Does trade credit facilitate access to bank finance?: an empirical evidence from Portuguese and Spanish small medium size enterprises
Autor(a) principal: | |
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Data de Publicação: | 2008 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.6/2929 |
Resumo: | This paper examines if trade credit could be considered as a substitute and/or a complement to bank credit in order to assess the existence of credit rationing. Using a panel dataset of 468 and 7019 Portuguese and Spanish small medium size enterprises, in the period 1998-2006, and controlling for endogeneity problems by using GMM estimators, the results confirm the existence of credit rationing, since the substitution hypothesis is confirmed. This effect is particularly strong for firms that maintaining an exclusive relationship with one bank, which indicate a greater severity of adverse selection problems for those firms. Although the substitution hypothesis is confirmed, the results seem indicate that the substitution and complementary hypothesis are not mutually exclusive, especially for a specific group of firms: the younger and smaller firms. In line with the theories that emphasize the informational role of trade credit, due the informative advantage of suppliers, our empirical results confirm that trade credit allow the younger and smaller firms to improve their reputation, as trade credit reveals the private information of the supplier to the bank, in turn, banks can update their beliefs about customer default risk and agree to increase bank credit. |
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Does trade credit facilitate access to bank finance?: an empirical evidence from Portuguese and Spanish small medium size enterprisesCrédito bancário - EspanhaCrédito bancário - PortugalThis paper examines if trade credit could be considered as a substitute and/or a complement to bank credit in order to assess the existence of credit rationing. Using a panel dataset of 468 and 7019 Portuguese and Spanish small medium size enterprises, in the period 1998-2006, and controlling for endogeneity problems by using GMM estimators, the results confirm the existence of credit rationing, since the substitution hypothesis is confirmed. This effect is particularly strong for firms that maintaining an exclusive relationship with one bank, which indicate a greater severity of adverse selection problems for those firms. Although the substitution hypothesis is confirmed, the results seem indicate that the substitution and complementary hypothesis are not mutually exclusive, especially for a specific group of firms: the younger and smaller firms. In line with the theories that emphasize the informational role of trade credit, due the informative advantage of suppliers, our empirical results confirm that trade credit allow the younger and smaller firms to improve their reputation, as trade credit reveals the private information of the supplier to the bank, in turn, banks can update their beliefs about customer default risk and agree to increase bank credit.O objectivo deste trabalho de investigação consiste em analisar se o crédito comercial obtido junto dos fornecedores e o endividamento bancário são considerados duas fontes de financiamento substitutas e/ou complementares. Usando uma amostra em dados painel de 468 e 7019 pequenas e médias empresas (PME) Portuguesas e Espanholas respectivamente, e recorrendo ao método de estimação GMM, para controlar potenciais problemas de endogeneidade, os resultados confirmam a hipótese de substituição, isto é, as empresas recorrem ao crédito junto dos fornecedores quando vêm restringido o seu acesso ao financiamento junto dos bancos. Este racionamento no acesso ao crédito bancário é particularmente relevante para as empresas que mantêm uma relação de monopólio (negoceiam com apenas um banco), o que indicia maiores problemas de selecção adversa e risco moral para estas empresas. Todavia, apesar de a hipótese de substituição ser confirmada, a evidência empírica aponta para o facto de que as hipóteses de substituição e complementaridade não serem mutuamente exclusivas, em particular para um grupo específico de empresas: as empresas mais jovens e mais pequenas. Em consonância com as teorias que enfatizam o conteúdo informativo veiculado pelo crédito comercial (qualidade da gestão, nível de risco do cliente), os resultados obtidos confirmam que o recurso ao crédito concedido pelos fornecedores ajuda as empresas mais jovens e mais pequenas a consolidarem a sua reputação no mercado de crédito. O montante de crédito comercial obtido pode ser visto como um sinal que veicula a informação privada detida pelo fornecedor aos bancos a baixo custo. Neste contexto, os bancos mostram-se mais predispostos a conceder crédito.Gama, Ana Paula Bernardino MatiasuBibliorumTeixeira, Andreia Manuela Martins2015-01-26T17:31:04Z200820082008-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.6/2929enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-12-15T09:39:10Zoai:ubibliorum.ubi.pt:10400.6/2929Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T00:44:29.913476Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Does trade credit facilitate access to bank finance?: an empirical evidence from Portuguese and Spanish small medium size enterprises |
title |
Does trade credit facilitate access to bank finance?: an empirical evidence from Portuguese and Spanish small medium size enterprises |
spellingShingle |
Does trade credit facilitate access to bank finance?: an empirical evidence from Portuguese and Spanish small medium size enterprises Teixeira, Andreia Manuela Martins Crédito bancário - Espanha Crédito bancário - Portugal |
title_short |
Does trade credit facilitate access to bank finance?: an empirical evidence from Portuguese and Spanish small medium size enterprises |
title_full |
Does trade credit facilitate access to bank finance?: an empirical evidence from Portuguese and Spanish small medium size enterprises |
title_fullStr |
Does trade credit facilitate access to bank finance?: an empirical evidence from Portuguese and Spanish small medium size enterprises |
title_full_unstemmed |
Does trade credit facilitate access to bank finance?: an empirical evidence from Portuguese and Spanish small medium size enterprises |
title_sort |
Does trade credit facilitate access to bank finance?: an empirical evidence from Portuguese and Spanish small medium size enterprises |
author |
Teixeira, Andreia Manuela Martins |
author_facet |
Teixeira, Andreia Manuela Martins |
author_role |
author |
dc.contributor.none.fl_str_mv |
Gama, Ana Paula Bernardino Matias uBibliorum |
dc.contributor.author.fl_str_mv |
Teixeira, Andreia Manuela Martins |
dc.subject.por.fl_str_mv |
Crédito bancário - Espanha Crédito bancário - Portugal |
topic |
Crédito bancário - Espanha Crédito bancário - Portugal |
description |
This paper examines if trade credit could be considered as a substitute and/or a complement to bank credit in order to assess the existence of credit rationing. Using a panel dataset of 468 and 7019 Portuguese and Spanish small medium size enterprises, in the period 1998-2006, and controlling for endogeneity problems by using GMM estimators, the results confirm the existence of credit rationing, since the substitution hypothesis is confirmed. This effect is particularly strong for firms that maintaining an exclusive relationship with one bank, which indicate a greater severity of adverse selection problems for those firms. Although the substitution hypothesis is confirmed, the results seem indicate that the substitution and complementary hypothesis are not mutually exclusive, especially for a specific group of firms: the younger and smaller firms. In line with the theories that emphasize the informational role of trade credit, due the informative advantage of suppliers, our empirical results confirm that trade credit allow the younger and smaller firms to improve their reputation, as trade credit reveals the private information of the supplier to the bank, in turn, banks can update their beliefs about customer default risk and agree to increase bank credit. |
publishDate |
2008 |
dc.date.none.fl_str_mv |
2008 2008 2008-01-01T00:00:00Z 2015-01-26T17:31:04Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.6/2929 |
url |
http://hdl.handle.net/10400.6/2929 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
instname_str |
Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
repository.mail.fl_str_mv |
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1799136342139994112 |