Os Determinantes do Crédito Comercial Durante e Após a Crise Financeira Internacional de 2008
This work analyses the determinants of trade credit granted and received and the effect of the 2008 financial crisis on it. Using a sample of 96,417 Portuguese SMEs from the non-financial sector for the period 2010–2019, we found that trade credit plays an important role in firms' financing po...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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Coimbra University Press
2023-07-01
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| Series: | Notas Económicas |
| Subjects: | |
| Online Access: | https://impactum-journals.uc.pt/notaseconomicas/article/view/13354 |
| _version_ | 1797771338768711680 |
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| author | Carlos Carreira Pedro Silva |
| author_facet | Carlos Carreira Pedro Silva |
| author_sort | Carlos Carreira |
| collection | DOAJ |
| description |
This work analyses the determinants of trade credit granted and received and the effect of the 2008 financial crisis on it. Using a sample of 96,417 Portuguese SMEs from the non-financial sector for the period 2010–2019, we found that trade credit plays an important role in firms' financing policies. Firms with better access to the credit market act as financial intermediaries and grant financing to firms that have difficulty accessing credit. Moreover, the use of trade credit seems to be a substitute for bank financing. We also found that firms use trade credit as a marketing tool to increase their sales. Finally, we found a slump in credit granted to customers after the 2008 financial crisis, which seems to mimic the contraction in aggregate bank credit.
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| first_indexed | 2024-03-12T21:35:04Z |
| format | Article |
| id | doaj.art-ffdc66a86d8e44879d6a3a28dd6e9da2 |
| institution | Directory Open Access Journal |
| issn | 0872-4733 2183-203X |
| language | English |
| last_indexed | 2024-03-12T21:35:04Z |
| publishDate | 2023-07-01 |
| publisher | Coimbra University Press |
| record_format | Article |
| series | Notas Económicas |
| spelling | doaj.art-ffdc66a86d8e44879d6a3a28dd6e9da22023-07-27T11:26:54ZengCoimbra University PressNotas Económicas0872-47332183-203X2023-07-015610.14195/2183-203X_56_4Os Determinantes do Crédito Comercial Durante e Após a Crise Financeira Internacional de 2008Carlos Carreira0Pedro Silva1Universidade de CoimbraUniversidade de Coimbra This work analyses the determinants of trade credit granted and received and the effect of the 2008 financial crisis on it. Using a sample of 96,417 Portuguese SMEs from the non-financial sector for the period 2010–2019, we found that trade credit plays an important role in firms' financing policies. Firms with better access to the credit market act as financial intermediaries and grant financing to firms that have difficulty accessing credit. Moreover, the use of trade credit seems to be a substitute for bank financing. We also found that firms use trade credit as a marketing tool to increase their sales. Finally, we found a slump in credit granted to customers after the 2008 financial crisis, which seems to mimic the contraction in aggregate bank credit. https://impactum-journals.uc.pt/notaseconomicas/article/view/13354Trade CreditSMEsFinancingCommercial policy |
| spellingShingle | Carlos Carreira Pedro Silva Os Determinantes do Crédito Comercial Durante e Após a Crise Financeira Internacional de 2008 Notas Económicas Trade Credit SMEs Financing Commercial policy |
| title | Os Determinantes do Crédito Comercial Durante e Após a Crise Financeira Internacional de 2008 |
| title_full | Os Determinantes do Crédito Comercial Durante e Após a Crise Financeira Internacional de 2008 |
| title_fullStr | Os Determinantes do Crédito Comercial Durante e Após a Crise Financeira Internacional de 2008 |
| title_full_unstemmed | Os Determinantes do Crédito Comercial Durante e Após a Crise Financeira Internacional de 2008 |
| title_short | Os Determinantes do Crédito Comercial Durante e Após a Crise Financeira Internacional de 2008 |
| title_sort | os determinantes do credito comercial durante e apos a crise financeira internacional de 2008 |
| topic | Trade Credit SMEs Financing Commercial policy |
| url | https://impactum-journals.uc.pt/notaseconomicas/article/view/13354 |
| work_keys_str_mv | AT carloscarreira osdeterminantesdocreditocomercialduranteeaposacrisefinanceirainternacionalde2008 AT pedrosilva osdeterminantesdocreditocomercialduranteeaposacrisefinanceirainternacionalde2008 |