Have a personal or library account? Click to login
Factors influencing the use of trade credit in financing Polish listed companies Cover

Factors influencing the use of trade credit in financing Polish listed companies

Open Access
|Apr 2021

References

  1. Afrifa, G. A., & Gyapong, E. (2017). Net trade credit: What are the determinants? International Journal of Managerial Finance, 13(3), 246-266.10.1108/IJMF-12-2015-0222
  2. Alphonse, P., Ducret, J., & Séverin, E. (2006). When trade credit facilitates access to bank finance: Evidence from US small business data. (MFS (Istanbul) Meetings Paper, 1-34).
  3. Antoniou A., Guney Y., & Paudyal K. (2008). The determinants of capital structure: Capital market-oriented versus bank-oriented institutions. Journal of Financial and Quantitative Analysis, 43(1), 59-92.10.1017/S0022109000002751
  4. Baltagi, B. (2008). Econometric analysis of panel data. Hoboken: John Wiley & Sons.
  5. Beck, T., Demirguc-Kunt, A., & Maksimovic, V. (2008). Financing patterns around the world. Are the small firms different?. Journal of Financial Economics, 89(30), 467-487.10.1016/j.jfineco.2007.10.005
  6. Bhat, R. (2004). Substitution of trade credit for bank credit: Empirical study of financing behaviour of Indian manufacturing companies using panel data. (IIMA Working Papers No. WP2004-05-08). Indian Institute of Management Ahmedabad, Research and Publication Department.
  7. Białek- Jaworska, A., & Nehrebecka, N. (2015). Rola kredytu handlowego w finansowaniu przedsiębiorstw. Gospodarka Narodowa, 5, 33-64.
  8. Bougheas, S., Mateut, S., & Mizen, P. (2009). Corporate trade credit and inventories. New evidence of a trade-off from accounts payable and receivable. Journal of Banking and Finance, 33(2), 300-307.
  9. Burkart, M., & Ellingsen, T. (2004). In-kind finance: A theory of trade credit. American Economic Review, 94(3), 569-590.10.1257/0002828041464579
  10. Cassia, L., & Vismara, S. (2009). Firms’ trade credit and the local level of development of the banking system in Europe. Investment Management and Financial Innovations, 6(4), 46-57.
  11. Ciżkowicz-Pękała, M. (2017). Trade credit: A benefit to get, a “must” to give? Motives behind trade credit use in Poland. Financial Internet Quarterly “e-Finance”, 13(4), 54-66.10.1515/fiqf-2016-0035
  12. Cunat, V. (2006). Trade credit: Suppliers as debt collectors and insurance providers. The Review of Financial Studies, 20(2), 491-527.10.1093/rfs/hhl015
  13. de Bodt, E., Lobez, F., & Statnik, J. C. (2008). Trade credit as a signal of quality. (AFFI/EUROFIDAI, Paris December 2008 Finance International Meeting AFFIEUROFIDAI).10.2139/ssrn.1282114
  14. Delannay, A. F., & Weill, L. (2004). The determinants of trade credit in transition countries. Economics of Planning, 37(3-4), 173-193.10.1007/s10644-005-5062-9
  15. Demirguc-Kunt, A., & Maksimovic, V. (2001). Firms as financial intermediaries. Evidence from trade credit data. (Policy Research Working Paper No. 2696). The World Bank Development Research Group.
  16. Duliniec A. (2017). Motywy decyzji o zadłużeniu przedsiębiorstw. Wyniki badań polskich spółek giełdowych. Finanse, Rynki Finansowe, Ubezpieczenia, 85, 237-247.
  17. Ferris, J. S. (1981). A transactions theory of trade credit use. The Quarterly Journal of Economics, 96(2), 243-270.10.2307/1882390
  18. Fisman, R. (2001). Trade credit and productive efficiency in developing countries. World Development, 29(2), 311-321.10.1016/S0305-750X(00)00096-6
  19. Gaudio del, B. L., Porzio, C., & Verdoliva, V. (2018). Trade credit, SMEs and short-run survivorship: What we know and what we would like to know. Qualitative Research in Financial Markets, 10(4), 346-362.10.1108/QRFM-02-2018-0014
  20. Giannetti, M., Burkart, M., & Ellingsen, T. (2011). What you sell is what you lend? Explaining trade credit contracts. Review of Financial Studies, 24(4), 1261-1298.10.1093/rfs/hhn096
  21. Huyghebaert, N. (2006). On the determinants and dynamics of trade credit use: Empirical evidence from business start-ups. Journal of Business Finance & Accounting, 33(1-2), 305-328.10.1111/j.1468-5957.2006.001364.x
  22. Lee, Y. W., & Stowe, J. D. (1993). Product risk, asymmetric information and trade credit. Journal of Financial and Quantitative Analysis, 28(2), 285-300.10.2307/2331291
  23. Love, I., Preve, L. A., & Sarria-Allende, V. (2007). Trade credit and bank credit: Evidence from recent financial crises. Journal of Financial Economics, 83(2), 453-469.10.1016/j.jfineco.2005.11.002
  24. Madaleno, M., Bărbuţă-Mişu, N., & Deari, F. (2019). Determinants of net trade credit: A panel VAR approach based on industry. Prague Economic Papers, (3), 330-347.10.18267/j.pep.696
  25. Marzec, J., & Pawłowska, M. (2011). Racjonowanie kredytów a substytucja między kredytem kupieckim i bankowym—badania na przykładzie polskich przedsiębiorstw. Warszawa: Narodowy Bank Polski. Departament Edukacji i Wydawnictw.
  26. Meltzer, A. H. (1960). Mercantile credit, monetary policy, and size of firms. The Review of Economics and Statistics, 42(4), 429-437.10.2307/1925692
  27. Palacín-Sánchez, M. J., Canto-Cuevas, F. J., & di-Pietro, F. (2019). Trade credit versus bank credit: a simultaneous analysis in European SMEs. Small Business Economics, 53(4), 1079-1096.10.1007/s11187-018-0101-x
  28. Petersen, M. A., & Rajan, R. G. (1997). Trade credit: Theories and evidence. The Review of Financial Studies, 10(3), 661-691.10.1093/rfs/10.3.661
  29. Pepur, S., Kovač, D., & Ćurak, M. (2020). Factors behind trade credit financing of SMEs in Croatia. Zbornik Veleučilišta u Rijeci, 8(1), 59-76.10.31784/zvr.8.1.11
  30. Rodríguez-Rodríguez, O. M. (2006). Trade credit in small and medium size firms: An application of the system estimator with panel data. Small Business Economics, 27(2-3), 103-126.10.1007/s11187-006-0017-8
  31. Santos, J., & Silva, A. (2014). The determinants of trade credit: A study of Portuguese industrial companies. International Journal of Financial Research, 5, 128-138.10.5430/ijfr.v5n4p128
  32. Schwartz, R. A. (1974). An economic model of trade credit. Journal of Financial and Quantitative Analysis, 9(4), 643-657.10.2307/2329765
  33. Zawadzka, D. (2009). Determinanty popytu małych przedsiębiorstw na kredyt hand-lowy: identyfikacja i ocena. Poznań: Wydawnictwo Uniwersytetu Ekonomicznego w Poznaniu.
  34. Xu, H., Nguyen, D., & Dao, M. (2021). Pilot CEOs and trade credit. The European Journal of Finance, 27(6), 486-509.10.1080/1351847X.2020.1816560
DOI: https://doi.org/10.18559/ebr.2021.1.7 | Journal eISSN: 2450-0097 | Journal ISSN: 2392-1641
Language: English
Page range: 113 - 134
Submitted on: Jan 16, 2021
Accepted on: Mar 18, 2021
Published on: Apr 27, 2021
Published by: Poznań University of Economics and Business Press
In partnership with: Paradigm Publishing Services
Publication frequency: 4 issues per year

© 2021 Aleksandra Duliniec, Natalia Świda, published by Poznań University of Economics and Business Press
This work is licensed under the Creative Commons Attribution 4.0 License.