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Evidence on the Determinants of Credit Terms Used in Interfirm Trade
Open accessAbstract
Trade credit is created whenever a supplier offers terms that allow the buyer to delay payment. In this paper we document the rich variation in interfirm credit terms and credit policies across industries. We examine empirically the firm's basic credit policy choices: whether to extend credit or to require cash payment; and, if credit is extended, whether to adopt simple net terms or terms with discounts for prompt payment. We also examine determinants of variations in two‐part terms. Results are supportive primarily of theories that explain credit terms as contractual solutions to information problems concerning product quality and buyer creditworthiness.
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Cites
Coase, R. H. (1937) · Economica · doi:10.1111/j.1468-0335.1937.tb00002.x · Cited by 23,972
Cited by
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Fisman, R., & Love, I. (2003) · The Journal of Finance · doi:10.1111/1540-6261.00527 · Cited by 1,052
Effects of working capital management on SME profitability
Juan García‐Teruel, P., & Martínez‐Solano, P. (2007) · International Journal of Managerial Finance · doi:10.1108/17439130710738718 · Cited by 999
What You Sell Is What You Lend? Explaining Trade Credit Contracts
Giannetti, M., Burkart, M., & Ellingsen, T. (2011) · Review of Financial Studies · doi:10.1093/rfs/hhn096 · Cited by 938
The Exploitation of Relationships in Financial Distress: The Case of Trade Credit
Wilner, B. S. (2000) · The Journal of Finance · doi:10.1111/0022-1082.00203 · Cited by 722
Working capital management, corporate performance, and financial constraints
Baños-Caballero, S., García-Teruel, P. J., & Martínez-Solano, P. (2014) · Journal of Business Research · doi:10.1016/j.jbusres.2013.01.016 · Cited by 608
Metadata
- Authors
- Ng, C. K., Smith, J. K., & Smith, R. L.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 1999-06
- Volume
- 54
- Issue
- 3
- Pages
- 1109-1129
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2164367837
- Cited by
- 852
- References
- 1
- FWCI
- 23.78
- Type
- journal article
- Language
- en
- Open access
- bronze
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- Ng, C. K., Smith, J. K., & Smith, R. L. (1999). Evidence on the Determinants of Credit Terms Used in Interfirm Trade. The Journal of Finance. https://doi.org/10.1111/0022-1082.00138
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
