【报告摘要】

This study investigates the spillover effects of SEC investigations on supply chain relationships, focusing on how investigations of suppliers, especially undisclosed ones, influence their major customers. Analyzing U.S. supply chain relationships from 2000 to 2017, we find that SEC investigations significantly increase the likelihood of relationship termination, even for non-disclosed cases, evidencing the existence of major customers' privileged information access. This is further supported by major customers selectively react more drastically to severe and more influential investigations. Weaker supplier bargaining power and private connections amplify termination likelihood, whereas greater supplier market attention mitigates it. Customers terminating relationships achieve cost reductions and profit growth, while persisting customers lower trade volume to manage risks. These findings highlight that SEC investigations impose unintended economic costs on suppliers, implying the intended confidentiality of such investigations fails to shield suppliers from these adverse effects.

【报告人简介】

蒋芳菲，布里斯托大学会计与金融专业博士在读。本科毕业于墨尔本大学，硕士毕业于约翰斯·霍普金斯大学，曾获约翰斯·霍普金斯大学院长奖学金及布里斯托大学博士全额奖学金。研究领域主要为实证公司金融与财务会计，研究兴趣集中于公司信息披露、监管环境、供应链以及并购等领域。其工作论文被多场学术会议接收并作报告，包括：欧洲会计学会年会（EAA Annual Congress）、欧洲会计学会博士生论坛（EAA Doctoral Colloquium）、金融管理协会欧洲年会（FMA Europe）、金融管理协会全球年会（FMA Annual Meeting）、ABR-复旦联合会议、金融管理协会亚太年会（FMA Asia/Pacific Conference）以及欧洲金融管理协会年会（EFMA Annual Meeting）。

【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。

 

撰稿：郭亚飞 审核：许浩然 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