Trade credit and supplier competition
Author
Abstract
Suggested Citation
DOI: 10.1016/j.jfineco.2018.08.008
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- John McMillan & Christopher Woodruff, 1999.
"Interfirm Relationships and Informal Credit in Vietnam,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 114(4), pages 1285-1320.
- McMillan, John & Woodruff, Christopher, 1998. "Inter-Firm Relationships and Informal Credit in Vietnam," CEPR Discussion Papers 2036, C.E.P.R. Discussion Papers.
- John McMillan & Christopher Woodruff, 1998. "Interfirm Relationships and Informal Credit in Vietnam," William Davidson Institute Working Papers Series 132, William Davidson Institute at the University of Michigan.
- Smith, Janet Kiholm, 1987. "Trade Credit and Informational Asymmetry," Journal of Finance, American Finance Association, vol. 42(4), pages 863-872, September.
- Simon Johnson & John McMillan & Christopher Woodruff, 2002.
"Property Rights and Finance,"
American Economic Review, American Economic Association, vol. 92(5), pages 1335-1356, December.
- Simon Johnson & John McMillan & Christopher Woodruff, 2002. "Property Rights and Finance," NBER Working Papers 8852, National Bureau of Economic Research, Inc.
- Petersen, Mitchell A & Rajan, Raghuram G, 1997.
"Trade Credit: Theories and Evidence,"
The Review of Financial Studies, Society for Financial Studies, vol. 10(3), pages 661-691.
- Mitchell A. Petersen & Raghuram G. Rajan, "undated". "Trade Credit: Theories and Evidence," CRSP working papers 322, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
- Mitchell A. Petersen & Raghuram G. Rajan, 1996. "Trade Credit: Theories and Evidence," NBER Working Papers 5602, National Bureau of Economic Research, Inc.
- Bolton, Patrick & Scharfstein, David S, 1990. "A Theory of Predation Based on Agency Problems in Financial Contracting," American Economic Review, American Economic Association, vol. 80(1), pages 93-106, March.
- Raymond Fisman & Mayank Raturi, 2004.
"Does Competition Encourage Credit Provision? Evidence from African Trade Credit Relationships,"
The Review of Economics and Statistics, MIT Press, vol. 86(1), pages 345-352, February.
- Raymond Fisman & Mayank Raturi, 2003. "Does Competition Encourage Credit Provision? Evidence from African Trade Credit Relationships," NBER Working Papers 9659, National Bureau of Economic Research, Inc.
- Robert Kieschnick & Mark Laplante & Rabih Moussawi, 2013. "Working Capital Management and Shareholders' Wealth," Review of Finance, European Finance Association, vol. 17(5), pages 1827-1852.
- Bronwyn H. Hall & Adam Jaffe & Manuel Trajtenberg, 2005.
"Market Value and Patent Citations,"
RAND Journal of Economics, The RAND Corporation, vol. 36(1), pages 16-38, Spring.
- Hall, Bronwyn H. & Jaffe, A & Trajtenberg, M, 2005. "Market value and patent citations," Department of Economics, Working Paper Series qt0cs6v2w7, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
- Mike Burkart & Tore Ellingsen, 2004.
"In-Kind Finance: A Theory of Trade Credit,"
American Economic Review, American Economic Association, vol. 94(3), pages 569-590, June.
- Burkart, Mike & Ellingsen, Tore, 2004. "In-kind finance: a theory of trade credit," LSE Research Online Documents on Economics 69548, London School of Economics and Political Science, LSE Library.
- Brander, James A. & Lewis, Tracy R., 1986. "Oligopoly and Financial Structure: The Limited Liability Effect," American Economic Review, American Economic Association, vol. 76(5), pages 956-970, December.
- repec:oup:rfinst:v:25:y::i:12:p:3572-3609 is not listed on IDEAS
- Hirshleifer, David & Hsu, Po-Hsuan & Li, Dongmei, 2013. "Innovative efficiency and stock returns," Journal of Financial Economics, Elsevier, vol. 107(3), pages 632-654.
- Bernanke, Ben S. & Gertler, Mark & Gilchrist, Simon, 1999.
"The financial accelerator in a quantitative business cycle framework,"
Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 21, pages 1341-1393,
Elsevier.
- Bernanke, B. & Gertler, M. & Gilchrist, S., 1998. "The Financial Accelerator in a Quantitative Business Cycle Framework," Working Papers 98-03, C.V. Starr Center for Applied Economics, New York University.
- Ben Bernanke & Mark Gertler & Simon Gilchrist, 1998. "The Financial Accelerator in a Quantitative Business Cycle Framework," NBER Working Papers 6455, National Bureau of Economic Research, Inc.
- Mitchell A. Petersen & Raghuram G. Rajan, 1995.
"The Effect of Credit Market Competition on Lending Relationships,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 110(2), pages 407-443.
- Mitchell A. Petersen & Raghuram G. Rajan, 1994. "The Effect of Credit Market Competition on Lending Relationships," NBER Working Papers 4921, National Bureau of Economic Research, Inc.
- Lee, Yul W. & Stowe, John D., 1993. "Product Risk, Asymmetric Information, and Trade Credit," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 28(2), pages 285-300, June.
- Viral Acharya & Sergei A. Davydenko & Ilya A. Strebulaev, 2012.
"Cash Holdings and Credit Risk,"
The Review of Financial Studies, Society for Financial Studies, vol. 25(12), pages 3572-3609.
- Acharya, Viral & Strebulaev, Ilya & Davydenko, Sergei A., 2009. "Cash Holdings and Credit Risk," CEPR Discussion Papers 7125, C.E.P.R. Discussion Papers.
- Viral V. Acharya & Sergei A. Davydenko & Ilya A. Strebulaev, 2011. "Cash Holdings and Credit Risk," NBER Working Papers 16995, National Bureau of Economic Research, Inc.
- repec:bla:jfinan:v:43:y:1988:i:5:p:1127-41 is not listed on IDEAS
- Gerard Hoberg & Gordon Phillips, 2016.
"Text-Based Network Industries and Endogenous Product Differentiation,"
Journal of Political Economy, University of Chicago Press, vol. 124(5), pages 1423-1465.
- Gerard Hoberg & Gordon M. Phillips, 2010. "Text-Based Network Industries and Endogenous Product Differentiation," NBER Working Papers 15991, National Bureau of Economic Research, Inc.
- Mariassunta Giannetti & Mike Burkart & Tore Ellingsen, 2011.
"What You Sell Is What You Lend? Explaining Trade Credit Contracts,"
The Review of Financial Studies, Society for Financial Studies, vol. 24(4), pages 1261-1298.
- Ellingsen, Tore & Burkart, Mike & Giannetti, Mariassunta, 2004. "What You Sell is What You Lend? Explaining Trade Credit Contracts," CEPR Discussion Papers 4823, C.E.P.R. Discussion Papers.
- Giannetti, Mariassunta & Burkart, Mike & Ellingsen, Tore, 2011. "What you sell is what you lend? Explaining trade credit contracts," LSE Research Online Documents on Economics 69543, London School of Economics and Political Science, LSE Library.
- Biais, Bruno & Gollier, Christian, 1997. "Trade Credit and Credit Rationing," The Review of Financial Studies, Society for Financial Studies, vol. 10(4), pages 903-937.
- Charles J. Hadlock & Joshua R. Pierce, 2010. "New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index," The Review of Financial Studies, Society for Financial Studies, vol. 23(5), pages 1909-1940.
- Jain, Neelam, 2001. "Monitoring costs and trade credit," The Quarterly Review of Economics and Finance, Elsevier, vol. 41(1), pages 89-110.
- Campello, Murillo & Graham, John R. & Harvey, Campbell R., 2010.
"The real effects of financial constraints: Evidence from a financial crisis,"
Journal of Financial Economics, Elsevier, vol. 97(3), pages 470-487, September.
- Murillo Campello & John Graham & Campbell R. Harvey, 2009. "The Real Effects of Financial Constraints: Evidence from a Financial Crisis," NBER Working Papers 15552, National Bureau of Economic Research, Inc.
- Bo Becker & Jens Josephson, 2016.
"Insolvency Resolution and the Missing High-Yield Bond Markets,"
The Review of Financial Studies, Society for Financial Studies, vol. 29(10), pages 2814-2849.
- Bo Becker & Jens Josephson, 2013. "Insolvency Resolution and the Missing High Yield Bond Markets," NBER Working Papers 19415, National Bureau of Economic Research, Inc.
- S. Alex Yang & John R. Birge, 2018. "Trade Credit, Risk Sharing, and Inventory Financing Portfolios," Management Science, INFORMS, vol. 64(8), pages 3667-3689, August.
- Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November.
- Jean-Noël Barrot, 2016. "Trade Credit and Industry Dynamics: Evidence from Trucking Firms," Journal of Finance, American Finance Association, vol. 71(5), pages 1975-2016, October.
- Andrea L. Eisfeldt & Dimitris Papanikolaou, 2013.
"Organization Capital and the Cross-Section of Expected Returns,"
Journal of Finance, American Finance Association, vol. 68(4), pages 1365-1406, August.
- Dimitris Papanikolaou & Andrea Eisfeldt, 2009. "Organization Capital and the Cross-Section of Expected Returns," 2009 Meeting Papers 671, Society for Economic Dynamics.
- Rauch, James E., 1999.
"Networks versus markets in international trade,"
Journal of International Economics, Elsevier, vol. 48(1), pages 7-35, June.
- James E. Rauch, 1996. "Networks versus Markets in International Trade," NBER Working Papers 5617, National Bureau of Economic Research, Inc.
- Nishant Dass & Jayant R. Kale & Vikram Nanda, 2015. "Trade Credit, Relationship-specific Investment, and Product Market Power," Review of Finance, European Finance Association, vol. 19(5), pages 1867-1923.
- Emery, Gary W., 1987. "An Optimal Financial Response to Variable Demand," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 22(2), pages 209-225, June.
- Lauren Cohen & Andrea Frazzini, 2008. "Economic Links and Predictable Returns," Journal of Finance, American Finance Association, vol. 63(4), pages 1977-2011, August.
- Se-Jik Kim & Hyun Song Shin, 2012. "Sustaining Production Chains through Financial Linkages," American Economic Review, American Economic Association, vol. 102(3), pages 402-406, May.
- J. Stephen Ferris, 1981. "A Transactions Theory of Trade Credit Use," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 96(2), pages 243-270.
- Gerard Hoberg & Gordon Phillips, 2010.
"Product Market Synergies and Competition in Mergers and Acquisitions: A Text-Based Analysis,"
The Review of Financial Studies, Society for Financial Studies, vol. 23(10), pages 3773-3811, October.
- Gerard Hoberg & Gordon M. Phillips, 2008. "Product Market Synergies and Competition in Mergers and Acquisitions: A Text-Based Analysis," NBER Working Papers 14289, National Bureau of Economic Research, Inc.
- Jiri Chod, 2017. "Inventory, Risk Shifting, and Trade Credit," Management Science, INFORMS, vol. 63(10), pages 3207-3225, October.
- Jeremy C. Stein, 1998.
"An Adverse-Selection Model of Bank Asset and Liability Management with Implications for the Transmission of Monetary Policy,"
RAND Journal of Economics, The RAND Corporation, vol. 29(3), pages 466-486, Autumn.
- Jeremy C. Stein, 1995. "An Adverse Selection Model of Bank Asset and Liability Management with Implications for the Transmission of Monetary Policy," NBER Working Papers 5217, National Bureau of Economic Research, Inc.
- Chee K. Ng & Janet Kiholm Smith & Richard L. Smith, 1999. "Evidence on the Determinants of Credit Terms Used in Interfirm Trade," Journal of Finance, American Finance Association, vol. 54(3), pages 1109-1129, June.
- Froot, Kenneth A & Scharfstein, David S & Stein, Jeremy C, 1993.
"Risk Management: Coordinating Corporate Investment and Financing Policies,"
Journal of Finance, American Finance Association, vol. 48(5), pages 1629-1658, December.
- Kenneth A. Froot & David S. Scharfstein & Jeremy C. Stein, 1992. "Risk Management: Coordinating Corporate Investment and Financing Policies," NBER Working Papers 4084, National Bureau of Economic Research, Inc.
- Michael S. Long & Ileen B. Malitz & S. Abraham Ravid, 1993. "Trade Credit, Quality Guarantees, and Product," Financial Management, Financial Management Association, vol. 22(4), Winter.
- Fabbri, Daniela & Klapper, Leora F., 2016. "Bargaining power and trade credit," Journal of Corporate Finance, Elsevier, vol. 41(C), pages 66-80.
- Lemmon, Michael & Roberts, Michael R., 2010. "The Response of Corporate Financing and Investment to Changes in the Supply of Credit," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 45(3), pages 555-587, June.
- Panos Kouvelis & Wenhui Zhao, 2012. "Financing the Newsvendor: Supplier vs. Bank, and the Structure of Optimal Trade Credit Contracts," Operations Research, INFORMS, vol. 60(3), pages 566-580, June.
- Benjamin S. Wilner, 2000. "The Exploitation of Relationships in Financial Distress: The Case of Trade Credit," Journal of Finance, American Finance Association, vol. 55(1), pages 153-178, February.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Heikki Peura & S. Alex Yang & Guoming Lai, 2017. "Trade Credit in Competition: A Horizontal Benefit," Manufacturing & Service Operations Management, INFORMS, vol. 19(2), pages 263-289, May.
- D'Mello, Ranjan & Toscano, Francesca, 2020. "Economic policy uncertainty and short-term financing: The case of trade credit," Journal of Corporate Finance, Elsevier, vol. 64(C).
- Hsiao-Hui Lee & Jianer Zhou & Jingqi Wang, 2018. "Trade Credit Financing Under Competition and Its Impact on Firm Performance in Supply Chains," Manufacturing & Service Operations Management, INFORMS, vol. 20(1), pages 36-52, February.
- Gyimah, Daniel & Machokoto, Michael & Sikochi, Anywhere (Siko), 2020. "Peer influence on trade credit," Journal of Corporate Finance, Elsevier, vol. 64(C).
- Mateut, Simona & Chevapatrakul, Thanaset, 2018.
"Customer financing, bargaining power and trade credit uptake,"
International Review of Financial Analysis, Elsevier, vol. 59(C), pages 147-162.
- Simona Mateut & Thanaset Chevapatrakul, 2016. "Customer financing, bargaining power and trade credit uptake," Discussion Papers 2016/04, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM).
- Simona Mateut & Thanaset Chevapatrakul, 2017. "Customer financing, bargaining power and trade credit uptake," Discussion Papers 2017/04, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM).
- Abdulla, Yomna & Dang, Viet Anh & Khurshed, Arif, 2020. "Suppliers' listing status and trade credit provision," Journal of Corporate Finance, Elsevier, vol. 60(C).
- Tsuruta, Daisuke & Uchida, Hirofumi, 2019.
"The real driver of trade credit,"
Pacific-Basin Finance Journal, Elsevier, vol. 57(C).
- TSURUTA Daisuke & UCHIDA Hirofumi, 2013. "Real Driver of Trade Credit," Discussion papers 13037, Research Institute of Economy, Trade and Industry (RIETI).
- Wahyu Jatmiko & M. Shahid Ebrahim & Abdullah Iqbal & Rafal M. Wojakowski, 2023. "Can trade credit rejuvenate Islamic banking?," Review of Quantitative Finance and Accounting, Springer, vol. 60(1), pages 111-146, January.
- Jiao Wang & Lima Zhao & Arnd Huchzermeier, 2021. "Operations‐Finance Interface in Risk Management: Research Evolution and Opportunities," Production and Operations Management, Production and Operations Management Society, vol. 30(2), pages 355-389, February.
- Jiri Chod, 2017. "Inventory, Risk Shifting, and Trade Credit," Management Science, INFORMS, vol. 63(10), pages 3207-3225, October.
- El Ghoul, Sadok & Zheng, Xiaolan, 2016. "Trade credit provision and national culture," Journal of Corporate Finance, Elsevier, vol. 41(C), pages 475-501.
- Leora Klapper & Luc Laeven & Raghuram Rajan, 2012.
"Trade Credit Contracts,"
The Review of Financial Studies, Society for Financial Studies, vol. 25(3), pages 838-867.
- Klapper, Leora & Laeven, Luc & Rajan, Raghuram, 2010. "Trade credit contracts," Policy Research Working Paper Series 5328, The World Bank.
- Klapper, Leora & Laeven, Luc & Rajan, Raghuram, 2011. "Trade credit contracts," Policy Research Working Paper Series 5726, The World Bank.
- Leora F. Klapper & Luc Laeven & Raghuram Rajan, 2011. "Trade Credit Contracts," NBER Working Papers 17146, National Bureau of Economic Research, Inc.
- Cao, Zhangfan & Chen, Steven Xianglong & Lee, Edward, 2022. "Does business strategy influence interfirm financing? Evidence from trade credit," Journal of Business Research, Elsevier, vol. 141(C), pages 495-511.
- Volodymyr Babich & Panos Kouvelis, 2018. "Introduction to the Special Issue on Research at the Interface of Finance, Operations, and Risk Management (iFORM): Recent Contributions and Future Directions," Manufacturing & Service Operations Management, INFORMS, vol. 20(1), pages 1-18, February.
- Pierluigi Murro & Valentina Peruzzi, 2022.
"Relationship lending and the use of trade credit: the role of relational capital and private information,"
Small Business Economics, Springer, vol. 59(1), pages 327-360, June.
- Pierluigi Murro & Valentina Peruzzi, 2020. "Relationship lending and the use of trade credit: the role of relational capital and private information," Working Papers CASMEF 2006, Dipartimento di Economia e Finanza, LUISS Guido Carli.
- Tarkom, Augustine & Yang, Lukai, 2024. "Presidential economic approval rating and trade credit," International Review of Financial Analysis, Elsevier, vol. 93(C).
- Mateut, Simona & Mizen, Paul & Ziane, Ydriss, 2015.
"Inventory composition and trade credit,"
International Review of Financial Analysis, Elsevier, vol. 42(C), pages 434-446.
- Simona Mateut & Paul Mizen & Ydriss Ziane, 2015. "Inventory composition and trade credit," Post-Print halshs-02023750, HAL.
- Bougheas, Spiros & Mateut, Simona & Mizen, Paul, 2009.
"Corporate trade credit and inventories: New evidence of a trade-off from accounts payable and receivable,"
Journal of Banking & Finance, Elsevier, vol. 33(2), pages 300-307, February.
- Simona Mateut & Spiros Bougheas & Paul Mizen, 2008. "Corporate trade credit and inventories: New evidence of a tradeoff from accounts payable and receivable," Discussion Papers 08/09, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM).
- Michael Machokoto & Daniel Gyimah & Boulis Maher Ibrahim, 2022. "The evolution of trade credit: new evidence from developed versus developing countries," Review of Quantitative Finance and Accounting, Springer, vol. 59(3), pages 857-912, October.
- Uchida, Hirofumi & Udell, Gregory F. & Watanabe, Wako, 2013.
"Are trade creditors relationship lenders?,"
Japan and the World Economy, Elsevier, vol. 25, pages 24-38.
- Hirofumi Uchida & Gregory F. Udell & Wako Watanabe, 2006. "Are Trade Creditors Relationship Lenders?," Discussion papers 06026, Research Institute of Economy, Trade and Industry (RIETI).
More about this item
Keywords
Trade credit; Competition; Product substitutability;All these keywords.
JEL classification:
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:jfinec:v:131:y:2019:i:2:p:484-505. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/505576 .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.