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Trade Crediting – Barriers to Its Use for Financing the Innovations

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  • Galia Taseva
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    Abstract

    Trade credit is one of the traditional sources of firm financing, which keeps its significance in the modern conditions of development of the financial markets and innovations. It is a means of increasing the flexibility and adaptivity of the firms. Its significance as a financial and operative instrument for carrying out the enterprise activity additionally increases in crisis and lowering the access to institutional financing. As an alternative source of financial resource, the trade credit encourages the innovation activity of the enterprises. However, its impact could be opposite as well. The increase of intra-firm debts above certain sizes, particularly of the share of delayed and uncollectable debts becomes a factor, which moves the focus of the management attention from the opportunities of innovative development to insuring liquidity necessary for survival of the firm.

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    Bibliographic Info

    Article provided by Bulgarian Academy of Sciences - Economic Research Institute in its journal Economic Studies.

    Volume (Year): (2012)
    Issue (Month): 3 ()
    Pages: 154-162

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    Handle: RePEc:bas:econst:y:2012:i:3:p:154-162

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    1. Delimatsis, Panagiotis, 2011. "Financial Innovation and Transparency in Turbulent Times," Journal of Financial Transformation, Capco Institute, vol. 33, pages 99-112.
    2. Emery, Gary W., 1984. "A Pure Financial Explanation for Trade Credit," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 19(03), pages 271-285, September.
    3. Petersen, Mitchell A & Rajan, Raghuram G, 1997. "Trade Credit: Theories and Evidence," Review of Financial Studies, Society for Financial Studies, vol. 10(3), pages 661-91.
    4. Simon Johnson & John McMillan, 2002. "Courts and Relational Contracts," Journal of Law, Economics and Organization, Oxford University Press, vol. 18(1), pages 221-277, April.
    5. Lee, Yul W. & Stowe, John D., 1993. "Product Risk, Asymmetric Information, and Trade Credit," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 28(02), pages 285-300, June.
    6. Smith, Janet Kiholm, 1987. " Trade Credit and Informational Asymmetry," Journal of Finance, American Finance Association, vol. 42(4), pages 863-72, September.
    7. Mike Burkart & Tore Ellingsen, 2004. "In-Kind Finance: A Theory of Trade Credit," American Economic Review, American Economic Association, vol. 94(3), pages 569-590, June.
    8. Ferris, J Stephen, 1981. "A Transactions Theory of Trade Credit Use," The Quarterly Journal of Economics, MIT Press, vol. 96(2), pages 243-70, May.
    9. Delimatsis, P., 2011. "Financial innovation and transparency in turbulent times," Discussion Paper 2011-031, Tilburg University, Tilburg Law and Economic Center.
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