The impact of China certified emission reduction market resumption on manufacturers' stock market valuations: The role of OSCM factors.

The research investigates how the resumption of the China certified emission reduction (CCER) market affects Chinese manufacturers' stock market valuations from an operations and supply chain management (OSCM) perspective. The paper draws from a resource-based view to examine the moderating effects of supply chain concentration (SCC), operational slack, and operational efficiency (OE) on the relationship between the CCER market and manufacturers' stock market valuations. This paper employs the event study method to examine market responses to CCER. The results reveal that the resumption of the CCER market significantly enhances the market valuations of high-pollution manufacturers to a greater extent than those of manufacturers with lower pollution levels. Additionally, the research findings indicate that SCC and operational slack attenuate the positive effect of CCER market resumption while OE amplifies it. This paper contributes to the OSCM literature by urging businesses to focus on the roles of SCC, operational slack, and OE in the CCER framework to harness the advantages of the CCER system better. • Resumption of China certified emission reduction positively affects manufacturers. • Operations and supply chain management factors are important moderators. • Manufacturers with varying pollution levels face different institutional impacts. • The event study method is employed to examine manufacturers' market responses. [ABSTRACT FROM AUTHOR]