The Role of Trade Credit in the Spanish Agrofood Industry

Alarcón Lorenzo, Silverio (2008). The Role of Trade Credit in the Spanish Agrofood Industry. En: "International Congress of European Association of Agricultural Economists, 2008", 26/08/2008-29/08/2008, Gante, Bélgica.

Descripción

Título: The Role of Trade Credit in the Spanish Agrofood Industry
Autor/es:
  • Alarcón Lorenzo, Silverio
Tipo de Documento: Ponencia en Congreso o Jornada (Artículo)
Título del Evento: International Congress of European Association of Agricultural Economists, 2008
Fechas del Evento: 26/08/2008-29/08/2008
Lugar del Evento: Gante, Bélgica
Título del Libro: Proceedings of International Congress of European Association of Agricultural Economists, 2008
Fecha: 2008
Materias:
Escuela: E.T.S.I. Agrónomos (UPM) [antigua denominación]
Departamento: Economía y Ciencias Sociales Agrarias [hasta 2014]
Licencias Creative Commons: Reconocimiento - Sin obra derivada - No comercial

Texto completo

[img]
Vista Previa
PDF (Document Portable Format) - Se necesita un visor de ficheros PDF, como GSview, Xpdf o Adobe Acrobat Reader
Descargar (148kB) | Vista Previa

Resumen

Trade credit is an important way of firm financing. Its habitual practice and the excessive enlargement of the payment periods deteriorate profitability of firms and even could affect the performance of the financial system. In spite of the relevance of this issue there are few empirical researches with Spanish firms. This work intends to fill this gap and to shed light on the factors related to the extension of trade credit in a set firms of the agrofood industry. In the theoretic and empirical literature different motives have been proposed to explain the extension of trade credit: a mechanism to reduce transaction costs, a financial alternative to the bank system and an additional tool to improve commercial activities. To contrast these ideas a panel of 388 firms for the period 1998-2005 has been taken, and static and dynamic regression models have been estimated by using robust methods to heteroskedasticity, autocorrelation and endogeneity of the explanatory variables. The results confirm that trade credit receivable is associated with more active firms and with cheaper bank financing. Furthermore, a negative link with the size of the firm and a positive relationship with short-term liabilities, accounts payable and bank debts, are encountered. These findings are consistent with commercial perspectives, rather than a pure financial view, in the sense that small and financial distressed producers extend trade credit as a way of promoting products and increasing sales.

Más información

ID de Registro: 4569
Identificador DC: http://oa.upm.es/4569/
Identificador OAI: oai:oa.upm.es:4569
URL Oficial: http://www.eaae.org
Depositado por: Memoria Investigacion
Depositado el: 14 Oct 2010 09:12
Ultima Modificación: 20 Abr 2016 13:44
  • Open Access
  • Open Access
  • Sherpa-Romeo
    Compruebe si la revista anglosajona en la que ha publicado un artículo permite también su publicación en abierto.
  • Dulcinea
    Compruebe si la revista española en la que ha publicado un artículo permite también su publicación en abierto.
  • Recolecta
  • e-ciencia
  • Observatorio I+D+i UPM
  • OpenCourseWare UPM