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Late Payments in Accession Countries: Causes and International Comparison

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  • Janez Prašnikar

    (University of Ljubljana, Slovenia)

  • Marko Pahor

    (University of Ljubljana, Slovenia)

  • Andreja Cirman

    (University of Ljubljana, Slovenia)

Abstract

In developed countries in everyday business, payment delays often present a problem. Payment delays have already been a matter of discussion in Slovenia for several years. Irrespective of some positive movements in the past years, the state of payment discipline in Slovenia is not at a satisfactory level. In this area, Slovenia could be classified among the less successful countries when compared to other countries in Europe. Our paper determines factors behind this fact. The findings are important not only for Slovenia, but also for other EU candidate countries faced with similar problems of transition. The paper has led to the following conclusions. Firstly, the more indebted companies have longer payment delays. Secondly, the longer the contractual payment period, the shorter the payment delay. Longer payment periods are mostly received by larger companies. And thirdly, the longer the payment delays on the side of companies? buyers, the higher the incidence of late payments by the company. We can therefore conclude, based on our research, that payment delays in Slovenia depend mostly on risks involved with doing business with firms in financial distress, in particular with small businesses.

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File URL: http://jefsite.org/RePEc/pep/journl/jef-2004-09-1-d-prasnikar.pdf
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Bibliographic Info

Article provided by Pepperdine University, Graziadio School of Business and Management in its journal Journal of Entrepreneurial Finance and Business Ventures.

Volume (Year): 9 (2004)
Issue (Month): 1 (Spring)
Pages: 51-72

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Handle: RePEc:pep:journl:v:9:y:2004:i:1:p:51-72

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Keywords: Debt; Late Payments; International;

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  1. Bengt Holmstrom & Jean Tirole, 1996. "Private and Public Supply of Liquidity," NBER Working Papers 5817, National Bureau of Economic Research, Inc.
  2. Kim, Chang-Soo & Mauer, David C. & Sherman, Ann E., 1998. "The Determinants of Corporate Liquidity: Theory and Evidence," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 33(03), pages 335-359, September.
  3. Opler, Tim & Pinkowitz, Lee & Stulz, Rene & Williamson, Rohan, 1999. "The determinants and implications of corporate cash holdings," Journal of Financial Economics, Elsevier, vol. 52(1), pages 3-46, April.
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