A dynamic perspective on the determinants of accounts payable

被引：53

作者：

García-Teruel P.J. ^{[1
]}

Martínez-Solano P. ^{[1
]}

机构：

[1] Department of Management and Finance, Faculty of Economics and Business, University of Murcia

来源：

Review of Quantitative Finance and Accounting | 2010年 / 34卷 / 4期

关键词：

Accounts payable; Rationing; SMEs; Trade credit;

D O I：

10.1007/s11156-009-0124-0

中图分类号：

学科分类号：

摘要：

Companies can use supplier financing as a source of short-term finance. The main objective of this paper is to extend the literature on the determinants of accounts payable and to test whether the accounts payable follow a model of partial adjustment. To do this, we use a sample of 3,589 small and medium sized firms in the UK. Using a dynamic panel data model and employing GMM method of estimation we control for unobservable heterogeneity and for potential endogeneity problems. The results reveal that firms have a target level of accounts payable. In addition, we find that larger firms, with better access to alternative internal and external financing and with a lower cost, use less credit from suppliers. Moreover, firms with higher growth opportunities use more trade credit for financing sales growth. © Springer Science+Business Media, LLC 2009.

引用

页码：439 / 457

页数：18

共 35 条

[1] Antov D.S., Atanasova C.V., Trade Credit Financing: How Expensive is it Really, (2007)
[2] Arellano M., Bond S., Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations, Rev Econ Stud, 58, pp. 277-297, (1991)
[3] Berger A.N., Udell G.F., The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle, J Bank Financ, 22, pp. 613-673, (1998)
[4] Burkart M., Ellingsen T., In-kind finance: A theory of trade credit, Am Econ Rev, 94, 3, pp. 569-590, (2004)
[5] Cunat V., Trade credit: Suppliers as debt collectors and insurance providers, Rev Financ Stud, 20, pp. 491-527, (2007)
[6] Danielson M.G., Scott J.A., Bank loan availability and trade credit demand, Financ Rev, 39, pp. 579-600, (2004)
[7] Deloof M., Jegers M., Trade credit, product quality, and intragroup trade: Some European evidence, Financ Manag, 25, pp. 33-43, (1996)
[8] Deloof M., Jegers M., Trade credit, corporate groups, and the financing of Belgian firms, J Bus Financ Acc, 26, pp. 945-966, (1999)
[9] Elliehausen G.E., Wolken J.D., The Demand for Trade Credit: An Investigation of Motives for Trade Credit use by Small Businesses, (1993)
[10] Emery G.W., An optimal financial response to variable demand, J Financ Quant Anal, 22, pp. 209-225, (1987)

← 1 2 3 4 →