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Determinants of Corporate Trade Credit: An Empirical Study on Korean Firms

Yıl 2016, Cilt: 6 Sayı: 2, 414 - 419, 01.04.2016

Öz

This study is designed to determine the motives for trade credit in Korean firms. Based on data collected from 14,660 firm-year observations running from 1992 to 2011 on the Korean Stock Exchange, this paper finds strong evidence on determinants of trade credit based on financial characteristics. The principal result is that older firms with larger size, lower growth, and higher profits tend to extend accounts receivable. This evidence, while consistent with the access to financing and price discrimination hypothesis, is difficult to reconcile with the growth hypothesis. Second, this paper provides evidence that firms with larger size and greater leverage, as well as young firms, appear to use accounts payable. This finding, while consistent with the financial constraint hypothesis, is difficult to harmonize with the financing and growth hypothesis. The paper contributes to the argument about trade credit motives. It may help managers in making financial policy concerning improving firm value in the Korean market.

Yıl 2016, Cilt: 6 Sayı: 2, 414 - 419, 01.04.2016

Öz

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Ayrıntılar

Diğer ID JA68TZ95YA
Bölüm Araştırma Makalesi
Yazarlar

Woo Sung Kim Bu kişi benim

Yayımlanma Tarihi 1 Nisan 2016
Yayımlandığı Sayı Yıl 2016 Cilt: 6 Sayı: 2

Kaynak Göster

APA Kim, W. S. (2016). Determinants of Corporate Trade Credit: An Empirical Study on Korean Firms. International Journal of Economics and Financial Issues, 6(2), 414-419.
AMA Kim WS. Determinants of Corporate Trade Credit: An Empirical Study on Korean Firms. IJEFI. Nisan 2016;6(2):414-419.
Chicago Kim, Woo Sung. “Determinants of Corporate Trade Credit: An Empirical Study on Korean Firms”. International Journal of Economics and Financial Issues 6, sy. 2 (Nisan 2016): 414-19.
EndNote Kim WS (01 Nisan 2016) Determinants of Corporate Trade Credit: An Empirical Study on Korean Firms. International Journal of Economics and Financial Issues 6 2 414–419.
IEEE W. S. Kim, “Determinants of Corporate Trade Credit: An Empirical Study on Korean Firms”, IJEFI, c. 6, sy. 2, ss. 414–419, 2016.
ISNAD Kim, Woo Sung. “Determinants of Corporate Trade Credit: An Empirical Study on Korean Firms”. International Journal of Economics and Financial Issues 6/2 (Nisan 2016), 414-419.
JAMA Kim WS. Determinants of Corporate Trade Credit: An Empirical Study on Korean Firms. IJEFI. 2016;6:414–419.
MLA Kim, Woo Sung. “Determinants of Corporate Trade Credit: An Empirical Study on Korean Firms”. International Journal of Economics and Financial Issues, c. 6, sy. 2, 2016, ss. 414-9.
Vancouver Kim WS. Determinants of Corporate Trade Credit: An Empirical Study on Korean Firms. IJEFI. 2016;6(2):414-9.