Research Article
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Year 2016, , 318 - 338, 30.09.2016
https://doi.org/10.17261/Pressacademia.2016321975

Abstract

References

  • Alphonse, P. Ducret, J. Severin, E. 2004, “When trade credit facilitates access to bank finance: Evidence from US small business data”, EFMA Base Meetings Paper.
  • Banca d’Italia Economic Bulletin, various years, Roma.
  • Banca d’Italia Regional economies, various years, Roma.
  • Banca d’Italia, Annual Report, various years, Roma.
  • Biais, B. Gollier, C. 1997, “Trade Credit and Credit Rationing”, Review of Financial Studies, vol. 10, No. 4, pp. 903-937.
  • Cannari, L. Chiri, S. Omiccioli, M. 2004, “Condizioni del credito commerciale e differenziazione della clientela”, Banca d’Italia, Temi di discussione, No. 495.
  • Cannari, L. Chiri, S. Omiccioli, M. 2005, Imprese o intermediari? Aspetti finanziari e commerciali del credito tra imprese in Italia, Il Mulino. Carmignani, A. 2004, Funzionamento della giustizia civile e struttura finanziaria delle imprese: il ruolo del credito commerciale, Banca d’Italia, Temi di discussione, No. 497.
  • Demirguc-Kunt, A. Maksimovic, V. 2001, Firms as Financial Intermediaries: evidence from trade credit data, World Bank Policy Research Working Paper No. 2696, World Bank Development Research Group (DECRG) and University of Maryland.
  • Duca, J. 1986, “Trade credit and credit rationing: a theoretical model”, Board of Governors of the Federal Reserve System, Research Papers in Banking and Financial Economics, No. 94.
  • Emery, G.W. 1987, “An optimal financial response to variable Demand”, Journal of Financial and Quantitative Analysis, Vol. 22, pp. 209225.
  • Emery, G.W. 1984, “A pure financial explanation for trade credit”, Journal of Financial and Quantitative analysis, Vol. 19, pp. 271-285.
  • Fabbri, D. Klapper, L. 2008, “Market power and the matching of trade credit terms”, World Bank Policy research working paper, no. 4754.
  • Ferris, J.S. 1981, “A transactions theory of trade credit use”, Quarterly journal of Economics, vol. 96, no. 2 pp. 243-270.
  • Finaldi Russo, P. Leva, L. 2004, “Il debito commerciale in Italia: quanto contano le motivazioni finanziarie?” Temi di discussione, No. 497, Banca d’Italia, Roma.
  • Fisman, R. Love, I. 2002, “Trade credit, financial intermediary development and industry growth”, NBER working paper, No 8960.
  • Forestieri G. 1975, Il credito mercantile, Giuffrè.
  • Fox, J. 1997, Applied regressions analysis, linear models, and related methods, Sage Publications, USA.
  • Gibilaro, L. Mattarocci, G. 2010, “Le variabili predittive della posizione netta in credito commerciale: evidenze empiriche per le imprese italiane”, Credifact, Discussion Paper Series, No. 1.
  • Huyghebaert, N. 2006, “On the Determinants and Dynamics of Trade Credit: Empirical Evidence from Business Start-ups”, Journal of Business Finance & Accounting, Vol. 33, pp. 305-328.
  • Jaffe, D.M. Stiglitz, J.E. 1990, Credit rationing, in Friedman B.M. e Hahn F.H., (Ed.), Handbook of Monetary Economics, Amsterdam, North Holland.
  • Lee, Y.W. Stowe, J.D. 1993, “Product risk, asymmetric information, and trade credit”, Journal of Financial and Quantitative Analysis, Vol. 28, No. 2, pp.88-96.
  • Long, M.S. Malitz, I.B. Ravid, S.A. 1993, “Trade Credit, Quality guarantees, and Product Marketability”, Financial Management, Vol. 22, No. 4, pp. 117-127.
  • Mian, S.L. e Smith, C.W. 1992, “Accounts receivable policy management: theory and evidence”, Journal of Finance, vol. 47, pp. 169-200.
  • Panetta 2003, “Evoluzione del sistema bancario e finanziamento dell’economia nel Mezzogiorno”, Banca d’Italia, Temi di Discussione, No. 467.
  • Petersen, M.A. Rajan, R.G. 1997, “Trade credit: theories and evidence”, The Review of Financial Studies, Vol. 10, pp. 661–691.
  • Pike R., Nam Sang Cheng, Cravens K. 2005, “Trade Credit Terms: Asymmetric Information and Price Discrimination Evidence From Three Continents”, Journal of Business Finance & Accounting, Vol. 32, pp. 1197-1236.
  • Schwartz, R.A. 1974, “An economic model of trade credit”, Journal of Financial and Quantitative Analysis, Vol. 9, pp. 643-657.
  • Schwartz, R.A. Whitcomb, D.K. 1978, “Implicit transfers in the extension of trade credit”, in K.E. Boulding e T.F. Wilson (Ed.), Redistribution through the Financial System, New York.
  • Schwartz, R.A. Whitcomb, D.K. 1979, “The trade credit decision”, in Bicksler J. (Ed.), Handbook of financial economics, Amsterdam.
  • Stiglitz, J.E. Weiss, A. 1981, “Credit Rationing in Markets with Imperfect Information”, American Economic Review, Vol. 71, pp. 393-410.

TRADE CREDIT IN ITALY: FINANCING TO SELL

Year 2016, , 318 - 338, 30.09.2016
https://doi.org/10.17261/Pressacademia.2016321975

Abstract

The analysis considers Italian SMEs and investigates,
over the years 2006-2011, the existence of interdependencies between trade
credit policy and trade debt policy and the co-existence of conditions of
complementarity and substitutability between trade credit and other financing
sources. Linear regression models on a yearly basis are used and these models
are put under observation for six years.The paper shows that there are
interdependencies between trade credit policy and trade debt policy; trade
credit can be a complementary and substitute source of financing to bank loans;
conditions of substitutability and complementarity can also be observed by
considering separately firms involved in agricultural or industrial activities
and firms that perform services. 

References

  • Alphonse, P. Ducret, J. Severin, E. 2004, “When trade credit facilitates access to bank finance: Evidence from US small business data”, EFMA Base Meetings Paper.
  • Banca d’Italia Economic Bulletin, various years, Roma.
  • Banca d’Italia Regional economies, various years, Roma.
  • Banca d’Italia, Annual Report, various years, Roma.
  • Biais, B. Gollier, C. 1997, “Trade Credit and Credit Rationing”, Review of Financial Studies, vol. 10, No. 4, pp. 903-937.
  • Cannari, L. Chiri, S. Omiccioli, M. 2004, “Condizioni del credito commerciale e differenziazione della clientela”, Banca d’Italia, Temi di discussione, No. 495.
  • Cannari, L. Chiri, S. Omiccioli, M. 2005, Imprese o intermediari? Aspetti finanziari e commerciali del credito tra imprese in Italia, Il Mulino. Carmignani, A. 2004, Funzionamento della giustizia civile e struttura finanziaria delle imprese: il ruolo del credito commerciale, Banca d’Italia, Temi di discussione, No. 497.
  • Demirguc-Kunt, A. Maksimovic, V. 2001, Firms as Financial Intermediaries: evidence from trade credit data, World Bank Policy Research Working Paper No. 2696, World Bank Development Research Group (DECRG) and University of Maryland.
  • Duca, J. 1986, “Trade credit and credit rationing: a theoretical model”, Board of Governors of the Federal Reserve System, Research Papers in Banking and Financial Economics, No. 94.
  • Emery, G.W. 1987, “An optimal financial response to variable Demand”, Journal of Financial and Quantitative Analysis, Vol. 22, pp. 209225.
  • Emery, G.W. 1984, “A pure financial explanation for trade credit”, Journal of Financial and Quantitative analysis, Vol. 19, pp. 271-285.
  • Fabbri, D. Klapper, L. 2008, “Market power and the matching of trade credit terms”, World Bank Policy research working paper, no. 4754.
  • Ferris, J.S. 1981, “A transactions theory of trade credit use”, Quarterly journal of Economics, vol. 96, no. 2 pp. 243-270.
  • Finaldi Russo, P. Leva, L. 2004, “Il debito commerciale in Italia: quanto contano le motivazioni finanziarie?” Temi di discussione, No. 497, Banca d’Italia, Roma.
  • Fisman, R. Love, I. 2002, “Trade credit, financial intermediary development and industry growth”, NBER working paper, No 8960.
  • Forestieri G. 1975, Il credito mercantile, Giuffrè.
  • Fox, J. 1997, Applied regressions analysis, linear models, and related methods, Sage Publications, USA.
  • Gibilaro, L. Mattarocci, G. 2010, “Le variabili predittive della posizione netta in credito commerciale: evidenze empiriche per le imprese italiane”, Credifact, Discussion Paper Series, No. 1.
  • Huyghebaert, N. 2006, “On the Determinants and Dynamics of Trade Credit: Empirical Evidence from Business Start-ups”, Journal of Business Finance & Accounting, Vol. 33, pp. 305-328.
  • Jaffe, D.M. Stiglitz, J.E. 1990, Credit rationing, in Friedman B.M. e Hahn F.H., (Ed.), Handbook of Monetary Economics, Amsterdam, North Holland.
  • Lee, Y.W. Stowe, J.D. 1993, “Product risk, asymmetric information, and trade credit”, Journal of Financial and Quantitative Analysis, Vol. 28, No. 2, pp.88-96.
  • Long, M.S. Malitz, I.B. Ravid, S.A. 1993, “Trade Credit, Quality guarantees, and Product Marketability”, Financial Management, Vol. 22, No. 4, pp. 117-127.
  • Mian, S.L. e Smith, C.W. 1992, “Accounts receivable policy management: theory and evidence”, Journal of Finance, vol. 47, pp. 169-200.
  • Panetta 2003, “Evoluzione del sistema bancario e finanziamento dell’economia nel Mezzogiorno”, Banca d’Italia, Temi di Discussione, No. 467.
  • Petersen, M.A. Rajan, R.G. 1997, “Trade credit: theories and evidence”, The Review of Financial Studies, Vol. 10, pp. 661–691.
  • Pike R., Nam Sang Cheng, Cravens K. 2005, “Trade Credit Terms: Asymmetric Information and Price Discrimination Evidence From Three Continents”, Journal of Business Finance & Accounting, Vol. 32, pp. 1197-1236.
  • Schwartz, R.A. 1974, “An economic model of trade credit”, Journal of Financial and Quantitative Analysis, Vol. 9, pp. 643-657.
  • Schwartz, R.A. Whitcomb, D.K. 1978, “Implicit transfers in the extension of trade credit”, in K.E. Boulding e T.F. Wilson (Ed.), Redistribution through the Financial System, New York.
  • Schwartz, R.A. Whitcomb, D.K. 1979, “The trade credit decision”, in Bicksler J. (Ed.), Handbook of financial economics, Amsterdam.
  • Stiglitz, J.E. Weiss, A. 1981, “Credit Rationing in Markets with Imperfect Information”, American Economic Review, Vol. 71, pp. 393-410.
There are 30 citations in total.

Details

Journal Section Articles
Authors

Candida Bussoli This is me

Claudio Giannotti This is me

Publication Date September 30, 2016
Published in Issue Year 2016

Cite

APA Bussoli, C., & Giannotti, C. (2016). TRADE CREDIT IN ITALY: FINANCING TO SELL. Journal of Business Economics and Finance, 5(3), 318-338. https://doi.org/10.17261/Pressacademia.2016321975

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