Supply chain risk: Changes in supplier composition and vertical integration
通过分析财报电话会议文本，量化企业供应链风险，发现跨洲供应链、跨国企业及供应商较少的企业风险更高，企业通过选择邻近或国内供应商、行业领导者以及纵向整合来应对风险。
Using textual analysis of earnings conference calls, we quantify firms' supply chain risk and explore how firms react when supply chain risk increases. We show that firms with supply chains that span across continents, multinationals, and firms with fewer suppliers of an input face higher supply chain risk. In addition, firms exhibit high supply chain risk when their suppliers also do so. Firms manage supply chain risk by establishing relationships with closer and domestic suppliers and with suppliers that are industry leaders and by vertically integrating, but they continue to work with suppliers in other continents.