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Caractéristiques informationnelles du secteur d'activité et recours au crédit fournisseur
[Informational characteristics of industry secteurs and trade credit use]

  • Vigneron, Ludovic
  • Daïri, Meriam

We examine PME trade credit use across industry sectors in France between 2001 and 2010. Our main results provide evidence that suppliers efficiently deal with informational problems. First, we notice that trade credit is more important in firms total funding in sectors where standard deviations of the default probability predicted through Altman Z-score analysis is higher than the rest. Second, we notice that trade credit is less important in sectors which will suffer a higher proportion of default than the others the following year. These results take into account the effect of the 2008 shocks in regulation and economic conjuncture which globally limit trade credit use.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 51689.

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Date of creation: 24 Nov 2013
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Handle: RePEc:pra:mprapa:51689
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  1. Petersen, Mitchell A & Rajan, Raghuram G, 1994. " The Benefits of Lending Relationships: Evidence from Small Business Data," Journal of Finance, American Finance Association, vol. 49(1), pages 3-37, March.
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  10. Jeremy C. Stein, 2002. "Information Production and Capital Allocation: Decentralized versus Hierarchical Firms," Journal of Finance, American Finance Association, vol. 57(5), pages 1891-1921, October.
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  12. Allen N. Berger & Gregory F. Udell, 1998. "The economics of small business finance: the roles of private equity and debt markets in the financial growth cycle," Finance and Economics Discussion Series 1998-15, Board of Governors of the Federal Reserve System (U.S.).
  13. Brennan, Michael J & Maksimovic, Vojislav & Zechner, Josef, 1988. " Vendor Financing," Journal of Finance, American Finance Association, vol. 43(5), pages 1127-41, December.
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  15. John McMillan & Christopher Woodruff, 1998. "Interfirm Relationships and Informal Credit in Vietnam," William Davidson Institute Working Papers Series 132, William Davidson Institute at the University of Michigan.
  16. Edward I. Altman, 1968. "Financial Ratios, Discriminant Analysis And The Prediction Of Corporate Bankruptcy," Journal of Finance, American Finance Association, vol. 23(4), pages 589-609, 09.
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