【报告主题】The Real Effects of Mandatory Nonfinancial Disclosure on Indirect Suppliers
【主讲嘉宾】傅仁辉，上海交通大学安泰经济与管理学院
【报告时间】2026年10月13日 14:00
【报告地点】会计学院106室
【内容提要】
This paper studies whether mandatory nonfinancial disclosure can induce behavioral changes among indirect suppliers in multi-tier supply chains. Exploiting the California Transparency in Supply Chains Act (CTSCA) as a quasi-natural experiment, we use a difference-in-differences design to examine third-tier suppliers, a distant class of indirect suppliers. We find that suppliers linked to CTSCA-regulated customers improve human rights performance after the Act. Effects are stronger when customers have greater incentives to extend human rights governance upstream, suppliers are more economically dependent on customers, and external monitoring is more intensive. Cross-sectional analyses show stronger effects with higher-quality and more comparable disclosures, greater labor reliance, and weaker pre-Act governance at intermediate tiers. The effects reflect both within-relationship improvements and selective supplier exit, are larger for second-tier suppliers, and entail both economic benefits and operational costs. Overall, the findings show that mandatory disclosure can propagate governance effects beyond direct contractual relationships.