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<p>This paper investigates the impact of supply chain management efficiency (SCME) on credit rating quality (CRQ) and the moderating role of economic policy uncertainty (EPU) within an integrated firm-level and macroeconomic framework, focusing on companies listed on the Amman Stock Exchange (ASE) and the Palestine Stock Exchange (PSE). This study analyzed data collected from a total of 135 companies listed on ASE and PSE, spanning from 2015 to 2024, using a panel-data approach that controls for firm-specific heterogeneity and time effects. SCME is measured using the sales-to-inventory ratio as a parsimonious and robust proxy for operational efficiency, particularly suited to data-constrained emerging market contexts. CRQ was determined by applying the Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) method in addition to the entropy weighting method, allowing for a multidimensional assessment of credit quality. EPU was derived by considering economic growth factors and the inflation rate, reflecting policy-related macroeconomic uncertainty. The empirical findings show that higher SCME significantly improves CRQ, while elevated EPU weakens this positive relationship, indicating that operational efficiency is more strongly rewarded under stable policy conditions. These results highlight that the effectiveness of firm-level operational efficiency is contingent upon the surrounding macroeconomic environment. Thus, this study extends previous investigations and enriches the existing literature by examining the conditional effect of SCME on CRQ under varying levels of policy uncertainty. These findings have important implications for firms seeking more favourable credit ratings, especially in times of heightened political uncertainty. The research’s implications extend beyond managers in developing economies, providing relevant insights for investors, credit rating agencies, and policymakers in both emerging and developed markets. By integrating supply chain efficiency into credit risk assessment, this study offers a novel empirical perspective on the interaction between operational performance and policy uncertainty in shaping creditworthiness in developing economies such as Jordan and Palestine. This study contributes to the theoretical framework by empirically exploring the associations between SCME, CRQ, and EPU, thereby validating theoretical predictions that have received limited empirical attention in prior research.</p>

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Impact of economic policy uncertainty and supply chain management efficiency on credit rating quality: empirical evidence from developing economies

  • 期刊论文

  • 发表日期：

    2026年5月2日

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  • Moath Magableh,
  • Nemer Badwan,
  • Riyad Darwazeh,
  • Soukaina Abdallah-ou-Moussa

摘要

This paper investigates the impact of supply chain management efficiency (SCME) on credit rating quality (CRQ) and the moderating role of economic policy uncertainty (EPU) within an integrated firm-level and macroeconomic framework, focusing on companies listed on the Amman Stock Exchange (ASE) and the Palestine Stock Exchange (PSE). This study analyzed data collected from a total of 135 companies listed on ASE and PSE, spanning from 2015 to 2024, using a panel-data approach that controls for firm-specific heterogeneity and time effects. SCME is measured using the sales-to-inventory ratio as a parsimonious and robust proxy for operational efficiency, particularly suited to data-constrained emerging market contexts. CRQ was determined by applying the Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) method in addition to the entropy weighting method, allowing for a multidimensional assessment of credit quality. EPU was derived by considering economic growth factors and the inflation rate, reflecting policy-related macroeconomic uncertainty. The empirical findings show that higher SCME significantly improves CRQ, while elevated EPU weakens this positive relationship, indicating that operational efficiency is more strongly rewarded under stable policy conditions. These results highlight that the effectiveness of firm-level operational efficiency is contingent upon the surrounding macroeconomic environment. Thus, this study extends previous investigations and enriches the existing literature by examining the conditional effect of SCME on CRQ under varying levels of policy uncertainty. These findings have important implications for firms seeking more favourable credit ratings, especially in times of heightened political uncertainty. The research’s implications extend beyond managers in developing economies, providing relevant insights for investors, credit rating agencies, and policymakers in both emerging and developed markets. By integrating supply chain efficiency into credit risk assessment, this study offers a novel empirical perspective on the interaction between operational performance and policy uncertainty in shaping creditworthiness in developing economies such as Jordan and Palestine. This study contributes to the theoretical framework by empirically exploring the associations between SCME, CRQ, and EPU, thereby validating theoretical predictions that have received limited empirical attention in prior research.