학회소식
[2012년 제 2차] Supply-Chain Spillover Effects and the Interdepende
작성자 : 관리자
조회수 : 759
게시일 :
2012-06-01
We analyze spillover effects of supplier equity financing decisions to assess the importance of major trading relationships in creating interdependent valuation effects. We find supplier issuance decisions have important negative spillover effects for large customers, which are more pronounced as information asymmetry or economic dependence of suppliers and customers rises, relationship-specific investment increases, or more valuable product guarantees are offered. Furthermore, customer incentives to maintain supplier relationships are undercut by supplier equity financing decisions, leading to shorter post-issuance trading relationships and larger declines in relationship-specific investments. Our results provide strong evidence of financial and investment policy interdependence across major supply chain members.
