最新的研究表明，CEO早年的個人經歷对其后来作为企业高管的決策有影响。我們的研究延伸了这一研究领域，探討了CEO在職業生涯前对宗教信仰的接觸如何影響其公司的風險承擔及創新表现。借鑒發展心理學和烙印理論相關的研究，我們認為那些曾就讀有宗教背景學校的CEO更有可能有风险規避思维和心态。這種思維和心态會延續到他们的高管职业生涯，导致公司采取避险行为，降低企业創新水平。通过使用美國上市公司的大批樣本，我們的假设得強大支持：我们发现曾就讀有宗教背景學校的的行政總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，這種效应更為強烈。此外，公司风险承担行为有助減輕CEO職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戰略領導文獻、公司風險承擔和創新研究等方面帶來的啟示。
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.
