Using a large sample of block acquisitions, this paper examines the governance role of customers that acquire block ownership in supplier shares. We find that compared to targets acquired by noncustomers, those acquired by customers experience higher abnormal announcement returns, larger...

The contemporary scientific and technological revolution and industrial transformation are accelerating an overall industrial evolution. The integration of industrial, innovation, and service chains (three-chain) has become an important measure for countries around the world for assessing and...