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JOURNAL OF ACCOUNTING AND FINANCE

Customer-Supplier Relationships and the Cost of Debt

Author(s): Hoontaek Seo, Sangho Yi, Kyoung-min Kwon

Citation: Hoontaek Seo, Sangho Yi, Kyoung-min Kwon  ,(2017) "Customer-Supplier Relationships and the Cost of Debt" Journal of Accounting and Finance, Vol. 17, Iss. 6, pp. 69-81

Article Type: Research paper

Publisher: North American Business Press

Abstract:

We examine the relation between the existence of a large customer and the cost of debt financing. We find that credit ratings are lower for firms with a large customer. We also find that yield spreads are higher for firms with a large customer. The results indicate that firms having a large customer have higher cost of debt financing, which is consistent with our capital structure hypothesis.