The DOI matches its Crossref record; 16 of the 16 references it cites were found in a registry or an index.
A Transactions Theory of Trade Credit Use
Abstract
This paper derives a transactions theory of trade credit use from the motives of trading partners to economize on the joint costs of exchange. In the formal analysis, uncertain delivery time is used to generate a demand by firms to hold inventories of both goods and money. Trade credit is viewed as a mechanism that separates the exchange of money from the uncertainty present in the exchange of goods. By forewarning both trading partners of the timing of money flows, credit permits a reduction in precautionary money holdings and the more effective management of net money accumulations.
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“Although relatively expensive, a small amount of trade credit may be optimal from the viewpoint of transactions costs, liquidity, and cash management and may help give the borrowing ®rm and supplier information that helps predict cash ¯ows (Ferris, 1981).”
From The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle (1998) · cites this paper as Ferris, 1981
In the citing paper
“According to Ferris (1981), the Transaction Cost Theory states that good payables management can reduce the transaction costs of paying bills by accumulating bills and making scheduled payments for all of them, as opposed to piecemeal payments, which increase the organization's costs.”
From The Effects of Working Capital Management on the Financial Performance of Commercial and Service Firms Listed on the Nairobi Securities Exchange in Kenya (2024) · cites this paper as Ferris (1981)
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Metadata
- Authors
- Ferris, J. S.
- Affiliations
- Carleton University (CA)
- Corresponding author
- Ferris, J. Stephen
- ORCID
- Ferris, J. Stephen
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 1981-05
- Volume
- 96
- Issue
- 2
- Pages
- 243
- ISSN
- 0033-5533 (ISSN-L)
- OpenAlex
- W2013704297
- Cited by
- 603
- References
- 16
- Citations by year
- 2026: 15 · 2025: 32 · 2024: 31 · 2023: 40 · 2022: 33 · 2021: 28 · 2020: 27 · 2019: 35 · 2018: 38 · 2017: 31 · 2016: 25 · 2015: 26 · 2014: 30 · 2013: 26 · 2012: 22
- FWCI
- 2.98
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- The Quarterly Journal of Economics (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Topics
- Social Sciences › Business, Management and Accounting › Accounting › Working Capital and Financial Performance
- Social Sciences › Decision Sciences › Management Science and Operations Research › Supply Chain and Inventory Management
- Social Sciences › Economics, Econometrics and Finance › Finance › Banking stability, regulation, efficiency
- Keywords
- trade credit, inventory holding, exchange costs, financial flows
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