在全球供應鏈環境日益複雜、傳統風險管理手段逐漸面臨侷限的背景下，本研究探討企業文化如何影響供應鏈風險管理。基於企業文化具有長期累積、難以模仿及社會複雜性等特性，本研究將企業文化視為影響管理團隊風險資訊解讀的重要內部機制，並引入探索（Exploration）與利用（Exploitation）的雙元文化取向，分析不同文化配置如何影響企業的供應鏈風險感知與供應鏈情緒表現。研究以企業財報電話會議（Earnings Calls）逐字稿為文本資料，運用自然語言處理（Natural Language Processing, NLP）技術建構企業文化與供應鏈風險相關指標，結合 Compustat 財務資料，針對 2004 至 2024 年美國上市企業進行實證分析。
實證結果顯示，利用策略取向與探索策略取向對供應鏈風險感知具有相反的影響方向：前者提高管理者對供應鏈風險的感知程度，後者則降低風險感知。然而，在控制前期供應鏈風險感知後，兩種策略取向皆對供應鏈情緒表現呈現顯著正向影響，顯示不同策略取向雖透過不同機制發揮作用，最終有助於企業在供應鏈衝擊下維持較正向的供應鏈情緒表現。本研究提供企業文化影響供應鏈風險管理的實證證據，補充既有供應鏈風險管理文獻較少探討企業文化如何影響風險資訊解讀的理論缺口，並為企業透過文化建設提升供應鏈韌性提供管理意涵。

As global supply chains face increasing uncertainty due to geopolitical tensions, pandemics, and extreme climate events, the role of organizational culture in supply chain risk management has become a critical strategic issue. Given that organizational culture possesses characteristics such as path dependency, causal ambiguity, and social complexity, this study conceptualizes it as a fundamental mechanism shaping how top management teams interpret supply chain risk information. By integrating the concepts of exploration and exploitation, this research develops a dual-cultural orientation framework to analyze how different cultural configurations influence supply chain risk perception and supply chain sentiment. Using natural language processing (NLP) techniques, we construct cultural and supply chain risk indicators from corporate earnings call transcripts, combined with Compustat financial data, to conduct an empirical analysis of U.S. public firms from 2004 to 2024.
Our empirical results indicate that exploration-oriented and exploitation-oriented cultural configurations exert opposing effects on supply chain risk perception: the former mitigates perceived risk, whereas the latter heightens it. However, after controlling for prior risk perception, both cultural orientations exhibit significant positive effects on supply chain sentiment, which we interpret as an observable textual manifestation of supply chain resilience. These effects operate through distinct cognitive and response mechanisms. This study provides empirical evidence on how organizational culture shapes supply chain risk management, addresses the theoretical gap regarding how organizational culture shapes the interpretation of supply chain risk information, and offers managerial implications for building resilience through cultural development.

Antrás, P., & Chor, D. (2022). Global value chains. Handbook of International Economics, 5.
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120.
Biggerstaff, L., Cicero, D. C., & Puckett, A. (2015). Suspect CEOs, unethical culture, and corporate misbehavior. Journal of Financial Economics, 117(1).
Carvalho, V. M., Nirei, M., Saito, Y. U., & Tahbaz-Salehi, A. (2021). Supply chain disruptions: Evidence from the Great East Japan Earthquake. The Quarterly Journal of Economics, 136(2).
Davidson, R., Dey, A., & Smith, A. (2015). Executives' "off-the-job" behavior, corporate culture, and financial reporting risk. Journal of Financial Economics, 117(1).
Ersahin, N., Giannetti, M., & Huang, R. (2024). Supply chain risk: Changes in supplier composition and vertical integration. Journal of International Economics, 147.
Graham, J. R., Grennan, J., Harvey, C. R., & Rajgopal, S. (2016). Corporate culture: The interview evidence. Duke I&E Research Paper, (2016-42).
Graham, J. R., Grennan, J., Harvey, C. R., & Rajgopal, S. (2022). Corporate culture: Evidence from the field. Journal of Financial Economics, 146(2).
Guiso, L., Sapienza, P., & Zingales, L. (2015). The value of corporate culture. Journal of Financial Economics, 117(1).
Hassan, T. A., Hollander, S., Van Lent, L., Schwedeler, M., & Tahoun, A. (2023). Firm-level exposure to epidemic diseases: COVID-19, SARS, and H1N1. The Review of Financial Studies, 36(12).
Hassan, T. A., Hollander, S., Van Lent, L., & Tahoun, A. (2019). Firm-level political risk: Measurement and effects. The Quarterly Journal of Economics, 134(4).
Hohenstein, N.-O., Feisel, E., Hartmann, E., & Giunipero, L. (2015). Research on the phenomenon of supply chain resilience: A systematic review and paths for further investigation. International Journal of Physical Distribution & Logistics Management.
Klein, A. (2011). Corporate culture: Its value as a resource for competitive advantage. Journal of Business Strategy, 32(2), 21–28.
Li, K., Mai, F., Shen, R., & Yan, X. (2021). Measuring corporate culture using machine learning. The Review of Financial Studies, 34(7).
Loughran, T., & McDonald, B. (2011). When is a liability not a liability? Textual analysis, dictionaries, and 10-Ks. The Journal of Finance, 66(1).
March, J. G. (1991). Exploration and exploitation in organizational learning. Organization Science, 2(1), 71–87.
Matthews, L., Heyden, M. L., & Zhou, D. (2022). Paradoxical transparency? Capital market responses to exploration and exploitation disclosure. Research Policy, 51(1), 104396.
O'Reilly, C. (1989). Corporations, culture, and commitment: Motivation and social control in organizations. California Management Review, 31(4).
O'Reilly, C. A., & Chatman, J. A. (1996). Culture as social control: Corporations, cults, and commitment. Research in Organizational Behavior.
Ouchi, W. G. (1980). Markets, bureaucracies, and clans. Administrative Science Quarterly, 129–141.
Roh, J. J., Hong, P., & Park, Y. (2008). Organizational culture and supply chain strategy: A framework for effective information flows. Journal of Enterprise Information Management, 21(4), 361–376.
Sautner, Z., Van Lent, L., Vilkov, G., & Zhang, R. (2023). Firm-level climate change exposure. The Journal of Finance, 78(3).
Schein, E. H., & Schein, P. (2017). Organizational culture and leadership (Vol. 4). Wiley Hoboken, NJ.
Sollosy, M., Guidice, R. M., & Parboteeah, K. P. (2019). Miles and Snow's strategic typology redux through the lens of ambidexterity. International Journal of Organizational Analysis, 27(4), 925–946.
Tang, C. S. (2006). Perspectives in supply chain risk management. International Journal of Production Economics.