Effect of intelligent logistics policy on shareholder value: Evidence from Chinese logistics companies

摘要

This paper empirically investigates the effects of intelligent logistics policies (ILPs) on shareholder value of the 149 listed logistics companies from 2013 to 2018 in China. The research shows that ILPs will result in a positive stock market reaction, and this effect is increasing along with the increase of policy contents related to intelligent logistics or the decrease of company service breadth. The market reaction will be affected by the way that policies are issued and type of company. The logistics service providers are more positive when their financial performances are better, while the opposite result is observed for logistics equipment manufacturers.