產業群聚是否影響公司存在重大客戶時的成本結構？

Taiwan has become a global supply chain base for high-tech products thanks to industrial clusters. The existing evidence suggests that suppliers bear capacity commitments due to major customers’ uncertain demand and, as a result, assume a more rigid cost structure. Therefore, this study examines whether industrial clusters affect supplier cost structures in the presence of major customers. We specifically examine whether industrial clusters mitigate the cost rigidity of suppliers driven by major customers. Using a sample of electronic firms listed on the Taiwan Stock Exchange and Taipei Exchange from 2005 to 2019, we find a positive relationship between suppliers’ customer concentration and cost rigidity. In particular, we find that industrial clusters significantly mitigate suppliers’ cost rigidity driven by major customers. Our results suggest that industry clustering provides more flexible resource sharing. Thus, clustered supplier firms can reduce their fixed cost investments for major customers.