This study investigates the role personal connections play in a crucial element of the supply chain—supplier selection. We find that the likelihood that a potential supplier (hereafter, a vendor) is selected to be an actual supplier (hereafter, supplier) increases when personal connections between executives of the vendor and the customer exist. The magnitude of the effect varies predictably across management ranks and positions and is stronger when information asymmetries between a vendor and a customer are high. Conditioning on the existence of a supply-chain partnership, a departure of a personally connected executive prompts the termination of the supply-chain relationship more often than a departure of an unconnected executive. Additional analyses show personal connections are associated with less restrictive procurement contracts and with improved customer performance after the formation of a supply-chain relationship. Overall, our study highlights the role of personal connections in reducing information asymmetry and improving operating efficiency in the supply chain.

这项研究调查了人际关系在供应链的关键要素（供应商选择）中扮演的角色。我们发现，当潜在的供应商（以下称供应商）被选为实际的供应商（以下称供应商）时，如果该供应商的执行者和客户之间存在个人联系，那么这种可能性就会增加。效果的大小可预测地随管理人员级别和职位的不同而变化，当卖方和客户之间的信息不对称性很高时，影响会更大。在存在供应链合作伙伴关系的情况下，个人联系高管的离职比无联系高管的离职更容易促使供应链关系终止。其他分析表明，人脉关系与限制性较小的采购合同相关，并且与供应链关系形成后的客户绩效得到改善。总体而言，我们的研究强调了人际关系在减少信息不对称和提高供应链运营效率方面的作用。