(Cons an ) −559.763 336.544 −1.663 0.100
ROA −766.333 286.973 −0.195 −2.670 0.009
In Tu ns −1.309 0.842 −0.150 −1.555 0.124
Re G ow h 378.653 180.583 0.163 2.097 0.039
ACSI 8.934 4.093 0.188 2.183 0.032
B andValue 0.005 0.001 0.715 7.921 0.000
aDependen Va iable: Ma ke Cap.
Table 11. Reg ession model o balance sco eca d wi hou Amazon and Apple.
Model Summa y
Model R R Squa e Adjus ed R Squa e S d. E o o he
Es ima e
1 0.372 a0.138 0.081 99.35382
a. P edic o s: (Cons an ),
B andValue, ROA, ACSI,
Re G ow h, In Tu ns
b. Dependen Va iable:
Ma ke Cap
Coe icien s
Model Uns anda dized B Coe icien s S d.
E o
S anda dized
Coe icien s Be a Sig.
1
(Cons an ) 325.943 222.758 1.463 0.148
ROA −364.469 195.485 −0.203 −1.864 0.066
In Tu ns −0.729 0.536 −0.186 −1.361 0.177
Re G ow h −139.669 134.347 −0.112 −1.040 0.302
ACSI −1.821 2.679 −0.089 −0.679 0.499
B andValue 0.001 0.001 0.315 2.452 0.017
aDependen Va iable: Ma ke Cap.
Adm. Sci. 2024,14, 74 18 o 25
Table 12. Chi-squa e goodness-o - i es esul s o coun y o o igin.
Chi-Squa e Tes : Coun y_Region
Obse ed N Expec ed N Residual
No h Ame ica 143 64.8 78.2
Eu ope 59 60.5 −1.5
Asia Paci ic 14 90.7 −76.7
To al 216
Tes S a is ic
Coun y_Region
Chi-Squa e 159.288 a
d 2
Asymp. Sig. 0.000
a0 cells (0.0%) ha e expec ed equencies less han 5.
Table 13. ANOVA es esul s on CSR ocus in No h Ame ica, Eu ope, and Asia–Paci ic.
Mul iple Compa isons
Dependen
Va iable: CSR
Tukey HSD
(I) Coun-
y_Region
(J) Coun-
y_Region
Mean Di e ence
(I −J) S d. E o Sig. 95% Con idence
In e al Lowe Bound
95% Con idence
In e al Uppe Bound
No h Ame ica Eu ope −2.7866 * 0.4930 0.000 −3.960 −1.613
Asia Paci ic 1.2372 1.0246 0.452 −1.202 3.676
Eu ope No h Ame ica 2.7866 * 0.4930 0.000 1.613 3.960
Asia Paci ic 4.0238 * 1.0372 0.001 1.555 6.493
Asia Paci ic No h Ame ica −1.2372 1.0246 0.452 −3.676 1.202
Eu ope −4.0238 * 1.0372 0.001 −6.493 −1.555
*. The mean di e ence is signi ican a he 0.05 le el.
Summa y esul s o he hypo hesis es ing:
H1 The objec i e inancial da a can p edic supply chain
e ec i eness be e han subjec i e opinions. Rejec ed
H2a
Supe io pe o mance in he supply chain a ea esul s in highe
Cus ome sa is ac ion. Accep ed wi h ca ea s
H2b
Supe io pe o mance in he supply chain a ea esul s in highe
inancial esul s. Rejec ed
H3
Supe io pe o mance in he supply chain a ea esul s in o e all
supe io pe o mance in he company. Rejec ed
H4
The p opo ion/sha e o op SCM pe o ming companies in
No h Ame ica, Eu ope, and Asia is he same as he
p opo ion/sha e o he companies om hese h ee egions in
he Fo une Global 500 lis .
Rejec ed
H5
Supply chain companies in No h Ame ica do no ha e
s a is ically di e en le els o ocus on co po a e social
esponsibili y as
compa ed o hei Eu opean and Asian coun e pa s.
Rejec ed
5. Discussion and P ac ical Implica ions
The examina ion o he impac o supply chain e ec i eness on inancial pe o mance
in business is he “holy g ail” in bo h esea ch and p ac ice. The s udies in he li e a u e
Adm. Sci. 2024,14, 74 19 o 25
which showed a posi i e impac o supply chain pe o mance on inancial pe o mance
we e based on su ey da a whe e he inancial pe o mance was sel - epo ed on a Like
scale (e.g., A´cimo i´c e al. 2022;Agus 2013). The e ha e been quali a i e s udies abou
supply chain e ec i eness (e.g., Bamb ick e al. 2023). Howe e , in a sys ema ic e iew on
pe o mance measu emen o supply chains om a inancial pe spec i e, Rahiminezhad
Galanakashi and Mokha ab (2022) epo ha supply chain manage s s ill p e e o conside
inancial me ics in hei pe o mance assessmen p ocess. The me ics ha hey ound
o be mos common include ROA, ROI, sales, in en o y u no e , p o i ma gin, e enue
g ow h, and cash- o-cash cycle. The Ga ne s udy, ha is he basis o his esea ch, uses
ROA, in en o y u no e , and e enue g ow h.
The Ga ne s udy cu en ly u ilizes inancial da a om he annual epo s as well as
opinions by expe s and pee s in compiling he composi e sco es ha de e mine he annual
ankings o highly e ec i e supply chain companies. In his cu en s udy, i was obse ed
ha he pee and expe opinions explain he majo i y o he a ia ion in he composi e
sco e and he publicly a ailable inancial da a may no be su icien o unde s and he
impac o he e ec i e supply chain companies.
The mos su p ising esul was ha he e enue g ow h in he leading supply chain
companies lagged ha o he a e age indus y/sec o . The P/E a ios o he leading
supply chain companies we e highe han hei indus y a e ages, bu he esul s we e
no s a is ically signi ican . This shows ha he leading supply chain companies a e a
combina ion o high- echnology and -g ow h companies (Amazon, Apple, e c.) as well as
s able companies (P&G, Unile e , e c.) I may be impo an o explo e i he e a e media ing
and/o mode a ing a iables such as echnology deploymen , he ma u i y o he indus y,
isk managemen s a egies, and he age o he company o be e explain he impac o
supply chain e ec i eness on o ganiza ional pe o mance.
I is e y clea ha he US companies a e doing signi ican ly be e han hei Eu opean
and Asian coun e pa s in supply chain e ec i eness. The au omo i e and ae ospace
companies, ha o m he backbone o se e al economies and supply chains, need o
benchma k wi h companies in he echnology, pe sonal/heal hca e, and ood/be e age
indus ies o bols e hei supply chain e ec i eness. Supply chain benchma king esea ch
has ocused mainly a he in a-company— a he han in e -company—le el (Peng Wong
and Yew Wong 2008;Sima upang and S idha an 2004;Soni and Kodali 2010). The Ga ne
lis s and his a icle help in he pu sui o benchma king a he in a-company le el. The
SCOR (2017) model by he p o essional socie y ASCM p o ides a good amewo k o
companies o benchma k wi h leading supply chain companies. The Ga ne esea ch is
use ul in iden i ying he op supply chain companies. The me ics used o iden i y he
leading supply chain companies by Ga ne a e mo e inancial in na u e whe eas he SCOR
model can be used o benchma king speci ic imp o emen s a he i m/indus y/global
supply chain le el (e.g., Ko ala and He be 2019;Lockamy and McCo mack 2004;Lu e al.
2016).
The esul s in his s udy showed ha Eu opean companies a e sco ing signi ican ly
highe on co po a e social esponsibili y compa ed o No h Ame ican companies and
especially Asian companies. This is in line wi h he obse a ions by Obe oi (2018) ha
he Eu opean Commission’s change in CSR guidelines in 2011 shi ed he ocus om a
mo e olun a y app oach o companies in o a mo e aligned and embedded p og am. I
is impe a i e o companies om o he pa s o he indus ial wo ld, especially Asia, o
benchma k wi h hese guidelines o imp o e hei CSR ac i i ies. Lines (2004) has shown
om a su ey esul ha Asian execu i es ca e mo e abou he immedia e s akeholde s
(cus ome s and sha eholde s) and e y li le abou CSR. Fe guson (2011) ci e se e al s udies
ha ha e iden i ied he gene al lack o p og ess in CSR ac i i ies in Asian companies in
compa ison wi h EU and US companies. E en among he Ga ne Top 25 lis s, he wo
companies ha s ood ou o hei ocus on sus ainabili y and e hics we e he wo Eu opean
appa el indus y gian s—Indi ex and H&M. I is impo an o companies a ound he wo ld
o benchma k wi h hei Eu opean coun e pa s.
Adm. Sci. 2024,14, 74 20 o 25
This s udy showed ha he leading supply chain companies ha e highe cus ome
sa is ac ion compa ed o hei coun e pa s in he indus y. The e we e wo excep ions
o companies ha ha e ex emely obus supply chain managemen —McDonald’s and
Walma . The example o McDonald’s shows ha in he as - ood indus y, he speed
o se ice and cou esy o se ice a e mo e c i ical. The company excels in i s supplie
managemen , supplie ne wo k con igu a ion, in en o y managemen , and o he supply
chain aspec s, bu hey a e all in ain i he cus ome s a e no sa is ied. In he case o
Walma , i is enowned o i s dis ibu ion channel, logis ics, and supplie managemen .
Howe e , he one-s op shopping ad an age o Walma has esul ed in poo cus ome
sa is ac ion since he shoe and appa el depa men o he discoun e aile is compa ed
o special y e aile s such as Nike, while i s heal h and beau y depa men is compa ed
wi h special y s o es like Walg eens. The company needs o ocus on p oduc selec ion
and cus ome sa is ac ion in each majo depa men in addi ion o he o e all supply
chain managemen .
Ga ne Supply Chain G oup’s Top 25 annual lis s ha e played a key ole o o e
a decade in iden i ying he leading supply chain companies in he wo ld. Thei me hod-
ology conside s he companies’ inno a ion excellence and ope a ional excellence which
oge he a e supposed o lead o o e all supe io pe o mance o he companies. These
companies a e a good sou ce o o he companies o benchma k hei bes p ac ices. He e
a e some examples.
Apple and P&G ha e led in he o e all ankings. While Apple is he ups a eju-
ena ed company wi h high- ech and glamo ous i-p oduc s o he las decade, P&G is a
nea ly 200-yea old consume p oduc s gian . One o he o he pe ennial companies in
he Top 25 is he wo ld’s bigges e aile , Walma . Walma has one o he mos complex
and e icien supply chains in he wo ld. Wi h housands o e ail s o es and hund eds
o dis ibu ion cen e s in o e wo dozen coun ies, wi h i s own anspo a ion logis ics,
and wi h housands o supplie s sp ead ac oss he wo ld, Walma manages o p o ide
“E e yday Low P ices” o i s cus ome mainly h ough he e ec i e managemen o i s
supply chain. Johnson and Johnson is he heal hca e p oduc s and pha maceu ical company
ha has ound a place in he Top 25 each yea . The o he wo companies which ha e done
consis en ly well and ha e been anked in he Top 25 a e he pop i als Coca-Cola and
Pepsi. Two companies ha ha e inished s ongly in he ecen pas a e McDonald’s and
Amazon. McDonald’s has been known o placing quali y, se ice, cleanliness, and alue
as i s co ne s ones o se e billions o cus ome s while expec ing a s ingen 99.8% o de
deli e y a e om i s supplie s. Amazon has been scaling g ea heigh s each yea and has
inished a he op o he global Top 25 in ecen yea s. I s di e se accomplishmen s a e in
he a eas o e ail, new p oduc s, IT (cloud se ices), and same-day deli e y!
The high- ech companies, headed by Apple, ha e been a he o e on o supply
chain managemen . In ac , he op spo in he lis has gone o a echnology company
in wel e o he i een yea s. The ini ial wo yea s (2004 and 2005), i was Dell a he
helm, ollowed by Nokia (2006), a e which Apple was a he op o nea ly a decade
un il i g adua ed o be a Mas e SCM company. In 2015, he op spo wen o Amazon,
which is echnically a e aile bu is known o i s inno a ion in echnology. The ood
and be e age indus y s alwa s such as Coca-Cola, Pepsi, and McDonald’s a e also a he
op. In he e ail sec o , Walma leads he pack as expec ed. Walma is ying o ma ch
i s unexpec ed i al Amazon in inno a ion and e-comme ce, while w es ling wi h all he
issues o being he la ges employe in he U.S. In he pe sonal/heal hca e indus y, se e al
o he companies ha make p oduc s ha a e household names a e ea u ed; hey include
P&G, J&J, Unile e , and Colga e-Palmoli e. In he au omo i e indus y, ha ing Toyo a a
he op is expec ed, bu none o he Ge man big h ee had made i o he Top 25 un il BMW
ound a place a he bo om o he lis in 2016. Toyo a’s lean and supply chain managemen
p ac ices con inue o be he hallma ks o excellence in he au o indus y. In he ae ospace
indus y, Boeing and Ai bus ha e had a los decade when i comes o p oduc in oduc ion
and supply chain managemen . Nei he o hem has ound a place in he Top 25 while hei
Adm. Sci. 2024,14, 74 21 o 25
i al Lockheed Ma in made i o he Top 25 a ew imes. The appa el indus y en an s in
he Top 25 include wo Eu opean companies—Indi ex (known o he Za a b and) om
Spain and H&M om Sweden. En e ainmen gian Wal Disney has also ound a place in
he Top 25 a couple o imes.
6. Resea ch Limi a ions and Fu u e Resea ch
This a icle is an a emp o explo e he landscape o he leading SCM companies
in he wo ld and he impac o supply chain compe ency on he o e all e ec i eness o
he company. The Ga ne SCM Top 25 me hodology p o ides a good benchma k o
companies a ound he wo ld.
Howe e , he companies in his me hodology a e om di e en pa s o he wo ld
and om dispa a e indus ies such as au omobile manu ac u ing, be e ages, and high- ech.
This p esen s an issue o gene alizabili y. The ocus o companies in di e en indus ies
and geog aphies may a y and compa ing hem could be like compa ing apples and
o anges. Mo e in-dep h s udies need o be conduc ed a he coun y and egional le els
as well as a he indus y/sec o le el o see i he e a e pa e ns ha eme ge. We can
also use he in e na ional business heo y o in es iga e he di e ences in coun ies and
egions. The e is a need o iden i y speci ic s eng hs in di e en indus ies and egions o
he wo ld ha can be mo e use ul sou ces o benchma king o companies in hose egions
and indus ies.
Supply chain e ec i eness and o e all success a e bo h mul i-dimensional concep s
and we ha e in es iga ed he dimensions ha a e used in one popula sou ce in p ac ice
(G iswold e al. 2019), and ce ain sou ces in he li e a u e (Ellinge e al. 2012). Fu u e
esea ch can explo e he e ec o o he supply chain dimensions on di e en aspec s o
company success.
This s udy was es ic ed o he companies in he Ga ne s udy. Hal o he da a in
he s udy we e objec i e da a ha a e publicly a ailable. Fu u e s udies could inc ease he
sample size o he companies by gleaning he publicly a ailable da a o a la ge numbe o
companies om di e en geog aphical egions and indus ies. A u u e esea ch p ojec can
also subs i u e he expe opinion pa o he Ga ne s udy wi h a ca e ully planned Delphi
app oach o supply chain expe s and ocus on speci ic geog aphical egions and indus ies.
I is well es ablished ha balanced sco eca d is a use ul s a egic ool bu he e needs
o be mo e esea ch o de e mine which supply chain me ics and key pe o mance indica-
o s a e esponsible o o e all o ganiza ional e ec i eness. P ima y esea ch by way o
su eying leading companies could p o ide mo e in-dep h da a o analysis. Quali a i e
esea ch me hods can also p o ide mo e in-dep h in o ma ion abou he supply chain and
CSR p ac ices in he companies. In e iews by esea che s o he de elopmen o com-
p ehensi e case s udies will p o ide mo e use ul in o ma ion ha would be o assis ance
o companies ha a e in a ques o imp o e hei supply chains as well as hei o e all
o ganiza ional e ec i eness.
7. Conclusions
The main con ibu ion o his a icle was o heo e ically and s a is ically es he
popula me hodologies used in p ac ice o iden i y he impac o he esou ces employed by
supply chains on he o e all success o companies. A measu e was de eloped o iden i y he
supply chain e ec i eness o indi idual companies iden i ied in he widely used Ga ne
ankings. This esea ch demons a ed ha key supply chain pe o mance indica o s such
as in en o y u ns, e enue g ow h, and e u n on asse s a e no able o explain he
di e ence in o ganiza ional success as s ongly as pee and expe opinions a e able o.
Supply chain e ec i eness can esul in highe cus ome sa is ac ion bu no necessa ily
be e inancial ou comes. The e may be a need o supply chain manage s o iden i y
pe o mance indica o s ha a e able o be e assu e o ganiza ional success. Companies in
Asia and Eu ope need o benchma k hei supply chains wi h hei coun e pa s in No h
Ame ica, while he companies in No h Ame ica and especially Asia need o benchma k
Adm. Sci. 2024,14, 74 22 o 25
hei o mal co po a e social esponsibili y e o s and e ec i eness wi h companies in
Eu ope. The hope o his esea ch is o s imula e in-dep h case s udies and empi ical
esea ch ha shed mo e ligh on he ela ionship be ween supply chain e ec i eness and
o e all o ganiza ional success.
Funding: This esea ch was undedby he Ebe ly College o Business, Indiana Uni e si y o Pennsyl ania.
Ins i u ional Re iew Boa d S a emen : No applicable.
In o med Consen S a emen : No applicable.
Da a A ailabili y S a emen : All publicly a ailable da a and a e ci ed in he esea ch.
Con lic s o In e es : The au ho decla es no con lic o in e es .
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