| Autor: |
Francesco Fasano, Maurizio La Rocca, F. Javier Sánchez-Vidal, Maria Josephin Lio, Alfio Cariola |
| Jazyk: |
angličtina |
| Rok vydání: |
2024 |
| Předmět: |
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| Zdroj: |
International Journal of Financial Studies, Vol 12, Iss 1, p 10 (2024) |
| Druh dokumentu: |
article |
| ISSN: |
2227-7072 |
| DOI: |
10.3390/ijfs12010010 |
| Popis: |
Credit from suppliers is an important source of finance for firms. It can sustain firms’ financial flexibility even in periods of downturn. In this study, using a large database of 90,763 Italian firms in the 2015–2021 period, we investigated how local financial development affects the trade-credit policies of SMEs and how this effect is conditioned by the degree of judicial enforcement. Given that trade credit can be a substitute for bank financing, we find that firms make more use of trade credit in developed financial markets. Moreover, we highlight the finding that a higher degree of judicial enforcement, which reinforces the role of contracts in the market, amplifies this effect. Finally, we observe that the COVID-19 crisis has reduced both the positive effect of local financial development and the positive moderating effect of enforcement in the use of trade credit. |
| Databáze: |
Directory of Open Access Journals |
| Externí odkaz: |
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