This study examines B2B relationship management practices in energy supply chains under geopolitical risks and their impact on stock market volatility. We analyze U.S. energy firms' earnings conference calls across three dimensions: intra-firm managerial behavior, inter-firm relationship management, and relationship evaluation. Employing Word2Vec and structural topic modeling, we identify specific B2B relationship management strategies deployed during geopolitical uncertainties. Our findings reveal varied effects of these strategies on market volatility. Controls on energy prices, carbon-neutral technological alliances, and ESG assessments contribute to increased volatility. Conversely, strategies focused on maintaining demand in changing markets, long-term shareholder return management, strategic industry communication, and enhanced technological R&D partnerships reduce volatility. Notably, R&D cooperation in LNG technology, customer interaction improvements, and operational efficiency initiatives show no significant effect. Furthermore, market attention moderates the relationship between B2B relationship management and market volatility. Disclosures emphasizing long-term investments correlate with decreased market share and reduced volatility, while short-term investment communications increase both market share and volatility. It suggests energy firms must balance short-term performance with long-term stability in their disclosure strategies. This research advances the application of artificial intelligence in B2B relationship management under geopolitical uncertainty, enriching theoretical foundations in energy supply chain management while providing practical guidance for firms navigating complex global risks.

中文翻译：

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地缘政治风险期间能源供应链关系管理的重点是什么？基于交易成本经济学的股票市场证据

本研究考察了地缘政治风险下能源供应链中的 B2B 关系管理实践及其对股市波动的影响。我们从三个维度分析了美国能源公司的财报电话会议：公司内部管理行为、公司间关系管理和关系评估。利用 Word2Vec 和结构主题建模，我们确定了在地缘政治不确定性期间部署的特定 B2B 关系管理策略。我们的研究结果揭示了这些策略对市场波动性的不同影响。对能源价格的控制、碳中和技术联盟和 ESG 评估导致波动性增加。相反，专注于在不断变化的市场中维持需求、长期股东回报管理、战略行业沟通和加强技术研发伙伴关系的战略可以减少波动性。值得注意的是，液化天然气技术方面的研发合作、客户互动的改善和运营效率举措没有显示出显著的效果。此外，市场关注度调节了 B2B 关系管理与市场波动之间的关系。强调长期投资的披露与市场份额下降和波动性降低相关，而短期投资沟通则增加了市场份额和波动性。报告建议能源公司必须在其披露策略中平衡短期业绩和长期稳定性。本研究推进了人工智能在地缘政治不确定性下 B2B 关系管理中的应用，丰富了能源供应链管理的理论基础，同时为企业应对复杂的全球风险提供了实用指导。