Customer concentration and over-investment

被引：9

作者：

Zhang Haomin ^{[1
]}

Lin Zhijun ^{[1
]}

Liu Ming ^{[2
]}

Wang Kai ^{[3
]}

机构：

[1] Macau Univ Sci & Technol, Sch Business, Macau, Peoples R China

[2] Univ Macau, Fac Business Adm, Dept Accounting & Informat Management, Macau, Peoples R China

[3] Capital Univ Econ & Business, Coll Business Adm, 121 Zhangjialukou, Beijing 100070, Peoples R China

来源：

APPLIED ECONOMICS | 2020年 / 52卷 / 46期

基金：

中国国家自然科学基金;

关键词：

Customer concentration; over investment; powerful customer; SUPPLIER RELATIONSHIPS; BASE CONCENTRATION; QUALITY; GAINS; FIRMS; COST;

D O I：

10.1080/00036846.2020.1752901

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper investigates the impact of customer concentration on a supplier firm's over-investment behaviour. Based on a large sample analysis on the US market, we find that a supplier firm with higher degree of customer concentration is likely to over-invest beyond the optimal investment level determined by investment opportunities. We also reveal that the positive association between customer concentration and over-investment weakens when the largest customer is a government entity, when the duration of supplier-customer relationship extends, and when the supplier firm captures larger market shares in its industry.

引用

页码：5035 / 5045

页数：11

共 30 条

[1] Corporate Investment and Stock Market Listing: A Puzzle? [J].

Asker, John ;

Farre-Mensa, Joan ;

Ljungqvist, Alexander .

REVIEW OF FINANCIAL STUDIES, 2015, 28 (02) :342-390

[2]

Balakrishnan R, 1996, ACCOUNT REV, V71, P183

[3] Buyer-supplier relationships and the stakeholder theory of capital structure [J].

Banerjee, Shantanu ;

Dasgupta, Sudipto ;

Kim, Yungsan .

JOURNAL OF FINANCE, 2008, 63 (05) :2507-2552

[4] How does financial reporting quality relate to investment efficiency? [J].

Biddle, Gary C. ;

Hilary, Gilles ;

Verdi, Rodrigo S. .

JOURNAL OF ACCOUNTING & ECONOMICS, 2009, 48 (2-3) :112-131

[5] Accounting Quality and Trade Credit [J].

Chen, Deqiu ;

Liu, Ming ;

Ma, Tao ;

Martin, Xiumin .

ACCOUNTING HORIZONS, 2017, 31 (03) :69-83

[6] Financial Reporting Quality and Investment Efficiency of Private Firms in Emerging Markets [J].

Chen, Feng ;

Hope, Ole-Kristian ;

Li, Qingyuan ;

Wang, Xin .

ACCOUNTING REVIEW, 2011, 86 (04) :1255-1288

[7] Does investment efficiency improve after the disclosure of material weaknesses in internal control over financial reporting? [J].

Cheng, Mei ;

Dhaliwal, Dan ;

Zhang, Yuan .

JOURNAL OF ACCOUNTING & ECONOMICS, 2013, 56 (01) :1-18

[8] Optimal capital structure, bargaining, and the supplier market structure [J].

Chu, Yongqiang .

JOURNAL OF FINANCIAL ECONOMICS, 2012, 106 (02) :411-426

[9] Customer concentration risk and the cost of equity capital [J].

Dhaliwal, Dan ;

Judd, J. Scott ;

Serfling, Matthew ;

Shaikh, Sarah .

JOURNAL OF ACCOUNTING & ECONOMICS, 2016, 61 (01) :23-48

[10] Product market competition and conditional conservatism [J].

Dhaliwal, Dan ;

Huang, Shawn ;

Khurana, Inder K. ;

Pereira, Raynolde .

REVIEW OF ACCOUNTING STUDIES, 2014, 19 (04) :1309-1345

← 1 2 3 →