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Does strategic deviation influence firms’ use of supplier finance?

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  • Chen, Xiaomeng Charlene
  • Jones, Stewart
  • Hasan, Mostafa Monzur
  • Zhao, Ruoyun
  • Alam, Nurul

Abstract

We investigate how strategic deviation, capturing the extent to which firms’ resource allocations or commitments deviate from those of industry peers, affects trade credit policy. We find that it increases firms’ use of supplier-provided trade credit. This finding is noticeably more pronounced among firms exhibiting higher information asymmetry but perceptibly weaker among firms with fewer financing constraints and stronger corporate governance attributes. Our analysis also reveals that strategically deviant firms borrow less from banks and that the use of more trade credit by strategically deviant firms is associated with higher market valuation. Our results are robust and highlight that strategic deviation has important implications for corporate trade credit policy.

Suggested Citation

  • Chen, Xiaomeng Charlene & Jones, Stewart & Hasan, Mostafa Monzur & Zhao, Ruoyun & Alam, Nurul, 2023. "Does strategic deviation influence firms’ use of supplier finance?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 85(C).
    • Handle: RePEc:eee:intfin:v:85:y:2023:i:c:s1042443123000550
    DOI: 10.1016/j.intfin.2023.101787
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    Keywords

    Strategic deviation; Trade credit; Information asymmetry;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General

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