The spillover effect of customers' management tone on supply chain: Based on suppliers' provision of trade credit

Based on the data of China's A-share listed companies from 2007 to 2022, this paper confirms that customers' management tone has a spillover effect in the supply chain, which in turn affects suppliers' provision of trade credit. The results show that the more positive customers' management tone is, the more trade credit suppliers provide. A further analysis finds that the disclosure of customers' management tone increases analyst attention, which in turn promotes suppliers' provision of trade credit.In addition, when the supplier's bargaining power is lower, the regional product market is more developed, and the customers' annual report information quality is higher, the relationship between customers' management tone and suppliers' provision of trade credit is more significant. This study enriches the relevant literature on supply chain management and has important practical significance for promoting the stable development of supply chains.