The product market power of major customer firms and their suppliers’ performance

References

• Campello, M., & Gao, J. (2017). Customer concentration and loan contract terms. Journal of Financial Economics, 123(1), 108~136. https://doi.org/10.1016/j.jfineco.2016.03.010
   Google Scholar
• Cen, L., Dasgupta, S., & Elkamhi, R. (2016). Reputation and loan contract terms: The role of principal customers. Review of Finance, 20(2), 501~533. https://doi.org/10.1093/rof/rfv014
   Google Scholar
• Chen, Z. 2016. Customer concentration, government intervention and corporate risk. Accounting Research, 11, In Chinese, 23–29+95. https://doi.org/10.3969/j.issn.1003-2886.2016.11.004
   Google Scholar
• Cheng, C.S.A., & Eshleman, J.D. (2014). Does the market overweight imprecise information? Evidence from customer earnings announcements. Review of Accounting Studies, 19(3), 1125~1151. https://doi.org/10.1007/s11142-014-9293-8
   Google Scholar
• Chen, C., Kim, J.B., Wei, M.H., & Zhang, H. (2019). Linguistic information quality in customers’ forward-looking disclosures and suppliers’ investment decisions. Contemporary Accounting Research, 36(3), 1751–1783. https://doi.org/10.1111/1911-3846.12471
   Web of Science ®Google Scholar
• Chen, Z., & Wang, Y. 2014. Empirical study on supply chain integration affecting financial performance of listed firm. Accounting Research, 2, In Chinese, 49–56. https://doi.org/10.3969/j.issn.1003-2886.2014.02.008
   Google Scholar
• Chen, Z., & Wang, S. 2015. Impact of product market competition on corporate cash flow risk analysis: Based on the competition degree ofIndustry and the Competitive. Position of Enterprise.China Industrial Economics, 3, In Chinese, 96–108. https://doi.org/CNKI:SUN:GGYY.0.2015-03-009
   Google Scholar
• Christopher, M. (1999). Logistics and supply chain management: Strategies for reducing cost and improving service. International Journal of Logistics Research and Applications: A Leading Journal of Supply Chain, 2(1), 103~104. https://doi.org/10.1080/13675569908901575
   Google Scholar
• Chu, Y., Tian, X., & Wang, W. (2017). Learning from customers: Corporate innovation along the supply chain. Management Science. Forthcoming.
   Google Scholar
• Cohen, L., & Frazzini, A. (2008). Economic links and predictable returns. The Journal of Finance, 63(4), 1977~2011. https://doi.org/10.1111/j.1540-6261.2008.01379.x
   Google Scholar
• Cohen, D.A., & Li, B. (2020). Customer-base concentration, profitability and the information environment: The U.S. Government as a major customer. The Accounting Review, 95(1), 101~131. https://doi.org/10.2308/accr-52490
   Google Scholar
• Datta, S., Iskandar-Datta, M., & Sharma, V. (2011). Product market pricing power, industry concentration and analysts‘ earnings forecasts. Journal of Banking and Finance, 35(6), 1352~1366. https://doi.org/10.1016/j.jbankfin.2010.10.016
   Google Scholar
• Datta, S., Iskandar-Datta, M., & Singh, V. (2013). Product market power, industry structure, and corporate earnings management. Journal of Banking and Finance, 37(8), 3273~3285. https://doi.org/10.1016/j.jbankfin.2013.03.012
   Google Scholar
• Dhaliwal, D., Judd, J.S., Serfling, M., & Shaikh, S. (2016). Customer concentration risk and the cost of equity capital. Journal of Accounting and Economics, 61(1), 23~48. https://doi.org/10.1016/j.jacceco.2015.03.005
   Google Scholar
• Galbraith, J.K. (1952). American capitalism: The concept of countervailing power. Houghton Mifflin.
   Google Scholar
• Galbraith, C.S., & Stiles, C.H. (1983). Firm profitability and relative firm power. Strategic Management Journal, 4(3), 237~249. https://doi.org/10.1002/smj.4250040305
   Google Scholar
• Gaspar, J., & Massa, M. (2006). Idiosyncratic volatility and product market competition. Journal of Business, 79, 3125~3152. https://www.jstor.org/stable/10.1086/505251
   Google Scholar
• Giroud, X., & Mueller, H. (2011). Corporate governance, product market competition, and equity prices. Journal of Finance, 66(2), 563~600. https://doi.org/10.1111/j.1540-6261.2010.01642.x
   Google Scholar
• Gosman, M.L., & Kohlbeck, M.J. (2009). Effects of the existence and identity of major customers on supplier profitability: is wal-mart different? Journal of Management Accounting Research, 21(1), 179~201. https://doi.org/10.2308/jmar.2009.21.1.179
   Google Scholar
• Han, Z., & Zhou, T. 2011. Product market competition, financing constraints and cash holdings: An empirical study based on enlisted companies in China’s manufacture industry. Nankai Business Review, 04, In Chinese, 149–160. https://www.cnki.com.cn/Article/CJFDTOTAL-LKGP201104017.htm
   Google Scholar
• Irvine, P., Park, S.S., & Yildizhan, Ç. (2016). Customer-base concentration, profitability and the relationship life cycle. The Accounting Review, 91(3), 883~906. https://doi.org/10.2308/accr-51246
   Google Scholar
• Itzkowitz, J. (2013). Customers and cash: How relationships affect suppliers’ cash holdings. Journal of Corporate Finance, 19(2), 159~180. https://doi.org/10.1016/j.jcorpfin.2012.10.005
   Google Scholar
• Itzkowitz, J. (2015). Buyers as stakeholders: How relationships affect suppliers financial constraints. Journal of Corporate Finance, 31, 54~66. https://doi.org/10.1016/j.jcorpfin.2014.12.010
   Google Scholar
• Jackson, B. (1985). Winning and keeping industrial customers: The dynamics of customer relationships. Lexington Books.
   Google Scholar
• Jiang, F., Qu, Y., Lu, Z., & Li, Y. 2008. Product market competition and dynamic capital structure adjustment. Economic Research Journal, 4, In Chinese, 99–110. https://doi.org/CNKI:SUN:JJYJ.0.2008-04-010
   Google Scholar
• Joskow, P.L. (1987). Contract duration and relationship specific investments:Empirical evidence from coal markets. The American Economic Review, 77(1), 168~l85. https://www.jstor.org/stable/1806736
   Web of Science ®Google Scholar
• Kim, Y.H., & Henderson, D. (2015). Financial benefits and risks of dependency in triadic supply chain relationships. Journal of Operations Management, 36(5), 115~129. https://doi.org/10.1016/j.jom.2015.04.001
   Google Scholar
• Kubick, T.R., Lynch, D.P., Mayberry, M.A., & Omer, T.C. (2015). Product market power and tax avoidance: Market leaders, mimicking strategies, and stock returns. The Accounting Review, 90(2), 675~702. https://doi.org/10.2308/accr-50883
   Google Scholar
• Kulp, S.C. (2002). The effect of information precision and information reliability on manufacturer-retailer relationships. The Accounting Review, 77(3), 653~677. https://doi.org/10.2308/accr.2002.77.3.653
   Google Scholar
• Li, H., Li, D., & Wang, D. 2018b. Reputation effects of big customers on debt financing:Evidence from supplier-customer relationships in China. Journal of Financial Research, 6, In Chinese, 138–154. https://doi.org/CNKI:SUN:JRYJ.0.2018-06-010
   Google Scholar
• Li, H., Zheng, G., & Li, D. 2018a. Do big customers influence listed firms’ performance? Based on supplier-customer relationships in China. Accounting Research, 4, In Chinese, 58–65. https://www.cnki.com.cn/Article/CJFDTOTAL-KJYJ201804008.htm
   Google Scholar
• Pandit, S., Wasley, C.E., & Zach, T. (2011). Information externalities along the supply Chain: The economic determinants of suppliers’ stock price reaction to their customers. Earnings Announcements. Contemporary Accounting Research, 28(4), 1344~1348. https://doi.org/10.1111/j.1911-3846.2011.01092.x
   Google Scholar
• Patatoukas, P.N. (2012). Customer-base concentration: Implications for firm performance and capital markets. The Accounting Review, 87(2), 363~392. https://doi.org/10.2308/accr-10198
   Google Scholar
• Peress, J. (2010). Product market competition, insider trading and stock market efficiency. Journal of Finance, 6, 1~43. https://doi.org/10.1111/j.1540-6261.2009.01522.x
   Google Scholar
• Pittman, A.J., & Fortin, S. (2004). Auditor choice and the cost of debt capital for newly public firms. Journal of Accounting Economics, 37(1), 113~136. https://doi.org/10.1016/j.jacceco.2003.06.005
   Google Scholar
• Porter, M.E. (1979). How competitive forces shape strategy. Harvard Business Review, 57(2), 78~93. https://link.springer.com/chapter/10.1007/978-1-349-20317-8_10
   Web of Science ®Google Scholar
• Richardson, S. (2006). Over-investment of free cash flow. Review of Accounting Studies, 11(2–3), 159~189. https://doi.org/10.1007/s11142-006-9012-1
   Web of Science ®Google Scholar
• Verrecchia, R.E., & Weber, J. (2006). Redacted disclosure. Journal of Accounting Research, 44(4), 791~814. https://doi.org/10.1111/j.1475-679X.2006.00216.x
   Google Scholar
• Wang, X., & Gao, K. 2017a. Customer relationship and cost stickiness: Hold-up or cooperation. Nankai Business Review, 01, In Chinese, 132–142. https://doi.org/10.3969/j.issn.1008-3448.2017.01.012
   Google Scholar
• Wang, X., & Gao, K. 2017b. Tiger with favorable wings or birds nest under dangerous wall? Underwriter, large customer and bond issue pricing. Management World, 9, In Chinese, 42–59. https://doi.org/CNKI:SUN:GLSJ.0.2017-09-006
   Google Scholar
• Wei, M., Yi, Z., & Li, J. 2018. The determinants of suppliers’stock price reaction to their customers’Earnings announcements along the supply Chain in China. Accounting Research, 6, In Chinese, 19–25. https://doi.org/CNKI:SUN:KJYJ.0.2018-06-003
   Google Scholar
• Wu, Y., Huang, P., Chen, W., & Wu, S. 2017. Product market competition advantage, capital structure and trade credit supply: Empirical evidence from Chinese listed firms. Journal of Management Sciences in China, 5, In Chinese, 51–65. https://doi.org/CNKI:SUN:JCYJ.0.2017-05-004
   Google Scholar
• Wu, H., Yang, X., & Wei, H. 2012. Product market competition and firm’s stock idiosyncratic risk: Based on the empirical evidence of Chinese listed companies. Economic Research Journal, 6, In Chinese, 101–115. https://doi.org/CNKI:SUN:JJYJ.0.2012-06-009
   Google Scholar
• Yi, Z., Jiang, F., & Qing, Y. 2010. The market competition in products, the corporate governance and the quality of information disclosure. Management World, 1, In Chinese, 133–161. https://doi.org/CNKI:SUN:GLSJ.0.2010-01-017
   Google Scholar
• Zeng, W., Li, Y., Zhang, T., & Ma, Z. 2016. Industry competition is external governance mechanism or external incentives? Based on Empirical Evidence of Chinese Listed Companies Earnings Management. Nankai Business Review, 04, In Chinese, 75–86. https://doi.org/CNKI:SUN:LKGP.0.2016-04-008
   Google Scholar
• Zhang, X., Wang, Y., & Zhu, J. 2012. Market power, trade credit and business financing. Accounting Research, 8, In Chinese, 58–65. https://doi.org/CNKI:SUN:KJYJ.0.2012-08-010
   Google Scholar
• Zhou, X., & Zhou, Q. 2014. Product market power, industry competition, and corporate earnings management: based on the empirical evidence of Chinese listed companies. Accounting Research, 8, In Chinese, 60–66. https://doi.org/10.3969/j.issn.1003-2886.2014.08.008
   Google Scholar