报告题目：Does the Stock Ownership of Congress Members Influence Supply Chains?

报告人：In-Mu Haw

报告时间：2025年6月25日（周三）10:00-11:30

报告地点：劝学楼245

主办单位：东北财经大学会计学院 辽宁省资本市场财务与会计研究生创新与学术交流中心

【报告摘要】

Utilizing signaling theory and social network and resource dependence perspectives of buyer-supplier relationships (BSRs), we examine whether and how a politician’s personal equity investment in a buyer is associated with the financial performance of the buyer’s suppliers that are located in his/her constituency. Our results show that the local suppliers experience abnormally positive performance when their home politicians hold equity in their major buyers, consistent with the politicians’ incentives to seek benefits to their districts and the support of local constituents. This positive effect is stronger when the buyers have greater political engagement, when politician owners hold powerful congressional positions, and when the economic conditions of the politicians’ districts are poorer. In contrast, this positive effect is attenuated when the buyers face higher costs of switching suppliers. We identify three mechanisms of influential actions between politicians, buyers, and their suppliers: preferential government contract awards to the buyers, buyers’ selection of new suppliers in politician shareholders’ districts, and improved efficiency in suppliers’ operating and sales support costs related to the buyers. A series of endogeneity checks show that the performance of suppliers in the districts of home politician shareholders of major buyers declines when the politicians depart office and increases when home politicians are newly elected. Our findings suggest that politicians’ stock ownership in buyer firms signals a source of third-party influence and information sharing that shapes BSRs and fosters higher levels of cooperation while promoting new and improved business relationships between principal buyers and supplier firms located in the politicians’ constituencies. Collectively, our study offers novel insights into the political influence expressed through a previously unstudied equity linkage on BSRs.

【报告人简介】

In-Mu Haw（许仁茂），现任美国德克萨斯基督教大学尼利商学院会计学教授，东北财经大学星海讲座教授，曾任纽约市立大学巴鲁克学院会计学副教授、香港中文大学访问教授、香港浸会大学访问教授、澳门大学访问教授、香港恒生大学访问教授等。已在顶级会计、金融和管理学期刊如Journal of Accounting Research、The Accounting Review、Journal of Accounting and Economics、Review of Accounting Studies、Contemporary Accounting Research、Journal of Operations Management、Auditing: A Journal of Practice and Theory、Journal of Corporate Finance 等发表学术研究论文50篇以上，获得研究及教学表彰60项以上。于2006-2022年担任The International Journal of Accounting 联合主编，2019年7月起担任Review of Quantitative Finance and Accounting 副主编，曾在多个国家教授过硕士、博士等项目。

【特别提醒】

未经论文作者和主办方允许，严禁将讲座内容录制并公开传播，违者将有可能被追究法律责任。