Kumar, and (market competitive advantage; Anand 2017 customer capitalizatio); credit quality as a market 1 JM concentration firm profitability signal (1) only count customers with more than 10% Identified of firm sales as research Identified future Research hypotheses majorlimitatios directions customers; (2) customer H1: CC increases IPO performace; H2: CC decreases firm characteristics profitability; H3: marketing capabiblity decreases the effect in not considered; other H2; H4: tech capability decreases the effect in H2; H5: opeatioal (3) not consider moderating and capability decreases the effect in H2; H6: customer credit quality the nature of mediating decrease the effect in H2 customers factors