Wei Shi

Cesarano Faculty Scholar

Locator Code:



Ph.D. , Rice University
MBA Finance, Tulane University
B.A. English Literature, Beijing Foreign Studies University

Professional Experience

2016 - 2018Assistant Professor, Kelley School of Business, Indiana University

Honors & Acknowledgements

Dean’s Researcher of the Year, 2021
Kelley School of Business Research Award, 2017
Runner-up of 2011 Emerald/IACMR Chinese Management Research Fund Award, 2012


Wei Shi: Miami Herbert Professor and Investor Investigator (Video)

LIST OF SPECIALTIES: Corporate governance; corporate strategy; and location choice strategy


*denotes equal contribution, ** denotes alphabetical authorship, and † denotes co-authorship with a former or current student.

Connelly, B., & Shi, W., Threats and responses in organizational research (In press, Journal of Management. ).

*Shi, W., *Xia, C., & *Meyer-Doyle, P. Institutional investor activism and employee safety: The role of activist and board political ideology (In press, Organization Science. ).

Um, C., *Guo, S., *Lumineau, F., *Shi, W., & *Song, R. The downside of CFO function-based language incongruity (In press, Academy of Management Journal. ).

Shi, W., Connelly, B., †Li, J. Excess Control Rights in Family Firms: A Socioemotional Wealth Perspective (In press, Corporate Governance: An International Review. ).

DesJardine, M., Shi, W., & †Sun, Z. Different horizons: The effects of hedge fund activism versus corporate shareholder activism on strategic actions (The best paper runner-up of the 7th annual International Corporate Governance Society Conference, In press, Journal of Management. ).

*Shi, W. & *Desjardine, M. Under attack! CEO implicit motives and firm competitive responses following short seller activism (In press, Organization Science. ).

Zyung, D. & Shi, W. In retrospect: The influence of CEOs’ historical relative pay on overconfidence (In press, Strategic Organization. ).

Xu, Y., Shi, W., Qin, X., Zhang, J., & Tang, X. Is identification all the same? The differential effects of CEO and CFO organizational identification on corporate philanthropy (In press, Management and Organization Review. ).

†Li, J., Yin, J, Shi, W., & Yi, X. Keeping up with the Joneses: Role of CSR awards in incentivizing non-winners’ CSR (In press, Business & Society. ).

Connelly, B., Shi, W., Walker, J., & Hersel, M. Searching for a sign: CEO successor selection in the wake of misconduct (In press, Journal of Management. ).

Shi, W., †Wajda, D., & Aguilera, R. Interorganizational spillover: Review and guidance for future research (Journal of Management, 48(1): 185-210. 2022).

†Li, J., Shi, W., Connelly, B., Yi, X., & Qin, X. CEO awards and financial misconduct (Journal of Management, 48(2): 380-409. 2022).

Shi, W., & Veenstra, K. The moderating effect of cultural values on the relationship between corporate social performance and firm performance (Journal of Business Ethics, 174(1): 89-107. 2021).

†Li, J, Shi, W., & Dasborough, M. CEO positive framing and employee ownership (Human Resource Management. 60(6): 991-1011. 2021).

*Chen, G., *Meyer-Doyle, P. & *Shi, W. Hedge fund investor activism and human capital loss. (Strategic Management Journal. 42(12): 2328-2354. 2021).

Connelly, B. L., Shi, W., Cheng, X., & Yin, C. Short Sellers: A screening theory perspective on B2B relationships (Journal of Business Research, 134: 393-404. 2021).

Shi, W., Ndofor, H., & Hoskisson, R., Disciplining role of short sellers: Evidence from M&A activity (In press, Journal of Management, 47(5): 1103-1133. ).

Shi, W., King, D., & Connelly, B. Closing the deal: managerial responses to short sellers following M&A announcement (Journal of Business Research, 130: 188-199. 2021).

*DesJardine, M. R. & Shi, W., How temporal focus shapes the influence of executive compensation on risk taking (Academy of Management Journal, 64(1): 265-29. 2021).

Shi, W., Gao, C., & Aguilera, R., The liabilities of foreign institutional ownership: Managing political dependence through corporate political spending (Strategic Management Journal, 42(1): 84-113. 2021).

Shi, W., Connelly, B., Hoskisson, R., & Ketchen, D., Portfolio spillover of institutional investor activism: An awareness-motivation-capability perspective (Academy of Management Journal, 63(6): 1865-1892. 2020).

*Connelly, B., Li., Q., Shi, W., & Lee, K., CEO dismissal: Consequences for the strategic risk taking of competitor CEOs (Strategic Management Journal, 41(11): 2092-2125. 2020).

Li, Y., Zhang, Y. A., & Shi, W., Navigating geographic and cultural distances in international expansion: The paradoxical roles of firm size, age, and ownership (Strategic Management Journal, 41(5): 921-949. 2020).

*Jiang, F., Shi, W., & Zheng, X., Board chairs and R&D investment: Evidence from Chinese family-controlled firms (Journal of Business Research, 112: 109-118. 2020).

Shi, W., Aguilera, R., & Wang, K., State Ownership and Securities Fraud: A Political Governance Perspective (Corporate Governance: An International Review, 28(2) 157-176. 2020).

Shi, W., Connelly, B., Mackey, J., & Gupta, A., Placing their bets: The influence of strategic investment on CEO pay-for-performance (Strategic Management Journal, 40(12): 2047-207. 2019).

Connelly, B. L., Shi, W., Hoskisson, R. E., & Koka, B., Institutional investor influence on joint venture exploration and exploitation (Journal of Management, 45(8): 3178-3203. 2019).

Shi, W., Zhang, Y., & Hoskisson, R. E. Examination of CEO-CFO Social Interaction through Language Style Matching: Outcomes for the CFO and the Organization (Academy of Management Journal, 62(2): 383-414. 2019).

Shi, W., Connelly, B. L., & Cirik, K., Short Seller Influence on Firm Growth: A Threat-Rigidity Perspective (Academy of Management Journal, 61(5): 1892-1919. 2018).

Shi, W., & Connelly, B., Is regulatory adoption ceremonial? Evidence from lead director appointments (Strategic Management Journal, 39(8): 2386-2413. 2018).

Shi, W., Pathak, S. Song, J. & Hoskisson, R., The adoption of chief diversity officers among S&P 500 firms: Institutional, resource dependence, and upper echelons accounts (Human Resource Management, 57(1): 83-96. 2018).

Shi, W., Zhang, Y., & Hoskisson, R. E., Ripple effects of CEO awards: Investigating the acquisition activities of superstar CEOs’ competitors (Featured in the Wall Street Journal and Harvard Business Review , Strategic Management Journal, 38(10): 2080–2102. 2017).

Schuler, D., Shi, W., Hoskisson, R. E., & Chen, T., Windfalls of “emperors’ sojourns”: Stock market reactions to Chinese firms hosting high ranking government officials (Strategic Management Journal, 38(8): 1668-1687. 2017).

Connelly, B., Shi, W., & Zyung, J. Managerial response to constitutional constraints on shareholder power (Strategic Management Journal, 38(7): 1499-1517. 2017).

Shi, W., Connelly, B., & Hoskisson, R. E., External corporate governance and financial fraud: Cognitive evaluation theory insights on agency theory prescriptions (Houston Chapter of the Association of Certified Fraud Examiners 2017 Fraud Impact Award Recipient, Strategic Management Journal, 38(6): 1268–1286. 2017).

Shi, W., Hoskisson, R. E., & Zhang, Y., Independent director death and CEO acquisitiveness: Build an empire or pursue a quiet life? (Strategic Management Journal, 38(3): 780–792. 2017).

Shi, W., Connelly, B. L., & Sanders, W. G., Buying bad behavior: Tournament incentives and securities class action lawsuits (Strategic Management Journal, 37(7): 1354–1378. 2016).

Shi., W., Hoskisson R, E. & Zhang Y., A geopolitical perspective into the opposition to globalizing state-owned enterprises in target states (Global Strategy Journal, 6(1): 13–30. 2016).

Shi, W., & Tang, Y., Cultural similarity as in-group favoritism: The impact of religious and ethnic similarity on alliance formation and announcement returns (Journal of Corporate Finance, 34: 32-46. 2015).

Hoskisson, R. E., Shi, W., Yi, X., & Jin, J. The evolution and strategic positioning of private equity firms (Reprinted in The Routeledge Companion to Management Buyouts (2018), Academy of Management Perspectives, 27(1): 22-38. 2013).

Shi, W., & †Li, B. In the name of National Security: Foreign Takeover Protection and Firm Innovation Efficiency (In press, Global Strategy Journal. ).