2010
DOI: 10.1590/s1807-76922010000300003
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Abstract: While trade credit may be used as a substitute for bank loans, we find empirical evidence that listed firms do use bank debt and trade credit as two complementary sources of financing in line with recent theoretical papers (e.g. Biais & Gollier, 1997) and evidence found in other empirical works (e.g. Alphonse, Ducret, & Séverin, 2006). By using a sample of 263 publicly-listed companies from 2006, our findings empirically support that trade credit may be used as (i) a sign of the firm's quality, and (ii) a way … Show more

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Cited by 12 publications
(12 citation statements)
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References 29 publications
(46 reference statements)
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“…Desde hipótesis de sustitución y complementarias propuestas por Saito (2010), Cassia (2009) hasta las hipótesis propuestas por Van Horen (2007), Klapper (2008) y Ferrando ( 2011) sobre poder de mercado, nos revelan que el estudio sobre el crédito comercial tiene mucho que aportar y descubrir, así como los factores de comportamiento y que incluyen una amplia gama de variables que se considera explican el problema. El presente trabajo tiene un objetivo más modesto y ha reducido el número de variables y plantea hipótesis básicas, que a continuación se detallan:…”
Section: Hipótesisunclassified
See 1 more Smart Citation
“…Desde hipótesis de sustitución y complementarias propuestas por Saito (2010), Cassia (2009) hasta las hipótesis propuestas por Van Horen (2007), Klapper (2008) y Ferrando ( 2011) sobre poder de mercado, nos revelan que el estudio sobre el crédito comercial tiene mucho que aportar y descubrir, así como los factores de comportamiento y que incluyen una amplia gama de variables que se considera explican el problema. El presente trabajo tiene un objetivo más modesto y ha reducido el número de variables y plantea hipótesis básicas, que a continuación se detallan:…”
Section: Hipótesisunclassified
“…Luego de un análisis de las diversas propuestas sobre variables e hipótesis alternativas que explican el comportamiento del crédito comercial (ver Saito, 2010), hemos escogido un grupo reducido de variables que a nuestro entender explican mejor el crédito comercial dentro de un modelo básico de aproximación empírica.…”
Section: Análisis De Variablesunclassified
“…The first is the acquisition of regular information, timely, rich and less costly from borrowers who are primarily clients (Lewellen, McConnell and Scott, 1980;Biais and Gollier, 1997;Jain, 2001;Frank and Maksimovic, 2005), thereby transmitting a signal to other lenders (Cook, 1999;Boissay, 2004;Alphonse, Ducret and Séverin, 2006). From this perspective, trade credit and bank credit do not appear as exclusive financing tools (Meltzer, 1960;Petersen and Rajan, 1997;Kohler, Britton and Yate, 2000;Nilsen, 2002;Bougheas, Mateut and Mizen, 2009) and complementary (Elliehaussen and Wolken, 1993;Marrota, 2001;Burkart and Ellingsen, 2004;Saito and Bandeira, 2010;Vaidya, 2011;Atanasova, 2012). The second is the increased control power due to the risk of future supplies cessation if the customer applies a risky management method (Cunat, 2007) and in case of financial disputes (Jain, 2001).…”
Section: Financial Incentivesmentioning
confidence: 99%
“…(2005), Garcia-Teruel and Martinez-Solano (2008), the size criterion used is the amount of turnover, while after Chant andWaker (1988), Fisman (2004), Fabbri and Klapper (2008), the firm size is measured by the number of employees. Pindado and Bastos (2009), Hyndman and Serio (2010), Atanasova (2012), Sivak et al (2012) have also caught the number of employees, Petersen and Rajan (1997), Niskanen and Niskanen (2006), Giannetti et al (2008), Ziane (2009), Gama andMateus (2010), Saito and Bandeira (2010), Deloof andVan Overfelt (2011), Vaidya (2011) have used the total assets as a measure of firm size, while Ono (2001) for example has considered the amount of equity. To control the influence of firm size, we introduced into our model a variable reflecting membership in the category of small businesses (PET: less than 50 employees) or large business (GDE: 50 or more employees).…”
Section: The Company Size (Pet and Gde)mentioning
confidence: 99%
“…The few studies on TC in Brazil (Saito & Bandeira, 2010;Schiozer & Brando, 2011) are based on data from large companies listed on the Brazilian Stock Exchange. In addition, Sheng, Bortoluzzo, and Santos (2013) use information from companies listed on the stock exchanges of other Latin American countries.…”
Section: Introductionmentioning
confidence: 99%