The Determinants of Trade Credit in Transition Countries |
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Authors: | Anne-France Delannay and Laurent Weill |
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Institution: | (1) Institut d’Etudes Politiques, Université Robert Schuman, 47 avenue de la Forêt-Noire, 67082 Strasbourg Cedex, France |
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Abstract: | The paper investigates the determinants of trade credit in transition countries. Traditional theories of trade credit extension
suggest that both financial and commercial motives may induce non-financial companies to assume a role of financial intermediation.
Furthermore, specific conditions of financing for companies in transition countries may reserve to trade credit an important
role in financial structure. We test the determinants of accounts receivable and accounts payable on a sample of about 9300
companies from nine Central and Eastern European Countries. Results suggest that both financial and commercial motives explain
the credit behaviour of firms. However, we do not find generalised patterns in the use of trade credit among all transition
countries. |
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Keywords: | trade credit transition economies |
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