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Firm life cycle and trade credit
Financial Review Pub Date : 2021-04-29 , DOI: 10.1111/fire.12264
Mostafa Monzur Hasan 1 , Adrian (Wai‐Kong) Cheung 2 , Lidia Tunas 3 , Hung Wan Kot 4
Affiliation  

This study investigates the relation between firm life cycle and trade credit. We find evidence that firms in the introduction, growth, and decline stages use significantly more trade credit, whereas firms in the mature stage use significantly less trade credit. Firm life cycle works as a separate channel to affect trade credit independently from other channels proposed in the literature. These results are robust to alternative regression specifications, alternative measures of life cycle and trade credit, and the endogeneity concern. Firms in the introduction and decline stages adjust trade credit to the target level quickly compared to others.

中文翻译:

企业生命周期和贸易信用

本研究调查了企业生命周期与贸易信用之间的关系。我们发现有证据表明,处于引入、成长和衰退阶段的公司使用的贸易信贷明显较多,而处于成熟阶段的公司使用的贸易信贷明显较少。企业生命周期作为一个独立的渠道来影响贸易信贷,独立于文献中提出的其他渠道。这些结果对于替代回归规范、生命周期和贸易信贷的替代测量以及内生性问题是稳健的。与其他企业相比,处于引入和衰退阶段的企业将贸易信贷快速调整到目标水平。
更新日期:2021-04-29
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