Buyer–Supplier Relationships and the Stakeholder Theory of Capital Structure
发现，在双边关系中生产或采购独特产品的企业（尤其是耐用品行业）倾向于保持较低的杠杆率，与Titman和Wessels的理论一致。
ABSTRACT Firms in bilateral relationships are likely to produce or procure unique products—especially when they are in durable goods industries. Consistent with the arguments of Titman and Titman and Wessels, such firms are likely to maintain lower leverage. We compile a database of firms' principal customers (those that account for at least 10% of sales or are otherwise considered important for business) from the Business Information File of Compustat and find results consistent with the predictions of this theory.