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3. Findings
This study explores the effects of the SCRU on corporate credit risk by employing
American bond data from 2000 to 2008. The empirical results reveal that CPSV is
significantly and positively related to bond yield spreads, whereas the KCICV exhibits
nonsignificant effects when other well-known bond yield determinant variables are
controlled for; these results indicate that a firm’s FCRU increases its credit risk, whereas
its FSRU has nonsignificant impacts. The results empirically support hypotheses 1 and 2.
This study also determines that business cycle conditions non-significantly change FCRU
effects on bond yield spreads. Moreover, the results we derive by evaluating SCRU
variables through other weighted methods or by controlling for additional variables
affecting cash flow variations are robust. Finally, the empirical results reveal that FCRU
plays a major role in determining corporate credit risk and bond yield spreads.
4. Research Limitations/Implications
This study has several limitations. First, we rely on the information disclosed in
“COMPUSTAT Industry Segment Files” to identify a firm’s suppliers and customers.
However, not all listed firms have complete information regarding their supply chain
counterparties. This is because public firms are required to disclose the identity of any
customer that contributes more than or equal to 10% of the firm’s revenues, according to
Statement of Financial Accounting Standards (SFAS) No. 14 and 131. Therefore, our
sample firms are limited to those with complete customer or supplier information. Second,
there may be other more appropriate proxies for describing supply chain relationship
uncertainty than those used by this and previous studies.
5. Originality/Contribution
Most studies examine the firm characteristics of supply chain counterparties on the
basis of corporate credit risk, including internal liquidity risk (Chen, Liao, and Kuo,
2013), and information asymmetry (Chen, Liao, Kuo, and Hsieh, 2013). Few studies
directly address this problem from the SCRU perspective. Neither study considers the
SCRU effects in the estimation of supply chain counterparties’ characteristic risks. In
contrast to previous studies, we report the first investigation of the SCRU effects on
corporate credit risk, and this constitutes the major originality and contribution of this
study.