Utilize este identificador para referenciar este registo: http://hdl.handle.net/10400.22/5006
Título: The determinants of trade credit: a study of portuguese industrial companies
Autor: Santos, Juliana
Silva, Armando
Palavras-chave: Trade credit
Financing
Data: 2014
Editora: Sciedu
Resumo: Despite the relevance of trade credit as a source of business financing, the topic is far from being considered exhausted, especially because there is no general and integrated theory explaining the causes and consequences of trade credit.Our research aims to contribute towards the literature that studies the determinants for granting and receiving trade credit. In this sequence, the present study seeks to empirically test some theories about the reasons why companies grant and receive commercial credit. For this purpose we apply a fixed effect model to a panel of 11 040 Portuguese industrial companies, of which 360 are large companies and the majority 10 680 are Small and Medium Enterprises (SME) for the period between 2003 and 2009. We conclude that large companies (with greater access to credit market) serve as financial intermediaries to their clients with less access to finance. In addition, it was observed that the supplier companies use trade credit as a legal means of price discrimination. Finally, financially constrained enterprises, especially in times of financial crisis, use commercial credit as an alternative source of funding, endorsing the hypothesis of substitution between trade credit and bank credit.
Peer review: yes
URI: http://hdl.handle.net/10400.22/5006
DOI: 10.5430/ijfr.v5n4p128
ISSN: ISSN 1923-4023
Versão do Editor: http://dx.doi.org/10.5430/ijfr.v5n4p128
Aparece nas colecções:ESEIG - CGE - Artigos

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