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  • ISSN 2096-9554
  • CN 31-2074/F
Volume 38 Issue 4
Jul.  2024
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Article Navigation >  Accounting and Economic Research  > 2024  >  38(4): 108-134
Lin Zhonggao, Liu Wenqing. 2024. Customer Financialization and Supplier Earnings Management: A Risk Contagion Effect Perspective. Accounting and Economic Research, 38(4): 108-134.
Citation: Lin Zhonggao, Liu Wenqing. 2024. Customer Financialization and Supplier Earnings Management: A Risk Contagion Effect Perspective. Accounting and Economic Research, 38(4): 108-134.
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Customer Financialization and Supplier Earnings Management: A Risk Contagion Effect Perspective

  • 1.

    School of Business, Anhui University of Technology, Ma’anshan Anhui 243002, China

  • 2.

    School of Accounting, Jiangxi University of Finance and Economics, Nanchang Jiangxi 330013, China

  • Received Date: 2023-09-30
    Available Online: 2025-07-24
  • Publish Date: 2024-07-25
    Abstract
  • This study examines the impact of customer excessive financialization on supplier earnings management using customer-supplier relationship data disclosed in annual reports of Chinese listed firms from 2010 to 2021. The findings reveal that customer excessive financialization significantly increases supplier accrual-based earnings management, with risk contagion serving as a key transmission mechanism. These results remain robust after addressing endogeneity concerns and conducting a series of exclusive tests. Heterogeneity analysis demonstrates that the positive effect of customer financialization on supplier accrual-based earnings management is more pronounced when suppliers have weaker bargaining power or when the geographical distance between customers and suppliers is greater. Further economic consequence tests show that moderate earnings management induced by customer financialization enhances suppliers’ core business performance, whereas excessive earnings management yields no such benefits. This indirectly validates the dual nature of earnings management and underscores the importance of maintaining moderate behavior. The study provides evidence that customer financial asset allocation patterns exert risk contagion effects on supplier earnings management behavior, with appropriate earnings management serving as a value-enhancing financial strategy. By uncovering the interactive relationship between customer financialization and supplier earnings management choices from a supply chain perspective, this research offers important theoretical and practical insights for improving corporate financial asset allocation efficiency and policy making for enhancing supply chain stability and competitiveness.

     

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