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| Tekijä: | Garcia-Teruel, P.J. Martinez-Solano, P. |
| Otsikko: | A dynamic approach to accounts receivable: a study of Spanish SMEs |
| Lehti: | European Financial Management
2010 : JUN, VOL. 16:3, p. 400-421 |
| Asiasana: | accounts trade credit sales models Spain sales |
| Vapaa asiasana: | receivable SMEs partial adjustment endogeneity GMM method |
| Kieli: | eng |
| Tiivistelmä: | Based on a sample of 2,922 Spanish SMEs. The paper uses a dynamic panel data model and employing the GMM method of estimation and controls for unobservable heterogeneity and for potential endogeneity problems. The following results: i. the firms have a target level of accounts receivable and take decisions in order to achieve that level. ii. sales growth (if positive), the size of the firms, their capacity to generate internal funds and get short term financing, and economic growth are important in determining trade credit granted by firms. |
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