Research output: Contribution to Journal/Magazine › Journal article › peer-review
Research output: Contribution to Journal/Magazine › Journal article › peer-review
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TY - JOUR
T1 - Buyer-supplier relationships and the stakeholder theory of capital structure
AU - Banerjee, S
AU - Dasgupta, Sudipto
AU - Kim, Y
PY - 2008/10
Y1 - 2008/10
N2 - 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.
AB - 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.
U2 - 10.1111/j.1540-6261.2008.01403.x
DO - 10.1111/j.1540-6261.2008.01403.x
M3 - Journal article
VL - 63
SP - 2507
EP - 2552
JO - Journal of Finance
JF - Journal of Finance
SN - 0022-1082
IS - 5
ER -