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Title:

The role of trade credit in business operations

Group publication title:

Argumenta Oeconomica

Creator:

Białek-Jaworska, Anna ; Nehrebecka, Natalia

Subject and Keywords:

trade credit ; liabilities ; receivables ; corporate finance ; monetary policy ; dynamic panel data models ; system GMM

Description:

Argumenta Oeconomica, 2016, Nr 2 (37), s. 189-231

Abstrakt:

The paper aims to analyse the importance of trade credit in the financing of enterprises in Poland and to identify the determinants of the use of trade credit by Polish companies. Companies are granted trade credit by their suppliers while also extending them to their own recipients, therefore trade credit was analysed in net terms, i.e. the plus or minus sign and the difference between the trade credit obtained and extended in Poland. The trade credit received was measured as a trade liability without current expenses, i.e. adjusted by the current short-term trade liabilities amounting to the average monthly expenditures on the core activity (1/12 of the material and energy consumption plus the cost of subcontracted services). The determinants of the net trade credit use include the company size, the industry it represents, the share of exports in sales and the proportion of foreign ownership in the share capital, as well as the interest rate channel and the currency rate channel in the monetary policy transmission. Analysis was based on Central Statistical Office panel data: annual reports F-02 for the years 1995−2011 [...]

Publisher:

Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu

Place of publication:

Wrocław

Date:

2016

Resource Type:

artykuł

Format:

application/pdf

Resource Identifier:

doi:10.15611/aoe.2016.2.08

Language:

eng

Relation:

Argumenta Oeconomica, 2016, Nr 2 (37)

Rights:

Wszystkie prawa zastrzeżone (Copyright)

Access Rights:

Dla wszystkich w zakresie dozwolonego użytku

Location:

Uniwersytet Ekonomiczny we Wrocławiu