K. Kutsuna, Janet Kiholm Smith, Richard L. Smith, Kazuo Yamada
{"title":"Supply-Chain Spillover Effects of IPOs","authors":"K. Kutsuna, Janet Kiholm Smith, Richard L. Smith, Kazuo Yamada","doi":"10.2139/ssrn.2223418","DOIUrl":null,"url":null,"abstract":"We use the IPOs of supply-chain partners as precipitating events and test for positive spillovers on private firms (the “IPO spillover hypothesis”). A trading partner’s IPO may benefit its suppliers through increased demand and its customers by reducing an input-related growth constraint. A newly public firm may also transmit additional liquidity to trading partners through trade credit practices. Using Japanese data on important relationships between IPO firms and their private suppliers and customers, we find that suppliers and customers experience significantly higher rates of growth in revenue, cash balances, and PP&E than do other private firms. The paper appears to be the first to document real and financial effects of positive liquidity shocks on supply-chain partners.","PeriodicalId":445238,"journal":{"name":"ERPN: Initial Public Offerings (IPOs) (Sub-Topic)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2013-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"28","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"ERPN: Initial Public Offerings (IPOs) (Sub-Topic)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.2223418","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 28
Abstract
We use the IPOs of supply-chain partners as precipitating events and test for positive spillovers on private firms (the “IPO spillover hypothesis”). A trading partner’s IPO may benefit its suppliers through increased demand and its customers by reducing an input-related growth constraint. A newly public firm may also transmit additional liquidity to trading partners through trade credit practices. Using Japanese data on important relationships between IPO firms and their private suppliers and customers, we find that suppliers and customers experience significantly higher rates of growth in revenue, cash balances, and PP&E than do other private firms. The paper appears to be the first to document real and financial effects of positive liquidity shocks on supply-chain partners.
京公网安备 11010802042870号
京ICP备2023020795号-1
分享
求助内容：
应助结果提醒方式：
扫码关注我们
