Wei Shi

Assoc. Professor
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
Nominated for the 2018 Alan M. Rugman Most Promising Scholar(s) Award, 2018
Kelley School of Business Research Award, 2017
Runner-up of 2011 Emerald/IACMR Chinese Management Research Fund Award, 2012

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


Shi, W., King, D., & Connelly, B., Closing the deal: Managerial responses to short sellers following M&A announcement (In press, Journal of Business Research. ).

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

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

*Chen, G., Meyer-Doyle, P. & Shi, W., Hedge fund activism and human capital loss (In press, Strategic Management Journal. ).

Shi, W., & Veenstra, K., The moderating effect of cultural values on the relationship between corporate social performance and firm performance (In press, Journal of Business Ethics. ).

†Li, J., Shi, W., Connelly, B., Yi, X., & Qin, X. CEO awards and financial misconduct (In press, Journal of Management. ).

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., Ndofor, H., & Hoskisson, R., Disciplining role of short sellers: Evidence from M&A activity (In press, Journal of Management. ).

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

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

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

*Connelly, B., Li., Q., Shi, W., & Lee, K., CEO dismissal: Consequences for the strategic risk taking of competitor CEOs 41(11): 2092-2125 (Strategic Management Journal. 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 41(5): 921-949 (Strategic Management Journal. 2020).

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

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

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

Connelly, B. L., Shi, W., Hoskisson, R. E., & Koka, B., Institutional investor influence on joint venture exploration and exploitation 45(8): 3178-3203 (Journal of Management. 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 62(2): 383-414 (Academy of Management Journal. 2019).

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

Shi, W., & Connelly, B., Is regulatory adoption ceremonial? Evidence from lead director appointments 39(8): 2386-2413 (Strategic Management Journal. 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 57(1): 83-96 (Human Resource Management. 2018).

Shi, W., Zhang, Y., & Hoskisson, R. E., Ripple effects of CEO awards: Investigating the acquisition activities of superstar CEOs’ competitors 38(10): 2080–2102 (Strategic Management Journal. 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 38(8): 1668-1687 (Strategic Management Journal. 2017).

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

Shi, W., Connelly, B., & Hoskisson, R. E., External corporate governance and financial fraud: Cognitive evaluation theory insights on agency theory prescriptions 38(6): 1268–1286 (Strategic Management Journal. 2017).

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

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

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

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

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