Document Type : Research Article
Authors
1
Associate Professor, Department of Accounting, Faculty of Humanities and Social Sciences, University of Kurdistan, Sanandaj, Iran.
2
Assistant Professor, Department of Accounting, Faculty of Humanities and Social Sciences, University of Kurdistan, Sanandaj, Iran.
3
M.A. in Accounting, Department of Accounting, Faculty of Humanities and Social Sciences, University of Kurdistan, Sanandaj, Iran
10.22034/jepr.2026.144553.1305
Abstract
In recent years, special attention has been paid to the concept of speed of leverage Adjustment. One of the factors affecting the leverage of the company is customer concentration, due to the critical role of customers in capital structure decisions. Major customers, as critical stakeholders, play an important role in the profitability and strategic decisions of the company. In addition, the risk of stock price collapse, which reflects the possibility of a sharp and sudden decrease in market value due to the disclosure of negative information, can create additional pressure on managers to maintain financial stability. The purpose of the present study is to investigate the relationship between customer concentration and speed of adjustment of leverage and the moderating role of stock price collapse risk. In order to test and analyze the hypotheses, panel data of 113 companies that are members of the Stock Exchange during the period 2010- 2023 were used to test the hypotheses. Multiple Generalized Least Squares (GLS) regression was employed for the analysis. The findings of the study showed that customer concentration has a positive and significant relationship with the speed of leverage adjustment, and as a result, companies dependent on major customers, due to their higher reputation and motivation to maintain strategic relationships, have a greater ability and willingness to act quickly in adjusting their capital structure through leverage. In addition, the risk of a stock price collapse as a moderating factor strengthens this relationship.
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