haku: @indexterm Estimation / yhteensä: 433
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| Tekijä: | Rodriguez-Rodriguez, O.M. |
| Otsikko: | Trade credit in small and medium size firms: An application of the system estimator with panel data |
| Lehti: | Small business economics
2006 : SEP/OCT, VOL. 27, 2-3, p. 103-126 |
| Asiasana: | small and medium-sized enterprises (SMEs) finance trade credit transaction costs asymmetric information panel data estimation Spain |
| Kieli: | eng |
| Tiivistelmä: | In this paper, empirical evidence is provided about factors determining the use of trade credit (hereafter as: tr-cr.) for a sample of small and medium size firms (SMEs). Using a panel of Canary-Island firms btw. 1990 and 1996, and by means of specifications with the system estimator, it is found that tr-cr. leads to a reduction in asymmetric information btw. firms and their financial backers, as well as in transaction costs. In addition, confirmed is the theory that companies with easier access to institutional finance act as a credit channel for those with greater difficulties to obtain external funds. |
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