Do Major Customers Affect Firms' Environmental, Social and Governance Activities?
研究发现，有大客户关系的企业从事环境、社会和治理（ESG）活动更少，这种关系在机构持股高、客户破产风险大等情况下减弱，表明依赖集中客户群会削弱企业参与ESG的动机。
ABSTRACT We examine the role of major customers in shaping firms' environmental, social and governance (ESG) practices. We find that firms with major customer relationships undertake fewer ESG activities compared to those without such ties. The association is attenuated when institutional ownership is high, firms are less diversified, customers exhibit greater bankruptcy risk and lower switching costs and during periods of elevated equity market sentiment. Taken together, our findings highlight that reliance on a concentrated customer base can weaken firms’ incentives to engage in ESG practices, with important implications for supply chain sustainability.