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Trade credit in SMEs: a quantile regression approach
Authors:Francisco-Javier Canto-Cuevas  María-José Palacín-Sánchez  Filippo di Pietro
Institution:1. Departamento de Economía Financiera y Dirección de Operaciones, Universidad de Sevilla, Sevilla, Espa?afcanto1@us.es;3. Departamento de Economía Financiera y Dirección de Operaciones, Universidad de Sevilla, Sevilla, Espa?a
Abstract: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.
Keywords:Trade credit  bank credit  SME  quantile regression
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