Customers’ Risk Factor Disclosures and Suppliers’ Investment Efficiency
研究发现下游客户在年报中披露的风险因素信息越充分，上游供应商的投资过度或不足就越少，尤其在供应商议价能力弱、处于耐用品行业或担心未来需求波动时更明显。
ABSTRACT This study examines the effect of downstream firms’ (i.e., customers’) risk factor disclosures contained in annual reports on the investment efficiency of upstream firms (i.e., suppliers). We find that more informative disclosures of customers’ risk factors are associated with less under‐ or overinvestment by suppliers. In addition, this inverse association is stronger when the suppliers are at a bargaining disadvantage, when they operate in the durable goods industries, and when they are more concerned about the volatility of future demand. Overall, our results suggest that risk factor disclosures provided by firms in their annual reports contain useful information that could potentially help their suppliers achieve better investment efficiency. Divulgation d'information sur les facteurs de risque des clients et efficience de l'investissement des fournisseurs