最新的研究表明，CEO早年的个人经历对其后来作为企业高管的决策有影响。我们的研究延伸了这一研究领域，探讨了CEO在职业生涯前对宗教信仰的接触如何影响其公司的风险承担及创新表现。借鉴发展心理学和烙印理论相关的研究，我们认为那些曾就读有宗教背景学校的CEO更有可能有风险规避思维和心态。这种思维和心态会延续到他们的高管职业生涯，导致公司采取避险行为，降低企业创新水平。通过使用美国上市公司的大批样本，我们的假设得强大支持：我们发现曾就读有宗教背景学校的的行政总裁所管理的公司往往采取比较保守的企业创新决定；当公司董事会成员的职业前宗教接触更多时，这种效应更为强烈。此外，公司风险承担行为有助减轻CEO职前的宗教接触与公司创新之间的负相关关系。我们讨论了本研究对战略领导文献、公司风险承担和创新研究等方面带来的启示。
We investigate whether short interest affects supply chain partners' investments. This investigation is important for understanding the real effect of short sellers in facilitating stakeholders' investment decisions. Prior research suggests that short interest conveys negative news in a timely manner, which predicts future deterioration in firm fundamentals. We predict and find that a supplier's future investments decrease with its major customers' short interest. Consistent with predictions, this result is more pronounced when customers' short interest is more informative about their future performance, when customers have a more opaque information environment, and when suppliers incur lower customer switching costs. The results are robust when we use various approaches to address endogeneity concerns and establish causality. Our findings suggest that short sellers provide valuable information to supply chain partners when making investment decisions.
