Trade credit and bank information monopoly: an empirical evidence from portuguese small medium size enterprises
Autor(a) principal: | |
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Data de Publicação: | 2009 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.6/2977 |
Resumo: | According previous studies, a bank can set up a higher interest rate for small company by establishing a lending relationship since information asymmetry limits competition between banks. Therefore, the bank can acquire monopoly rents from small company. However, not only banks, but also suppliers of trade credit acquire information of buyers´ creditworthiness. This paper investigates how serious is monopoly information for Portuguese SMEs. We investigate if the informed non-financial companies can extend trade credit in order to decrease the monopolistic power of lenders that might lead to hold-up problems, by analyzing companies that obtain funds from just one bank and those who obtain funds from several banks. By using a panel data of 468 Portuguese SMEs for the period of 1998-2006, our results strongly suggest that high interest rates are associated to an increase in the use of trade credit. Furthermore, the findings support the existence of a link between suppliers and customers that take time to build and leads to suppliers help their customers who experience temporary liquidity shocks. Thus, the provision of trade credit alleviates the problem of monopolies information. |
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Trade credit and bank information monopoly: an empirical evidence from portuguese small medium size enterprisesPequenas e médias empresas - Crédito bancárioTrade CreditAccording previous studies, a bank can set up a higher interest rate for small company by establishing a lending relationship since information asymmetry limits competition between banks. Therefore, the bank can acquire monopoly rents from small company. However, not only banks, but also suppliers of trade credit acquire information of buyers´ creditworthiness. This paper investigates how serious is monopoly information for Portuguese SMEs. We investigate if the informed non-financial companies can extend trade credit in order to decrease the monopolistic power of lenders that might lead to hold-up problems, by analyzing companies that obtain funds from just one bank and those who obtain funds from several banks. By using a panel data of 468 Portuguese SMEs for the period of 1998-2006, our results strongly suggest that high interest rates are associated to an increase in the use of trade credit. Furthermore, the findings support the existence of a link between suppliers and customers that take time to build and leads to suppliers help their customers who experience temporary liquidity shocks. Thus, the provision of trade credit alleviates the problem of monopolies information.A literatura acerca do relacionamento entre bancos e empresas, sustenta que; uma relação de proximidade caracterizada pela troca de informação privilegiada, permite a redução da assimetria de informação, e, deste modo, a obtenção de crédito em condições mais vantajosas. Todavia esta vantagem informacional proporciona ao banco (Hausbank) um monopólio de informação, que lhe permite aumentar no futuro as taxas de juro (hold-up problem), uma vez que os bancos externos a esta relação, apresentam relutância em propor condições de crédito mais vantajosas. Neste contexto, o crédito de fornecedores, obtido junto dos mesmos, assume cada vez mais relevância. O objectivo desta investigação consiste em analisar em que medida o recurso ao crédito de fornecedores permite às empresas minimizar os efeitos do hold-up problem. Utilizando uma amostra de 468 pequenas e médias empresas industriais portuguesas (PME) para o período de 1998 a 2006, os resultados obtidos confirmam que um aumento da taxa de juro do crédito bancário está associado a um incremento do crédito de fornecedores. Este incremento é particularmente expressivo nas PME que mantêm uma relação de monopólio (negoceiam com apenas um banco – Hausbank), comparativamente às PME que optam por estabelecer relações multilaterais e, em períodos em que as PME enfrentam problemas de liquidez. Estes resultados estão em sintonia com as teorias que enfatizam a função financeira associada ao crédito de fornecedores, constituindo deste modo, uma fonte de financiamento alternativa ao crédito bancário.Gama, Ana Paula Bernardino MatiasuBibliorumAlmeida, Sílvia Gisela Teixeira2015-02-04T16:19:52Z200920092009-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.6/2977enginfo: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:RCAAP2023-12-15T09:39:14Zoai:ubibliorum.ubi.pt:10400.6/2977Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T00:44:31.907200Repositório 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 |
Trade credit and bank information monopoly: an empirical evidence from portuguese small medium size enterprises |
title |
Trade credit and bank information monopoly: an empirical evidence from portuguese small medium size enterprises |
spellingShingle |
Trade credit and bank information monopoly: an empirical evidence from portuguese small medium size enterprises Almeida, Sílvia Gisela Teixeira Pequenas e médias empresas - Crédito bancário Trade Credit |
title_short |
Trade credit and bank information monopoly: an empirical evidence from portuguese small medium size enterprises |
title_full |
Trade credit and bank information monopoly: an empirical evidence from portuguese small medium size enterprises |
title_fullStr |
Trade credit and bank information monopoly: an empirical evidence from portuguese small medium size enterprises |
title_full_unstemmed |
Trade credit and bank information monopoly: an empirical evidence from portuguese small medium size enterprises |
title_sort |
Trade credit and bank information monopoly: an empirical evidence from portuguese small medium size enterprises |
author |
Almeida, Sílvia Gisela Teixeira |
author_facet |
Almeida, Sílvia Gisela Teixeira |
author_role |
author |
dc.contributor.none.fl_str_mv |
Gama, Ana Paula Bernardino Matias uBibliorum |
dc.contributor.author.fl_str_mv |
Almeida, Sílvia Gisela Teixeira |
dc.subject.por.fl_str_mv |
Pequenas e médias empresas - Crédito bancário Trade Credit |
topic |
Pequenas e médias empresas - Crédito bancário Trade Credit |
description |
According previous studies, a bank can set up a higher interest rate for small company by establishing a lending relationship since information asymmetry limits competition between banks. Therefore, the bank can acquire monopoly rents from small company. However, not only banks, but also suppliers of trade credit acquire information of buyers´ creditworthiness. This paper investigates how serious is monopoly information for Portuguese SMEs. We investigate if the informed non-financial companies can extend trade credit in order to decrease the monopolistic power of lenders that might lead to hold-up problems, by analyzing companies that obtain funds from just one bank and those who obtain funds from several banks. By using a panel data of 468 Portuguese SMEs for the period of 1998-2006, our results strongly suggest that high interest rates are associated to an increase in the use of trade credit. Furthermore, the findings support the existence of a link between suppliers and customers that take time to build and leads to suppliers help their customers who experience temporary liquidity shocks. Thus, the provision of trade credit alleviates the problem of monopolies information. |
publishDate |
2009 |
dc.date.none.fl_str_mv |
2009 2009 2009-01-01T00:00:00Z 2015-02-04T16:19:52Z |
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/10400.6/2977 |
url |
http://hdl.handle.net/10400.6/2977 |
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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1799136342300426240 |