Memorias de investigación
Artículos en revistas:
The trade credit in the Spanish agrofood industry
Año:2011
Áreas de investigación
  • Economía agraria
Datos
Descripción
Selling on credit is rather frequent in Mediterranean countries. Its generalized use can lead to excessive enlargements of the payment periods and consequently can deteriorate the profitability of firms. In spite of the relevance of this problem there are few empirical researches. This work intends to fill this gap and to shed light on the factors related to the extension of trade credit. In the theoretical and empirical literature, different motives have been proposed to explain this issue: a mechanism to reduce transaction costs, a financial alternative to the bank system and an additional tool to improve commercial activities. To contrast these ideas a panel of 388 firms of the Spanish agrofood industry has been taken, and static and dynamic regression models have been estimated by using robust methods to heteroskedasticity, autocorrelation and endogeneity of the explanatory variables. The results confirm that trade credit receivable is associated with more active firms and with cheaper bank financing. Other factors with positive relationships are short-term bank debts and accounts payable. These findings are consistent with commercial motives, rather than a pure financial view, in the sense that financial distressed producers extend trade credit as a way of promoting their products and in turn increasing their sales.
Internacional
Si
JCR del ISI
Si
Título de la revista
Mediterranean Journal of Economics, Agriculture and Environment (New Medit)
ISSN
1594-5685
Factor de impacto JCR
0,099
Información de impacto
Volumen
10
DOI
Número de revista
2
Desde la página
51
Hasta la página
57
Mes
JUNIO
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Participantes
Grupos de investigación, Departamentos, Centros e Institutos de I+D+i relacionados
  • Creador: Departamento: Economía y Ciencias Sociales Agrarias