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Supply Chain Finance and Firm Capital Structure

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  • Bottazzi, Laura
  • Gopalakrishna, Goutham
  • Tebaldi, Claudio

Abstract

We model the joint financial decisions of a bank, a supplier, and their customers when firms have access to a factoring service to support a trade credit agreement. To explore the nexus between firms’ capital structure and the intensity of their financial and productive interlinkages we develop a structural model that integrates a ’supply chain of credit’ with a model of ’downstream competition’ for customers and rationalizes the emergence of the granular networks that shape firms risk exposure. We exploit information from a proprietary dataset to identify a number of empirical regularities that correlate the use of factoring services offered by the bank with customers’ and suppliers’ capital structure determinants.

Suggested Citation

  • Bottazzi, Laura & Gopalakrishna, Goutham & Tebaldi, Claudio, 2023. "Supply Chain Finance and Firm Capital Structure," CEPR Discussion Papers 18468, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:18468
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