财务困境的间接成本

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Review of Finance Pub Date : 2023-04-12 DOI:10.1093/rof/rfad014

Cláudia Custódio, Miguel A. Ferreira, Emilia Garcia-Appendini

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引用次数: 0

摘要

我们通过利用房地产冲击和房地产资产和杠杆的跨供应商变化来估计由于销售损失而导致的财务困境的间接成本。我们发现，对于同一个客户从不同的供应商那里购买，随着当地房地产价格的下跌，客户从陷入困境的供应商那里的购买量又下降了13%。在竞争更激烈的行业、制造业、耐用品、不太特定的商品，以及更换供应商的成本较低的情况下，这种影响更为明显。我们的研究结果表明，客户减少了对陷入财务困境的供应商的敞口。

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Indirect Costs of Financial Distress

We estimate the indirect costs of financial distress due to lost sales by exploiting real estate shocks and cross-supplier variation in real estate assets and leverage. We show that for the same client buying from different suppliers, the client’s purchases from distressed suppliers decline by an additional 13% following a drop in local real estate prices. The effect is more pronounced in more competitive industries, manufacturing, durable goods, less-specific goods, and when the costs of switching suppliers are low. Our results suggest that clients reduce their exposure to suppliers in financial distress.

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来源期刊

Review of Finance Multiple-

CiteScore

7.80

自引率

2.30%

发文量

期刊介绍： The Review of Finance, the official journal of the European Finance Association, aims at a wide circulation and visibility in the finance profession. The journal publishes high-quality papers in all areas of financial economics, both established and newly developing fields: • •Asset pricing •Corporate finance •Banking and market microstructure •Law and finance •Behavioral finance •Experimental finance Review of Finance occasionally publishes special issues on timely topics, including selected papers presented at the meetings of the European Finance Association or at other selected conferences in the field.