Customer Geographical Proximity and Corporate Financialisation: Evidence From China
研究发现客户地理邻近性会加剧企业金融化，而非缓解，其机制是降低企业盈利能力和加快营运资金周转，且该效应在盈余管理高的企业中更显著，而良好的公司治理能削弱这一影响。
ABSTRACT This study examines the impact of customer geographical proximity on corporate financialisation. The results show that customer geographical proximity exacerbates corporate financialisation rather than alleviates it. Moreover, this impact can be achieved by reducing corporate profitability and enhancing the turnover of firms' working capital. Furthermore, the findings also suggest that the impact of customer geographical proximity on corporate financialisation is more pronounced in firms with higher levels of earnings management, whereas good corporate governance can help to reduce this effect. Our study provides substantial evidence for understanding corporate financialisation at the supply chain level and offers specific policy implications for the governance of corporate financialisation.