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Research Overview of Operations-Finance Interface

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Supply Chain Finance

Part of the book series: EURO Advanced Tutorials on Operational Research ((EUROATOR))

Abstract

In this chapter, we take a qualitative and quantitative approach to reviewing conceptual research on—as well as analytical models and empirical assessments of—the interactions between operations and finance. First, we take a quantitative approach to bibliometric analysis (Tang and Musa in Int J Prod Econ 133:25–34, 2011; Fahimnia et al. in Eur J Oper Res 247:1–15, 2015). In particular, we conduct citation and PageRank analyses to identify both frequently cited and high-impact papers. Moreover, we analyze a data set of 258 peer-reviewed journal articles (excluding conference papers) on the OFI (i.e., operations–finance interface) from 1958 to 2016. In this context, we summarize the conceptual, analytical, and empirical research of operations-finance interface. In addition, we identify eight research streams in the paper citation network and sketch the landscape of operations–finance interactions based on leading articles and recent advances in each stream. Thus we statistically characterize the maturity and potential of these streams of research before proposing directions and approaches for future explorations in this field.

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Notes

  1. 1.

    Scopus (https://www.elsevier.com/solutions/scopus) is the largest abstract and citation database of peer-reviewed literature that enables filtering of publication data by document type (e.g., journal article, conference paper, review, book chapter). In contrast, Google Scholar is more comprehensive but includes all types of publications without filtering by document type. The Web-of-Science database incorporates only ISI-indexed journals and so its range is narrower than that of Scopus.

  2. 2.

    The term “integrated risk management” is frequently used in OFI papers; however, it is seldom listed as a keyword owing to its multiple meanings (in the absence of a rigorous definition).

  3. 3.

    Early research on capital structure—for example, Modigliani and Miller (1958) and Myers (1984)—laid the foundations for further exploration of the operations–finance interface and is therefore often cited by subsequent work in this field. Yet neither of those papers would be captured by a search based solely on our listed keywords.

  4. 4.

    The PageRank measure was introduced by Brin and Page (1998) to prioritize Web pages based on their “connectivity” to search engine keywords.

  5. 5.

    The damping factor originally used in Google’s PageRank algorithm was 0.85 (Brin and Page 1998)—based on the anecdotal observation that an Internet user typically follows about six Web pages and so the leakage probability is \( 1/6 \cong 0.15 = (1 - d) \).

  6. 6.

    This step is necessary because some of the clusters are demonstrably close in topic yet are not identified as a single cluster in the paper-citation network (since articles may not cite all related works in the same stream).

  7. 7.

    For ease of exposition, we categorize the research streams in Sects. 4.1 and 4.2 by methodology. However, research featuring multiple methodologies can be found in both streams. For example, Cai et al. (2014) and Gaur and Seshadri (2005) employ both analytical and empirical approaches in examining (respectively) supply chain finance and integrated risk management. For an overview of multi-methodological research in operations management, see Choi et al. (2016).

  8. 8.

    Given the vast literature on operations–finance interface, we restrict our attention to top five PageRank papers in each stream to provide a navigation of the seminal research for brevity and consistency.

  9. 9.

    Tables 8.6, 8.7, 8.8, 8.9, 8.10, 8.11, 8.12, 8.13, 8.14 and 8.15 are likewise presented in a descending order of the papers’ PageRank values.

  10. 10.

    For research overviews of this topic, please refer to Chang et al. (2008) and Seifert et al. (2013).

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Authors and Affiliations

  1. Associate Professor of Supply Chain Management, Ningbo Supply Chain Innovation Institute China, MIT Global SCALE Network, Ningbo, China

    Lima Zhao

  2. Chair of Production Management, WHU-Otto Beisheim School of Management, Vallendar, Germany

    Arnd Huchzermeier

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  1. Lima Zhao
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  2. Arnd Huchzermeier
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Correspondence to Lima Zhao .

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Zhao, L., Huchzermeier, A. (2018). Research Overview of Operations-Finance Interface. In: Supply Chain Finance. EURO Advanced Tutorials on Operational Research. Springer, Cham. https://doi.org/10.1007/978-3-319-76663-8_8

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