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Buyer-supplier relationships and the stakeholder theory of capital structure

Banerjee, S and Dasgupta, Sudipto and Kim, Y (2008) Buyer-supplier relationships and the stakeholder theory of capital structure. Journal of Finance, 63 (5). pp. 2507-2552. ISSN 0022-1082

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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.

Item Type: Article
Journal or Publication Title: Journal of Finance
Departments: Lancaster University Management School > Accounting & Finance
ID Code: 44589
Deposited By: ep_importer_pure
Deposited On: 11 Jul 2011 19:18
Refereed?: Yes
Published?: Published
Last Modified: 04 Nov 2015 03:36
Identification Number:

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