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Título
The Days to Pay Accounts Payable Determinants Financing, Pricing Motives and Financial Substitution Effect A Panel Data GMM Estimation From European Western Countries
Autor(es)
Palabras clave
Trade Credit
Financing
Pecking Order
Growth
Profitability and Size
Clasificación UNESCO
53 Ciencias económicas
Fecha de publicación
2010
Editor
Universidad de Salamanca (España). Facultad de Economía y Empresa
Citación
Marques, JM (2010). The Days to Pay Accounts Payable Determinants Financing, Pricing Motives and Financial Substitution Effect A Panel Data GMM Estimation From European Western Countries. "Nuevas Tendencias en Dirección de Empresas", 03/10. Consultado el 10 de mayo de 2010, desde http://campus.usal.es/~empresa/09_master/pdf/publicaciones/dt_03_10.pdf
Resumen
[ES]En este trabajo se propone elegir a los días para pagar las cuentas por pagar y los factores determinantes de nuestra
resultados apoyan firmemente que las cuentas por pagar problemática está estrechamente relacionado con el corto plazo
decisiones financieras con una influencia positiva y significativa de la rentabilidad empresarial y el tamaño
factores. La existencia de capital de trabajo negativo de la empresa se confirma a influir fuertemente en la
reducción del crédito comercial obtenido de los proveedores en países de Europa Occidental en paralelo con
una contribución conjunta de la financiación bancaria a corto y largo plazo como un sustituto de la deuda comercial. [EN]This paper proposes to elect the days to pay accounts payable determinants and our
findings strongly support that the accounts payable problematic is closely related to short term
financial decisions with a positive and significative influence of firm’s profitability and size
factors. The existence of a firm’s negative working capital is confirmed to influence strongly the
reduction of the trade credit obtained from suppliers in Western Europe countries in parallel with
a joint contribution of short and long term bank financing as a substitute from trade debt. Firm
characteristics related to negative working capital and fixed assets level, jointly or alone, give
more importance to the role of short term bank financing on substituting or reducing the volume
of trade credit obtained from suppliers. Negative working capital reinforces the role of long term
bank financing. It seems to induce the presence of a corporate cost reduction strategy to preserve
or increment the firm’s market reputation and competition. The firm’s return on assets implies an
enlargement of the days to pay accounts payable in line with a rising creditworthiness. All
interacted variables are responsible for the reduction of the days to pay accounts payable and the
confirmation of the financial substitution effect introduces more financing discipline compatible
with firm’s cost reduction strategy and pricing motives included in a price discrimination
strategy. Signs of future unbalanced capital structure and financial distress may appear due also
to the more banking financing justified by firm’s investment and negative working capital under
finance motives point of view. The more firm’s growth the less trade credit obtained and, on the
contrary, profitability and size contribute to facilitate the trade credit obtained from suppliers
under finance and pricing motives point of view, more over the stability on terms trade credit. As
important as the days to pay accounts and/or days sales outstanding determinants are future
investigations related to trade credit duration gap as a synthesis of the prior trade credit issues, to
country and economic sector or union analysis, as well.
Descripción
Documento de Trabajo 03/10 perteneciente a la colección de documentos de trabajo "Nuevas Tendencias en Dirección de Empresas", dentro del Máster en Investigación en Economía y Empresa.
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