Major Customers-Suppliers Duality and Enterprise Supply Chain Resilience
In general,the major customers and suppliers of enterprises are regarded as two inde-pendent entities,however,what impact will it have on the resilience of a company's supply chain if a major customer also serves as a supplier?Taking China's A-share listed firms from 2009 to 2021 as samples,this paper explores the impact and mechanism of the major customer also serving as a supplier on firms'supply chain resilience.The findings show that the major customer also serving as a supplier can significantly reduce the supply chain resilience,and the negative media coverage will exacerbate this effect,while trade credit supply and effective internal control can mitigate this damag-ing effect.The mechanism analysis reveals that due to the fact that it is more convenient for enter-prises to engage in related party transactions and promote their earnings management behavior,serving as a supplier by a major customer can further reduce the resilience of the enterprise's supply chain.The analysis of economic consequences shows that due to the fact that serving as a supplier by a major customer can reduce the resilience of a company's supply chain,serving as a supplier by a major customer can increase the company's financial difficulties,reduce its market value,and increase the likelihood of receiving non-standard audit opinions.To this end,it is necessary to strengthen the supervision of the major customers who also serve as suppliers,so as to curb the opportunistic behav-iors of the major customers who also serve as suppliers.
major customers-suppliers dualitysupply chain resiliencesupply chain risks
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