https://scholars.lib.ntu.edu.tw/handle/123456789/414399
標題: | Suppliers’/customers’ production efficiency uncertainty and firm credit risk | 作者: | Chen, Tsung Kang HSIEN-HSING LIAO |
關鍵字: | Business counterparties (suppliers/customers) | Credit risk | Information flow risk | Production efficiency uncertainty | Supply chain uncertainty | 公開日期: | 1-二月-2018 | 出版社: | SPRINGER | 卷: | 50 | 期: | 2 | 起(迄)頁: | 519 | 來源出版物: | Review of Quantitative Finance and Accounting | 摘要: | © 2017, Springer Science+Business Media New York. This study explores the effects of business counterparties’ (i.e. suppliers’/customers’) production efficiency uncertainty (PEU) on corporate credit risk by employing American bond observations of manufacturing firms. Empirical results of this study show that customers’ PEU is positively related to corporate bond yield spreads whereas suppliers’ has an opposite effect. The former result shows the importance of demand uncertainty while the latter one suggests that the benefits of supply chain integration or information sharing exceed the costs of supply chain uncertainty. We also find that the effects of suppliers’/customers’ PEUs on bond yield spreads are significantly affected by the information flow risk within the supply chain. In addition, the customer-side effect becomes weaker during the financial crisis period, whereas the supplier-side one is insignificantly affected. These empirical results are robust when controlling for potential endogeneity problems and employing an alternative sample which consists of the bond observations with both supplier and customer identification information. Finally, it has to be noticed that our conclusions are only applicable to manufacturing industries. |
URI: | https://scholars.lib.ntu.edu.tw/handle/123456789/414399 | ISSN: | 0924865X | DOI: | https://api.elsevier.com/content/abstract/scopus_id/85018698329 10.1007/s11156-017-0637-x |
顯示於: | 財務金融學系 |
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