The cash-holding link within the supply chain

被引：5

作者：

Nguyen, Tri Tri ^{[1
]}

Nguyen, Manh Cuong ^{[2
,3
]}

Bui, Hung Quang ^{[4
]}

Vu, Tuyet Nhung ^{[5
]}

机构：

[1] Univ Brighton, Brighton Business Sch, Mithras House,Lewes Rd, Brighton BN2 4AT, E Sussex, England

[2] Univ Westminster, London, England

[3] Ho Chi Minh City Open Univ, Ho Chi Minh City, Vietnam

[4] Univ Econ Ho Chi Minh City, Ho Chi Minh City, Vietnam

[5] Loughborough Univ, Loughborough, Leics, England

来源：

REVIEW OF QUANTITATIVE FINANCE AND ACCOUNTING | 2021年 / 57卷 / 04期

关键词：

Cash holdings; Customer– supplier relationships; Supply chain;

D O I：

10.1007/s11156-021-00979-0

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using a customer-supplier matched sample of US-listed firms from 1980 to 2016, we study the corporate cash-holding relationship between suppliers and their major customers. The key findings suggest that the cash-holding levels of suppliers are positively affected by those of their major customers, consistent with the liquidity argument. The effects are more pronounced when the major customers are in more favourable financial conditions and when they are considered more important to their suppliers. Our results are robust to various endogeneity problems and additional tests. Taken together, these results bring forth an important corporate cash-holding link within the supply chain.

引用

页码：1309 / 1344

页数：36

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