本研究以1997年至2008年間的資料，利用美國公司總共370筆觀察值檢驗客戶集中度與擬制性盈餘品質之關聯性。結果發現客戶集中度與擬制性盈餘品質之間呈顯著正相關，代表客戶集中度越高，擬制性盈餘品質越好，公司之擬制性盈餘排除項與未來盈餘的關聯性較低。本研究加入了額外的控制變數以確保穩健性，結果顯示在控制董事長兼任總經理以及女性董事的狀況下，客戶集中度對於改善擬制性盈餘品質效果的結論仍未改變。此外，本研究也將樣本以Regulation G實施前與實施後進行比較，發現客戶集中度對擬制性盈餘品質的效果在Regulation G實施後有減少。

This study examines the relationship between customer concentration and the characteristics of non-GAAP earnings. We use a sample of 370 firm-observations from 1997 to 2008. The results show that there is positive relationship between customer concentration and the quality of non-GAAP earnings. Specifically, the associations between future earnings and non-GAAP exclusions are lower in higher levels of customer concentration.

These results are robust to alternate specifications as well as controlling for additional variables. The results show that customer concentration regarding the effect of improving the quality of non-GAAP earnings remains unchanged. Furthermore, this study compares the samples before and after the enactment of Regulation G, finding that the incremental effect of non-GAAP earnings given by customer concentration declines after the enforcement of Regulation G.

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