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顧客與供應商關係與成本結構
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Panel B: SG&A Cost Asymmetry for High Customer Concentration and Low
Customer Concentration
High Concentration
Low Concentration
Intercept
-0.1143
-0.1642
(-9.83)***
(-13.61)***
∆
ln
(Sale)
0.8992
0.8605
(65.09)***
(72.99)***
Dec
0.0595
0.0593
(7.93)***
(7.14)***
∆
ln
(Sale)*Dec
-0.5222
-0.3771
(-17.56)***
(-14.00)***
FCF
-0.0654
-0.1104
(-2.80)**
(-5.89)***
∆
ln
(Sale)*FCF
0.4497
0.3481
(15.35)***
(13.98)***
FCF*Dec
-0.0674
0.0497
(-1.52)
(1.43)
∆
ln
(Sale)*FCF*Dec
-0.0693
-0.2119
(-1.55)
(-2.88)**
GDPGrowth
0.1340
0.7606
(0.81)
(4.15)***
Size
0.0117
0.0157
(8.48)***
(9.83)***
RD
-0.0215
-0.0512
(-0.62)
(-1.72)
ASINT
0.0021
0.0245
(0.65)
(8.95)***
EMPINT
1.0949
2.9830
(1.93)
(5.81)***
ASINT*∆
ln
(Sale)
0.0111
-0.0809
(1.28)
(-11.44)***
EMPINT*∆
ln
(Sale)
11.2823
8.5136
(8.00)***
(7.01)***
Control for industry effects
Yes
Yes
N
19,390
19,405
Adj.
R
2
0.612
0.482
t
statistics in parentheses.
*
p
< 0.05, **
p
< 0.01, ***
p
< 0.001