Customer concentration and stock liquidity

被引：8

作者：

Do, Trung K. ^{[1
]}

Huang, Henry Hongren ^{[2
]}

Le, Anh-Tuan ^{[3
]}

机构：

[1] Univ Danang, Univ Econ, Danang, Vietnam

[2] Natl Cent Univ, Dept Finance, Taoyuan, Taiwan

[3] Univ Econ Ho Chi Minh City, UEH Univ, Int Sch Business, Ho Chi Minh City, Vietnam

来源：

JOURNAL OF BANKING & FINANCE | 2023年 / 154卷

关键词：

Customer concentration; Stock liquidity; Monitoring; BID-ASK SPREADS; CORPORATE GOVERNANCE; SUPPLIER RELATIONSHIPS; FINANCIAL CONSTRAINTS; BUYER CONCENTRATION; BASE CONCENTRATION; DISCLOSURE; CASH; PROFITABILITY; INFORMATION;

D O I：

10.1016/j.jbankfin.2023.106935

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This research empirically examines how customer concentration affects stock market liquidity of supplier firms. We find that firms with a concentrated customer base are strongly and positively associated with stock market liquidity, which is robust to a battery of model specifications and endogeneity issues. The positive relationship between customer concentration and liquidity is concentrated among firms with relatively small size, high financial constraints, and high information asymmetry. Further analyses provide supportive evidence on the monitoring role of principal customers in improving firms' stock liquidity. Overall, these findings suggest that relationships with principal customers serve as valuable signals for the underlying quality of firms, and thus firms in such relationships are able to achieve favorable economic outcomes.& COPY; 2023 Elsevier B.V. All rights reserved.

引用

页数：14

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