“…The receivers are the “outsiders who lack information about the organization in question but would like to receive this information” (Connelly et al., 2011). Operations management literature has examined receivers such as customers (Ba et al., 2020; Duan et al., 2021; Lins et al., 2020; Rao et al., 2018; Ray et al., 2011; Wallenburg et al., 2021), buying firms (Cheng et al., 2020; Mena et al., 2020), purchasing managers (Yan et al., 2020), and investors (Jiang et al., 2007; Kim & Wagner, 2020; Narasimhan et al., 2015). In our study, we consider investors as the receivers of the signals.…”