دانلود مقاله ISI انگلیسی شماره 21121 + ترجمه فارسی
عنوان فارسی مقاله

آیا روابط شرکت ها با مشتریان / عرضه کنندگان اصلی بر درآمد سهامداران تاثیر می گذارد؟

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی
21121 2012 19 صفحه PDF 54 صفحه WORD
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Do firms' relationships with principal customers/suppliers affect shareholders' income?
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Corporate Finance, Volume 18, Issue 4, September 2012, Pages 860–878

فهرست مطالب ترجمه فارسی
چکیده
مقدمه
داده ها و خلاصه ی آمار
انتخاب نمونه آزمایشی
تعریف متغیر
آمار توصیفی
تاثیر روابط مشتری - عرضه کننده بر سطح پرداخت سود سهام
مدارک به دست آمده از انطباق میزان تمایل طبیعی
شواهد و مدارکی چند متغیری از رابطه ی بین روابط مشتری - عرضه کننده و سطح سود سهام
تاثیر سرمایه گذاری
تاثیر روابط مشتری -عرضه کننده بر تسهیل پرداخت سود سهام
مدارک به دست آمده از تجزیه و تحلیل تغییرات سود سهام
آزمایش های مرتبط با عملکرد منظم وصحیح
سطح سود سهام در سه مرحله ی روابط مشتری - عرضه کننده
ارزیابی این دو فرضیه
نتیجه گیری
کلمات کلیدی
سود سهام - مشتری - تامین کننده - بحران مالی - صدور گواهینامه اطلاعات
ترجمه چکیده
ما در این مقاله به بررسی این مسئله می پردازیم که آیا رابطه ی یک شرکت با مشتری/عرضه کننده اصلی اش بر خط مشی های پرداخت سود سهامش تاثیر می گذارد یا نه. وقتی تجارت شرکت بستگی به تعداد کمی از مشتریان / عرضه کنندگان عمده داشته باشد، شرکت با آنها رابطه برقرار خواهد کرد. این متن دو راه را معرفی می کند که از طریق آنها روابط بین مشتری - عرضه کننده می تواند تاثیری منفی بر درآمد شرکت داشته باشد: ۱) هزینه های بسیار زیاد ناشی از سرمایه گذاری هایی که به منظور برقراری رابطه انجام می شود و 2) تاثیرر ناشی از تایید اطلاعات توسط مشتری اصلی. همان طور که پیش بینی شده بود، رابطه ای منفی بین وابستگی شرکت به روابط بین مشتری - عرضه کننده و درآمدش وجود دارد. این نتیجه در مدل های گوناگون مشاهده شد و هیچ گونه منافاتی با ویژگی های تناوبی (زمانی) مربوط به سود سهام ندارد. به علاوه، ما در خواهیم یافت که هزینه های ناشی از سرمایه گذاری برای برقرای ارتباط، مسیری اصلی است که از طریق آن رابطه ی مشتری - عرضه کننده بر میزان سود سهامش تاثیر منفی بر جای می گذارد. به طور کلی، نتایج به دست آمده حاکی از آن است که رابطه ی یک شرکت با سهامداران غیر مالی اش، همچون مشتریان / عرضه کنندگان اصلی، یکی از عوامل اصلی تعیین کننده ی درآمد سهامداران است.
ترجمه مقدمه
تحقیقات قبلی حاکی از آن هستند که رابطه ی یک شرکت با سهامداران غیر مالی، بر طیف گسترده ای از خط مشی های جمعی اش، همچون انتخاب ساختار سرمایه (بی و همکاران، ۲۰۱۱؛ و ...)، نوع خط مشی اداره ی جمعی (سن و همکاران، ۲۰۱۲؛ و ...)، طراحی جبران CEO (آروآ و آلام، ۲۰۰۵)، افشای اطلاعات و مدیریت درآمدها تاثیر می گذارد. با وجود اینکه اینگونه تحقیقات درک ما را از رابطه ی بین سهامدار یک شرکت و تصمیمات جمعی افزایش می دهد، اما ما اطلاعات چندانی در مورد تاثیر این رابطه بر رفاه سهامداران در اختیار نداریم. ما در این مقاله به بررسی این مسئله خواهیم پرداخت که چگونه روابط مشتری - عرضه کننده، بر سود سهام سهامداران تاثیر می گذارد.
پیش نمایش مقاله
پیش نمایش مقاله آیا روابط شرکت ها با مشتریان / عرضه کنندگان اصلی بر درآمد سهامداران تاثیر می گذارد؟

چکیده انگلیسی

In this paper, we examine whether a firm's relationship with its principal customers/suppliers affects its payout policies. A firm has customer–supplier relationships when its business depends on a small number of major customers/suppliers. The extant literature indicates two channels through which customer–supplier relationships might negatively affect a firm's dividend payments: 1) the high financial distress costs associated with relationship-specific investments and 2) the information certification effect of the principle customer. Consistent with expectations, our study reveals a negative relationship between a firm's dependence on customer–supplier relationships and its dividend payments. This result is robust to various model specifications and consistent with evidence regarding the time-series properties of dividends. Moreover, we find that high financial distress costs associated with relationship-specific investments are the key channel through which a firm's customer–supplier relationship affects its dividend payments. Overall, our results suggest that a firm's relationship with its non-financial stakeholders, such as principal customers/suppliers, is an important determinant of its shareholders' income.

مقدمه انگلیسی

Previous studies show that a firm's relationship with its non-financial stakeholders influences a wide spectrum of corporate policies, such as capital structure choice (Bae et al., 2011, Banerjee et al., 2008, Kale and Shahrur, 2007, Maksimovic and Titman, 1991, Titman, 1984 and Titman and Wessels, 1988), corporate governance choice (Cen et al., 2012 and Johnson et al., 2012), the design of CEO compensation (Arora and Alam, 2005), information disclosure (Almazan et al., 2006), and earnings management (Raman and Shahrur, 2008). Although these studies enhance our understanding of the interaction between a firm's stakeholder relationships and corporate decisions, we know little about the impact of a firm's stakeholder relationships on its shareholders' welfare. In this paper, we develop this knowledge by investigating how a firm's customer–supplier relationships affect dividend payments to its shareholders. A firm has customer–supplier relationships when its business depends on a small number of principal customers/suppliers. The extant literature suggests two possible channels through which a firm's customer–supplier relationships might have a negative impact on its dividend payments. On the one hand, developing the work of Banerjee et al. (2008), Kale and Shahrur (2007) and Titman (1984) argue that a firm with customer–supplier relationships often must undertake relationship-specific investments, which will, in turn, lead to higher financial distress costs. To cope with high financial distress costs, a firm must limit its use of debt and/or hold more liquid assets. Higher demand for liquid assets will reduce a firm's incentives to commit to paying dividends regularly. By choosing more flexible payout policies, a firm can save more liquid assets and improve its overall financial flexibility to mitigate the negative effect of high financial distress costs on firm value. We refer to this argument as the financial distress hypothesis. On the other hand, Johnson et al. (2010b) indicate that by maintaining close product–market relationships, a principal customer has access to proprietary information concerning its supplier firms. The authors argue that a principal customer can serve as a monitoring and certifying entity for its suppliers, thereby reducing information asymmetry between the supplier firms and their shareholders. Consistent with this view, the study of Johnson et al. (2010a) documents an information spillover effect in the period of seasoned equity offering (SEO) announcements. Based on Jensen's (1986) classic free cash flow argument, the existing literature on payout policy (for example, John et al., 2011a, John et al., 2011b and Knyazeva, 2008) suggests that dividends are used to disburse free cash flow, thereby mitigating manager–shareholder conflicts. To the extent that a principal customer has incentives to choose and monitor financially healthy and well-qualified suppliers, its role as a monitoring and certifying entity can substitute for the effect of dividend payments in mitigating the free cash flow problem. We refer to this argument as the certification hypothesis. Although both the financial distress hypothesis and the certification hypothesis predict a negative relationship between a firm's dependence on customer–supplier relationships and its dividend payments, the two arguments differ regarding the economic factor that causes this relation. The key difference is that the certification hypothesis does not involve financial distress. As long as 1) the suppliers' shareholders are concerned about the agency costs associated with free cash flow under information asymmetry, and 2) the shareholders believe that principal customers tend to select and monitor their suppliers carefully, the certification hypothesis should hold. In this paper, we empirically investigate whether a firm's customer–supplier relationships affect its dividend policies. In our empirical tests, we use a firm's ratio of sales to principal customers over the total sales (hereafter referred to as BIGSALE) as a proxy for the importance of customer–supplier relationships to the firm's business. The information regarding sales to principal customers is provided by the Compustat business segment files. We use cash dividends over the market value of equity (hereafter referred to as DIV/ME) and cash dividends over net income (hereafter referred to as DIV/NI) as the measures of dividend levels. We find that over the period between 1981 and 2006, firms that rely more on customer–supplier relationships pay significantly lower dividends. This result holds true after controlling for a set of known determinants of dividend levels, such as firm size, growth opportunities, profitability, leverage, firm maturity, time-fixed effects, and industry-fixed effects or firm-fixed effects. To determine further the nature of the negative relationship between a firm's dependence on customer–supplier relationships and dividend levels, we investigate how this relation is affected by relationship-specific investments. If this relation arises because a firm with customer–supplier relationships chooses a lower dividend level to mitigate the high financial distress costs associated with relationship-specific investments, then the financial distress hypothesis predicts that the negative relationship should be more pronounced for firms that are more likely to undertake relationship-specific investments. To the extent that relationship-specific investments facilitate a principal customer's access to proprietary information about its suppliers and increase its incentives to monitor them, the certification hypothesis predicts the same outcome. Consistent with expectations, our study reveals that the link between customer–supplier relationships and dividend level is more pronounced for firms that are more likely to undertake relationship-specific investments. After documenting the cross-sectional relation between customer–supplier relationships and dividend levels, we examine the impact of customer–supplier relationships on a firm's dividend-smoothing behavior. Both the financial distress hypothesis and the certification hypothesis argue that the commitment to dividend payments is less important for firms with customer–supplier relationships, implying a negative relationship between dependence on customer–supplier relationships and dividend smoothing. We find that firms with customer–supplier relationships adjust their dividend levels significantly faster than those not in such relationships. This result suggests that a firm with customer–supplier relationships exhibits less dividend smoothing; thus, the result supports the prediction of the two hypotheses. In addition, we examine the effect of customer–supplier relationships on dividend changes. If a firm with customer–supplier relationships is less committed to regular dividend payments, the firm would increase dividends more conservatively and cut dividends more aggressively. Consistent with this conjecture, our results show that a firm relying more on customer–supplier relationships is less likely to increase dividends and more likely to cut dividends. Moreover, conditional on the decision to change dividend levels, the magnitude of dividend changes is negatively related to a firm's dependence on customer–supplier relationships. To verify further the robustness of our results, we perform the following two tests. First, we conduct an out-of-sample test using information regarding a firm's purchases from its dependent suppliers. By identifying Compustat firms that are reported as principal customers by their dependent suppliers, we construct the ratio of purchases from dependent suppliers to the costs of goods sold (hereafter referred to as BIGBUY). Because customer–supplier relationships are more important to a firm that purchases a higher proportion of its input from dependent suppliers, we expect such a firm to pay lower dividends. Our results are robust to this alternative measure of the importance of customer–supplier relationships to a firm's business. Second, we examine a firm's dividend payments at the three stages of its customer–supplier relationships: the pre-relationship period, the establishment of the first customer–supplier relationship, and the dissolution of the last customer–supplier relationship. We find that a firm in the pre-relationship period does not pay lower dividends than peer firms that have no customer–supplier relationships during the entire sample period, which mitigates the concern that unobservable firm characteristics may drive the negative relationship between the importance of customer–supplier relationships and dividend payments. Moreover, we find a decrease in dividend levels after a firm establishes its first customer–supplier relationship and an increase in dividend levels after the firm dissolves the customer–supplier relationship with its last principal customer. These results provide further evidence that a firm's dependence on customer–supplier relationships has a negative effect on its dividend payments. Given our strong evidence regarding the negative relationship between a firm's dependence on customer–supplier relationships and its dividend payments, we conduct several tests to evaluate the extent to which the two hypotheses (the financial distress hypothesis versus the certification hypothesis) can explain this negative relationship. To evaluate the financial distress hypothesis, we examine how this negative relationship differs across firms with different likelihoods of entering financial distress. Consistent with the financial distress hypothesis, our results show that the negative relationship is more pronounced for firms that are more likely to enter financial distress. For the certification hypothesis, we examine how the free cash flow problem affects the negative relationship between a firm's dependence on customer–supplier relationships and its dividend payments. The certification hypothesis predicts that this negative relationship is more pronounced for firms with more severe free cash flow problems. Our results do not support this prediction. Finally, we examine how a firm's dependence on principal customers is related to abnormal stock returns upon a dividend cut announcement. To the extent that a dividend cut signals increased probability of financial distress, an announcement by a firm with customer–supplier relationships would cause a more negative stock return because such a firm would suffer more from financial distress. Thus, the financial distress hypothesis predicts that an announcement return is negatively related to a firm's dependence on customer–supplier relationships. By contrast, if the certification effect is the dominant factor in the link between customer–supplier relationships and dividend payments, the existence of customer–supplier relationships would mitigate the negative signal conveyed by the dividend cut announcement. Therefore, the certification hypothesis predicts a positive relationship between the importance of customer–supplier relationships and announcement returns. Our results again support the financial distress hypothesis but do not support the certification hypothesis. As the first empirical study that investigates the effect of a firm's customer–supplier relationships on its shareholders' welfare, this paper contributes to the literature on how a firm's relationship with its non-financial stakeholders affects its corporate decisions. We provide evidence that a firm's relationship with its customers/suppliers is an important determinant of its shareholders' income. Moreover, our results suggest that concern regarding financial distress is the key channel through which a firm's customer–supplier relationship affects its shareholders' income. The paper is closely related to the literature on the effect of a firm's customer–supplier relationships on its capital structure choices. Titman (1984) indicates that stakeholders' incentives to conduct relationship-specific investments affect a firm's financing decisions. He argues that because stakeholders face switching costs if a firm is liquidated, their incentives to undertake relationship-specific investments depend on a firm's financial condition. Developing Titman's (1984) model, Banerjee et al. (2008) and Kale and Shahrur (2007) show that when relationship-specific investments are important to a firm's business, the existence of customer–supplier relationships has a negative effect on the firm's leverage ratios. Overall, these studies provide evidence that relationship-specific investments affect a firm's external financing decisions. In contrast, our paper examines whether and through which channels a firm's dependence on major customer–supplier relationships affects its shareholders' income. Additionally, our paper is related to recent studies on the information effect of principal customers. Johnson et al. (2010b) find that initial public offering (IPO) firms that have product market relationships with large customers experience higher valuation and better long-term performance. The authors interpret their results as evidence that a principal customer plays a certifying and monitoring role and thereby reduces information asymmetry between the suppliers and their shareholders. Johnson et al. (2010a) examine dependent suppliers' SEOs and document an information spillover effect down the supply chain. The authors provide further evidence that entities on the supply chain are important sources of information to investors. Although we do not find evidence supporting the certification hypothesis in the context of dividend policies, our results are not necessarily inconsistent with the above findings because investors' concern regarding information asymmetry is probably a much more important factor in a firm's IPO/SEO decisions than in its dividend policies. The paper is organized as follows. In Section 2, we describe the data used in this paper and provide summary statistics. In Section 3, we examine the cross-sectional relation between the importance of customer–supplier relationships and dividend level. In Section 4, we investigate how customer–supplier relationships affect dividend smoothing and dividend changes. In Section 5, we perform several robustness tests. In Section 6, we evaluate the extent to which the financial distress hypothesis and the certification hypothesis can explain the negative relationship between the importance of customer–supplier relationships and dividend level. Section 7 summarizes and concludes the paper.

نتیجه گیری انگلیسی

Prior studies provide scant evidence on whether and how a firm's relationship with its non-financial stakeholders affects its shareholders' welfare. The extant literature suggests two possible channels through which a firm's customer–supplier relationships might negatively affect its dividend payments. The financial distress hypothesis suggests that the high financial distress costs associated with relationship-specific investments reduce a firm's incentives to commit to cash distributions. In contrast, the certification hypothesis suggests that the certifying and monitoring roles played by a firm's principal customers can substitute for its dividend payments as a solution to the free cash flow problem. In this paper, we examine whether and through which channel a firm's customer–supplier relationships affect its shareholders' income. Consistent with expectations, our study reveals a strong negative relationship between a firm's dependence on customer–supplier relationships and its dividend levels. The negative relationship is more pronounced when relationship-specific investments are more important to the firm's business. In addition, we obtain consistent results for the time-series properties of dividends. Specifically, we find that a firm with customer–supplier relationships exhibits less dividend smoothing and is more conservative in dividend increases and more aggressive in dividend cuts. Conditional on the decision to change the dividend level, the magnitude of dividend changes is negatively related to a firm's dependence on customer–supplier relationships. Furthermore, we find that the negative relationship between a firm's dependence on customer–supplier relationships and its dividend levels is more pronounced for firms with higher likelihood of financial distress. However, we do not find evidence that the negative relationship is more pronounced for firms with more severe free cash flow problems. In addition, we find a negative relationship between abnormal stock returns upon dividend cut announcements and a firm's dependence on customer–supplier relationships. These results are consistent with the financial distress hypothesis but do not support the certification hypothesis. In sum, our findings suggest that a firm's relationships with its principal customers/suppliers are an important determinant of its shareholders' income. In addition, the key channel through which a firm's customer–supplier relationship affects its payout policies is the high financial distress costs associated with relationship-specific investments. The certification effect is unlikely to be a major factor causing the negative impact of customer–supplier relationships on payout policies.

خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.