Trade credit in SMEs: a quantile regression approach

This article analyses the determinants of the trade credit in Spanish manufacturing small and medium-sized enterprises (SMEs) from a new perspective. Specifically, we focus on the relationship between trade credit and other relevance financial resources: bank credit and self-financing. For the first time in the literature, a quantile regression approach is used, which takes into account the heterogeneity of firms in different quantiles of trade credit distribution. Our results show that the relationship between trade credit and other financial sources presents dissimilarities, including differences in sign, on SMEs with different degrees of trade credit. Our findings help to clarify the confusing results achieved in previous research on this topic.     

Trade credit versus bank credit: a simultaneous analysis in European SMEs

Small Business Economics - Trade credit and bank credit constitute two of the most important external sources of finance for small firms. The purpose of this paper, first and foremost, is to...     

Emerging Industries and the Burnout of Pioneers*

During the past decade, the public has become fascinated both by the impact of technological change on our daily lives and also by the management of the companies working to create these changes. Perhaps no other issues in current business practice have been discussed so frequently in the mass media. Francisco-Javier Olleros has taken an insightful look at an interesting yet much ignored phenomenon, namely, the frequent demise of firms which pioneer the commercialization of radically new technologies. Against the background of today's high-tech fever, the discussion presented here should help us develop a more realistic and sober view of new, emerging industries and of the merits and limitations of technology-driven competitive strategies.     

Correction to: The devil is in the details: Capital stock estimation and aggregate productivity growth—An application to the Spanish economy

Portuguese Economic Journal -     

The devil is in the details: Capital stock estimation and aggregate productivity growth—An application to the Spanish economy

Portuguese Economic Journal - The variables that contribute to explaining the major puzzles and paradoxes in macroeconomics and economic growth literature always appear related, directly or...