Journal
JOURNAL OF FINANCE
Volume 63, Issue 5, Pages 2507-2552Publisher
BLACKWELL PUBLISHING
DOI: 10.1111/j.1540-6261.2008.01403.x
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Firms in bilateral relationships are likely to produce or procure unique products-especially when they are in durable goods industries. Consistent with the arguments of Titman and Titman and Wessels, such firms are likely to maintain lower leverage. We compile a database of firms' principal customers (those that account for at least 10% of sales or are otherwise considered important for business) from the Business Information File of Compustat and find results consistent with the predictions of this theory.
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