Acquaintance means booster? Why stable customers matter for firm productivity

IF 1.9 Q2 BUSINESS, FINANCE

China Journal of Accounting Research Pub Date : 2025-07-16 DOI:10.1016/j.cjar.2025.100435

Yunjiang Geng, Yuelong Wang, Shuaijun Wu

引用次数: 0

Abstract

Amid sluggish global growth and rising uncertainties, supply chain stability is vital for sustaining economic production. Although studies examine the impacts of supply chain relationships on firm performance, their effect on total factor productivity (TFP) remains unexplored. Using data from 1559 A-share listed companies in China (2008–2022), this study examines customer stability’s impact on TFP and finds that customer stability enhances TFP by reducing Type I agency costs and improving firm reputation. It also generates significant spillover effects, increasing customer TFP through supply chain finance. This effect is more pronounced for firms in high-tech industries and regions with higher marketization and social trust. These findings offer new insights into enhancing firms’ efficiency through effective supply chain relationship management.

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熟人意味着助推器？为什么稳定的客户对公司生产力很重要

在全球经济增长乏力、不确定性上升的背景下，供应链的稳定对维持经济生产至关重要。虽然研究考察了供应链关系对企业绩效的影响，但它们对全要素生产率（TFP）的影响仍未被探索。本文利用2008-2022年中国1559家a股上市公司的数据，考察了客户稳定性对TFP的影响，发现客户稳定性通过降低第一类代理成本和提高企业声誉来提高TFP。它还产生了显著的溢出效应，通过供应链金融提高了客户全要素生产率。这种效应在高技术产业和市场化程度高、社会信任度高的地区更为明显。这些发现为通过有效的供应链关系管理提高企业效率提供了新的见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

China Journal of Accounting Research BUSINESS, FINANCE-

CiteScore

4.70

自引率

0.00%

发文量

295

审稿时长

15 weeks

期刊介绍： The focus of the China Journal of Accounting Research is to publish theoretical and empirical research papers that use contemporary research methodologies to investigate issues about accounting, corporate finance, auditing and corporate governance in the Greater China region, countries related to the Belt and Road Initiative, and other emerging and developed markets. The Journal encourages the applications of economic and sociological theories to analyze and explain accounting issues within the legal and institutional framework, and to explore accounting issues under different capital markets accurately and succinctly. The published research articles of the Journal will enable scholars to extract relevant issues about accounting, corporate finance, auditing and corporate governance related to the capital markets and institutional environment.