The study, aimed at evaluating the likely effects of the EC Directive on late payments, providesdirect evidence that interfirm credit received by Italian manufacturing firms is, if ever, only slightlymore expensive than bank loans. An econometric exercise shows that financial determinants have astronger impact on recorded credit and debt periods for larger firms, able to use trade credit tosmooth their cycle; smaller firms seem to adapt more passively to counterparties’ supply anddemand. A novel finding is that shorter credit periods are associated to the directly measureddiscount offered for quicker payments.

Marotta, Giuseppe. "Is Trade Credit More expensive than Bank Loans? Evidence from Italian Firm-Level" Working paper, Dipartimento di Economia Politica, Università di Modena e Reggio Emilia, 2001.

Is Trade Credit More expensive than Bank Loans? Evidence from Italian Firm-Level

MAROTTA, Giuseppe
2001

Abstract

The study, aimed at evaluating the likely effects of the EC Directive on late payments, providesdirect evidence that interfirm credit received by Italian manufacturing firms is, if ever, only slightlymore expensive than bank loans. An econometric exercise shows that financial determinants have astronger impact on recorded credit and debt periods for larger firms, able to use trade credit tosmooth their cycle; smaller firms seem to adapt more passively to counterparties’ supply anddemand. A novel finding is that shorter credit periods are associated to the directly measureddiscount offered for quicker payments.
Febbraio
Marotta, Giuseppe
Marotta, Giuseppe. "Is Trade Credit More expensive than Bank Loans? Evidence from Italian Firm-Level" Working paper, Dipartimento di Economia Politica, Università di Modena e Reggio Emilia, 2001.
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Utilizza questo identificativo per citare o creare un link a questo documento: http://hdl.handle.net/11380/17177
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