Does supply chain voice influence firms' investment preferences?

Using data from Chinese A-share listed companies from 2012 to 2022, this study examines the influence of supply chain voice on firms' investment preferences. Results reveal a notable increase in this influence, demonstrating how improving communication throughout the supply chain can encourage companies to participate actively in financial investments. Although increasing the supply chain's influence can boost actual investment levels, it cannot stop the process of corporate financialization, as demonstrated by the mechanism test results. Furthermore, the favorable impacts of the supply chain voice on companies' investment preferences are attained through the cash flow mechanism.