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