Buyer-Supplier Relationships and the Stakeholder Theory of Capital Structure
Firms in bilateral relationships are likely to produce or procure unique products-especially when they are in durable goods industries. Consistent with the arguments of Titman and Titman and Wessels, such firms are likely to maintain lower leverage. We compile a database of firms' principal customers (those that account for at least 10% of sales or are otherwise considered important for business) from the Business Information File of Compustat and find results consistent with the predictions of this theory. Copyright (c) 2008 The American Finance Association.
Year of publication: |
2008
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Authors: | BANERJEE, SHANTANU ; DASGUPTA, SUDIPTO ; KIM, YUNGSAN |
Published in: |
Journal of Finance. - American Finance Association - AFA, ISSN 1540-6261. - Vol. 63.2008, 5, p. 2507-2552
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Publisher: |
American Finance Association - AFA |
Saved in:
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