Do Supply Chain Finance Risks Affect Corporate Debt Dispersion? A New Perspective on Input–Output Linkages

Abstract

This study investigates the impact of supply chain finance risks on corporate debt maturity dispersion, employing input–output linkages to evaluate risk exposure in supply chain finance. We find that supply chain finance risks significantly increase the dispersion of debt maturity. We argue that supply chain finance risks affect debt maturity dispersion through higher credit risk and rollover risk, while liquidity risk amplifies this positive effect. Moreover, this effect is more pronounced among firms with lower distance to default, higher leverage, lower asset turnover, and lower customer or supplier concentration. Our findings suggest that firms strategically disperse debt maturities to hedge against supply chain finance risks.