Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments April 2, 2018 erstellt
Description:
We examine the heterogeneous propagation of the liquidity shortage through the supply-chain network. We find an increase of accounts receivable of a firm when its customer has strong bargaining power and financial vulnerability. Using a relation-level fixed-effects model, we find that the accounts receivable of a firm are positively related to its strong customer's financial vulnerability. Further the positive relationship between the accounts receivable and customer's financial vulnerability is only observed when the customer has a strong bargaining power against the supplier where the bargaining power is measured by firm size, product uniqueness, and business length. We reject the possibility of alternative explanations by examining whether the propagation is observed only from the customer to supplier, and not vice versa