Bank Credit and Trade Credit: The Case of Portuguese SMEs from 2010 to 2019
Small companies face significant difficulties in accessing finance, and the use of bank credit and trade credit are the primary sources of financing, specifically in small countries, with little market liquidity, and focused on the banking system, as is the case of Portugal. The main objective of th...
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| Veröffentlicht in: | Journal of risk and financial management 2023-03, Vol.16 (3), p.170 |
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| container_title | Journal of risk and financial management |
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| creator | Melo Pinto, Pedro Henriques, Carla Cardoso, Carolina Esteves Oliveira da Silva Neves, Maria Elisabete Duarte |
| description | Small companies face significant difficulties in accessing finance, and the use of bank credit and trade credit are the primary sources of financing, specifically in small countries, with little market liquidity, and focused on the banking system, as is the case of Portugal. The main objective of this article is to identify significant drivers of bank and trade credit, as well as investigate the complementary or substitutive relationship between them, considering that both constitute an essential source of financing for small and medium-sized enterprises (SMEs). The sample comprises 5860 companies, and the analysis was performed using panel data methodology (2010–2019). The results suggest that, during the period in which the financial crisis was most felt in the country (2010–2013), companies intensified their demand for trade credit, and in the following years for bank credit. Our evidence does support the substitution hypothesis between trade and bank credit. |
| doi_str_mv | 10.3390/jrfm16030170 |
| format | Article |
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The main objective of this article is to identify significant drivers of bank and trade credit, as well as investigate the complementary or substitutive relationship between them, considering that both constitute an essential source of financing for small and medium-sized enterprises (SMEs). The sample comprises 5860 companies, and the analysis was performed using panel data methodology (2010–2019). The results suggest that, during the period in which the financial crisis was most felt in the country (2010–2013), companies intensified their demand for trade credit, and in the following years for bank credit. Our evidence does support the substitution hypothesis between trade and bank credit.</description><identifier>ISSN: 1911-8074</identifier><identifier>ISSN: 1911-8066</identifier><identifier>EISSN: 1911-8074</identifier><identifier>DOI: 10.3390/jrfm16030170</identifier><language>eng</language><publisher>Basel: MDPI AG</publisher><subject>Bank credit ; Bank loans ; Banking industry ; Banks ; Banks (Finance) ; Capital markets ; Costs ; Credit constraints ; Economic crisis ; Economic growth ; Financial crisis ; Global economy ; International finance ; Job creation ; Literature reviews ; Small & medium sized enterprises-SME ; Small and medium sized companies ; SMEs ; Sovereign debt ; Stockholders ; Trade credit</subject><ispartof>Journal of risk and financial management, 2023-03, Vol.16 (3), p.170</ispartof><rights>COPYRIGHT 2023 MDPI AG</rights><rights>2023 by the authors. Licensee MDPI, Basel, Switzerland. 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The main objective of this article is to identify significant drivers of bank and trade credit, as well as investigate the complementary or substitutive relationship between them, considering that both constitute an essential source of financing for small and medium-sized enterprises (SMEs). The sample comprises 5860 companies, and the analysis was performed using panel data methodology (2010–2019). The results suggest that, during the period in which the financial crisis was most felt in the country (2010–2013), companies intensified their demand for trade credit, and in the following years for bank credit. 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| source | MDPI - Multidisciplinary Digital Publishing Institute; Elektronische Zeitschriftenbibliothek - Frei zugängliche E-Journals |
| subjects | Bank credit Bank loans Banking industry Banks Banks (Finance) Capital markets Costs Credit constraints Economic crisis Economic growth Financial crisis Global economy International finance Job creation Literature reviews Small & medium sized enterprises-SME Small and medium sized companies SMEs Sovereign debt Stockholders Trade credit |
| title | Bank Credit and Trade Credit: The Case of Portuguese SMEs from 2010 to 2019 |
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