Customer Concentration and Corporate Real Estate Holdings

Shiang Liu (), Mingming Qiu () and Shiyi Zhang ()
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Shiang Liu: University of Wisconsin-La Crosse
Mingming Qiu: Michigan State University
Shiyi Zhang: University of Miami

The Journal of Real Estate Finance and Economics, 2022, vol. 65, issue 3, No 5, 492-523

Abstract: Abstract We present new empirical evidence that higher customer concentration leads to lower corporate real estate holdings at the supplier firm level. Further evidence shows that this effect is causal and more pronounced when the likelihood/impact of losing primary customers is higher or when suppliers have less bargaining power. Finally, we show that firms with a concentrated customer base tend to choose capitalized leasing in lieu of holding real estate.

Keywords: Customer concentration; Corporate real estate holdings; Capitalized leasing; G30; G32; R33 (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1007/s11146-020-09817-x

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