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دسته بندی:
مدیریت مالی - Financial Management
سال انتشار:
2018
عنوان انگلیسی مقاله:
Firm size effects in trade credit supply and demand
ترجمه فارسی عنوان مقاله:
تاثیرات اندازه شرکت در تامین اعتبار تجارت و تقاضا
منبع:
Journal of Banking & Finance Volume 93, August 2018, Pages 1-20
نویسنده:
Jochen Lawrenz, Julia Oberndorfer
چکیده انگلیسی:
By investigating trade credit usage among SMEs and large companies following the macroeconomic shock of the financial crisis of 2007/08, we identify a firm size effect, which is genuine in the sense that it cannot be entirely explained by financial constraints, external finance dependence or creditworthiness. We find that (i) SMEs, in contrast to large firms, do not display evidence for the inter-firm liquidity redistribution hypothesis. Especially large vulnerable firms did cut down trade credit provision to the detriment of small vulnerable firms. (ii) We document a general substitution effect between bank and trade credit and show that it has strengthened during the crisis among large firms, but not among SMEs. (iii) We provide evidence that the shift in trade credit financing had adverse real effects on investment behaviour of SMEs.
keywords: D22 |G01 |G20 |G32 |Trade credit |Financial crisis |SMEs |Redistribution |Substitution
قیمت: رایگان
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