THE TRADE CREDIT AS A FORM OF FINANCING COSTUMERS: EVIDENCE IN PORTUGUESE COMPANIES

Detalhes bibliográficos
Autor(a) principal: Vieira, Elisabete Simões
Data de Publicação: 2013
Outros Autores: Pinho, Carlos C., Oliveira, Diana
Tipo de documento: Artigo
Idioma: por
Título da fonte: Revista Universo Contábil
Texto Completo: https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/3488
Resumo: This study examines the trade credit of Portuguese firms as a means of financing their customers, using a panel data sample. It contributes to the scarce of empirical studies on the reasons for the granting of trade credit, and its usefulness in the financing of their costumers, being particularly interesting in the current context of financing difficulties. Globally, the results indicate that large companies with greater access to capital markets concede trade credit to customers who have greater difficulties in access to institutional funding, supporting the hypothesis of the advantage of non-financial companies. Additionally, these companies use trade credit as a legal means of price discrimination. Finally, we found evidence that firms, regardless of their size, can reduce transaction costs through the use of trade credit.
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spelling THE TRADE CREDIT AS A FORM OF FINANCING COSTUMERS: EVIDENCE IN PORTUGUESE COMPANIESLA CONCESIÓN DE CRÉDITO COMERCIAL Y EL FINANCIAMIENTO DE LOS CLIENTES: EVIDENCIA EN LAS EMPRESAS PORTUGUESASA CONCESSÃO DE CRÉDITO COMERCIAL E O FINANCIAMENTO DOS CLIENTES: EVIDÊNCIA NAS EMPRESAS PORTUGUESASTrade creditFinancingPanel dataCréditoFinanciamientoDatos de panelCrédito comercialFinanciamentoDados em painelThis study examines the trade credit of Portuguese firms as a means of financing their customers, using a panel data sample. It contributes to the scarce of empirical studies on the reasons for the granting of trade credit, and its usefulness in the financing of their costumers, being particularly interesting in the current context of financing difficulties. Globally, the results indicate that large companies with greater access to capital markets concede trade credit to customers who have greater difficulties in access to institutional funding, supporting the hypothesis of the advantage of non-financial companies. Additionally, these companies use trade credit as a legal means of price discrimination. Finally, we found evidence that firms, regardless of their size, can reduce transaction costs through the use of trade credit.Este estudio tiene como objetivo analizar la actividad crediticia de las empresas portuguesas como medio de financiación de sus clientes, utilizando la metodología de datos de panel, lo que contribuye a la evidencia empírica escasa sobre los motivos de la concesión de crédito comercial y su utilidad en la financiación de los respectivos clientes, siempre se vuelve particularmente interesante en el contexto actual, las dificultades para obtener créditos bancarios. En general, las empresas más grandes, con mayor acceso a los mercados de capitales funcionan como proveedores de fondos de los clientes que tienen mayores dificultades en el acceso a la financiación institucional, apoyando la hipótesis de la ventaja de las empresas no financieras. Además, estas empresas utilizan el crédito comercial como medio legal de discriminación de precios. Por último, encontramos evidencia de que las empresas, independientemente de su tamaño, puede reducir los costos de transacción a través del uso del crédito comercial.Este estudo pretende analisar a concessão de crédito comercial das empresas portuguesas como meio de financiamento dos seus clientes, recorrendo à metodologia de dados em painel, contribuindo assim para a escassa evidência empírica sobre os motivos da concessão de crédito comercial e a sua utilidade no financiamento dos respetivos clientes, assunto que se torna particularmente interessante no contexto atual, de dificuldades de obtenção de crédito bancário. De um modo geral, as empresas de grande dimensão e com maior acesso ao mercado de capitais funcionam como financiadoras dos clientes que apresentam maiores dificuldades no acesso ao financiamento institucional, corroborando a hipótese da vantagem das empresas não financeiras. Adicionalmente, estas empresas utilizam o crédito comercial como um meio legal de discriminação de preços. Finalmente, encontrámos evidência de que as empresas, independentemente da sua dimensão, podem reduzir os custos de transação através da utilização do crédito comercial.Universidade Regional de Blumenau2013-12-30info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/348810.4270/ruc.20139Revista Universo Contábil; v. 9 n. 4 (2013); 144-1561809-33371809-3337reponame:Revista Universo Contábilinstname:Universidade Regional de Blumenau (FURB)instacron:FURBporhttps://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/3488/2545Copyright (c) 2014 Revista Universo Contábilinfo:eu-repo/semantics/openAccessVieira, Elisabete SimõesPinho, Carlos C.Oliveira, Diana2015-09-10T13:23:25Zoai:ojs.bu.furb.br:article/3488Revistahttps://proxy.furb.br/ojs/index.php/universocontabil/PUBhttps://proxy.furb.br/ojs/index.php/universocontabil/oai||universocontabil@furb.br1809-33371809-3337opendoar:2015-09-10T13:23:25Revista Universo Contábil - Universidade Regional de Blumenau (FURB)false
dc.title.none.fl_str_mv THE TRADE CREDIT AS A FORM OF FINANCING COSTUMERS: EVIDENCE IN PORTUGUESE COMPANIES
LA CONCESIÓN DE CRÉDITO COMERCIAL Y EL FINANCIAMIENTO DE LOS CLIENTES: EVIDENCIA EN LAS EMPRESAS PORTUGUESAS
A CONCESSÃO DE CRÉDITO COMERCIAL E O FINANCIAMENTO DOS CLIENTES: EVIDÊNCIA NAS EMPRESAS PORTUGUESAS
title THE TRADE CREDIT AS A FORM OF FINANCING COSTUMERS: EVIDENCE IN PORTUGUESE COMPANIES
spellingShingle THE TRADE CREDIT AS A FORM OF FINANCING COSTUMERS: EVIDENCE IN PORTUGUESE COMPANIES
Vieira, Elisabete Simões
Trade credit
Financing
Panel data
Crédito
Financiamiento
Datos de panel
Crédito comercial
Financiamento
Dados em painel
title_short THE TRADE CREDIT AS A FORM OF FINANCING COSTUMERS: EVIDENCE IN PORTUGUESE COMPANIES
title_full THE TRADE CREDIT AS A FORM OF FINANCING COSTUMERS: EVIDENCE IN PORTUGUESE COMPANIES
title_fullStr THE TRADE CREDIT AS A FORM OF FINANCING COSTUMERS: EVIDENCE IN PORTUGUESE COMPANIES
title_full_unstemmed THE TRADE CREDIT AS A FORM OF FINANCING COSTUMERS: EVIDENCE IN PORTUGUESE COMPANIES
title_sort THE TRADE CREDIT AS A FORM OF FINANCING COSTUMERS: EVIDENCE IN PORTUGUESE COMPANIES
author Vieira, Elisabete Simões
author_facet Vieira, Elisabete Simões
Pinho, Carlos C.
Oliveira, Diana
author_role author
author2 Pinho, Carlos C.
Oliveira, Diana
author2_role author
author
dc.contributor.author.fl_str_mv Vieira, Elisabete Simões
Pinho, Carlos C.
Oliveira, Diana
dc.subject.por.fl_str_mv Trade credit
Financing
Panel data
Crédito
Financiamiento
Datos de panel
Crédito comercial
Financiamento
Dados em painel
topic Trade credit
Financing
Panel data
Crédito
Financiamiento
Datos de panel
Crédito comercial
Financiamento
Dados em painel
description This study examines the trade credit of Portuguese firms as a means of financing their customers, using a panel data sample. It contributes to the scarce of empirical studies on the reasons for the granting of trade credit, and its usefulness in the financing of their costumers, being particularly interesting in the current context of financing difficulties. Globally, the results indicate that large companies with greater access to capital markets concede trade credit to customers who have greater difficulties in access to institutional funding, supporting the hypothesis of the advantage of non-financial companies. Additionally, these companies use trade credit as a legal means of price discrimination. Finally, we found evidence that firms, regardless of their size, can reduce transaction costs through the use of trade credit.
publishDate 2013
dc.date.none.fl_str_mv 2013-12-30
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/3488
10.4270/ruc.20139
url https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/3488
identifier_str_mv 10.4270/ruc.20139
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/3488/2545
dc.rights.driver.fl_str_mv Copyright (c) 2014 Revista Universo Contábil
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2014 Revista Universo Contábil
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Universidade Regional de Blumenau
publisher.none.fl_str_mv Universidade Regional de Blumenau
dc.source.none.fl_str_mv Revista Universo Contábil; v. 9 n. 4 (2013); 144-156
1809-3337
1809-3337
reponame:Revista Universo Contábil
instname:Universidade Regional de Blumenau (FURB)
instacron:FURB
instname_str Universidade Regional de Blumenau (FURB)
instacron_str FURB
institution FURB
reponame_str Revista Universo Contábil
collection Revista Universo Contábil
repository.name.fl_str_mv Revista Universo Contábil - Universidade Regional de Blumenau (FURB)
repository.mail.fl_str_mv ||universocontabil@furb.br
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