This paper investigates whether product market power affects trade credit decisions. We exploit the 2007-08 credit crisis in the U.S. as a source of variation in the importance of product market power for trade credit. We find that a one standard deviation increase in market power is associated to a decrease in payables of approximately four days during the crisis, showing that high market power firms alleviate financial constraints from their suppliers to avoid the loss of monopoly rents. Our inferences are robust to structural and non-structural measures of market power, both at the firm and at the industry levels, and the inclusion of controls to address potential confounding effects deriving from other firm features, including financial constraints, industry specific shocks and macroeconomic effects.Abstract: This paper investigates whether product market power affects trade credit decisions. We exploit the 2007-08 credit crisis in the U.S. as a source of variation in the importance of product market power for trade credit. We find that a one standard deviation increase in market power is associated to a decrease in payables of approximately four days during the crisis, showing that high market power firms alleviate financial constraints from their suppliers to avoid the loss of monopoly rents. Our inferences are robust to structural and non-structural measures of market power, both at the firm and at the industry levels, and the inclusion of controls to address potential confounding effects deriving from other firm features, including financial constraints, industry specific shocks and macroeconomic effects.Abstract: This paper investigates whether product market power affects trade credit decisions. We exploit the 2007-08 credit crisis in the U.S. as a source of variation in the importance of product market power for trade credit. We find that a one standard deviation increase in market power is associated to a decrease in payables of approximately four days during the crisis, showing that high market power firms alleviate financial constraints from their suppliers to avoid the loss of monopoly rents. Our inferences are robust to the use of structural and non-structural measures of market power, both at the firm and at the industry levels, and to the inclusion of controls to address potential confounding effects deriving from other firm features, including financial constraints, industry specific shocks and macroeconomic effects.
Diferentemente dos relacionamentos sociais que ocorrem normalmente no Ocidente, os relacionamentos que ocorrem na China, chamados guanxi, são uma forma especial de conexão, baseados na confiança, na qual são envolvidas sucessivas trocas de favores. O guanxi até hoje apresenta uma forte influência sobre o comportamento dos chineses, principalmente nos negócios. Essa particularidade cultural é refletida nos modelos de financiamentos informais, um dos responsáveis pelo crescimento de Pequenas e Médias Empresas [PMEs] na China. O objetivo do artigo é analisar empiricamente os modelos de financiamento baseados em guanxi no Brasil. Para isso utiliza-se o método exploratório, a partir de entrevistas realizadas com uma amostra de empreendedores chineses que possuem PMEs no Brasil. As evidências encontradas sugerem: i) os empreendedores utilizam guanxi para terem acesso ao financiamento e reduzirem o custo de crédito; ii) os modelos mais utilizados são os empréstimos diretos e crédito comercial, sendo evitados os empréstimos bancários; iii) o ambiente institucional brasileiro influencia as disponibilidades dos modelos; iv) os empreendedores participam de eventos sociais para manutenção e aquisição de guanxi.
Desempenho de fusões e aquisições cross border: análise empírica do caso brasileiro Desempeño de fusiones y adquisiciones cross border: análisis empírico del caso brasileño ABSTRACTThe purpose of this article is to investigate whether the cross-border acquisitions made by Brazilian companies over the past 15 years have improved their financial performance. Drawing on institutional, sociocultural, and organizational learning theories, this study develops and empirically tests several hypotheses on the determinants of M&A performance. The results demonstrate that the cross-border acquisition moves by Brazilian companies actually improve their financial performance. Financial performance tends to be positive when the cultural distance between the countries of the acquiring and acquired companies is low to medium and when the institutional context of the acquired company is a developed one. We also found an inverted-U shape relationship between acquiring companies' previous international M&A experience and the performance of a new cross-border operation. These findings suggest that research on international M&As should include acquirers' M&A experience as well as the institutional characteristics of their target countries. KEYWORDS | Cross-border M&A, internationalization, financial performance, institutional theory, organizational learning. RESUMO Este artigo tem como objetivo investigar se as aquisições realizadas por empresas brasileiras fora do País nos últimos 15 anos têm aumentado o desempenho financeiro dessas empresas. Além disso, é realizada uma análise empírica dos fatores determinantes desse sucesso, com base nas teorias institucional, sociocultural e de aprendizagem organizacional. Os resultados indicam que, de fato, as investidas cross border de companhias do Brasil melhoram o desempenho, que é positivamente impactado quando a distância cultural entre os países da adquirida e da adquirente é baixa ou média e quando o ambiente institucional no qual a empresa-alvo se encontra é desenvolvido. Já a relação entre as experiências anteriores das brasileiras em fusões ou aquisições internacionais e o desempenho de uma nova aquisição fora do País segue o formato de U invertido, enfatizando a relevância de se considerar a experiência com fusões e aquisições da empresa compradora além das características institucionais dos seus países-alvo. PALAVRAS-CHAVE | Fusões e aquisições cross border, internacionalização, desempenho financeiro, teoria institucional, aprendizagem organizacional. RESUMEN Este artículo tiene como objetivo investigar si las adquisiciones realizadas por empresas brasileñas fuera del País en los últimos RAE-Revista de Administração de Empresas | FGV-EAESP
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