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The Supply of Trade Credit by Brazilian Publicly Traded Firms

Brazilian Review of Finance

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Title The Supply of Trade Credit by Brazilian Publicly Traded Firms
A Oferta de Trade Credit Pelas Empresas Brasileiras de Capital Aberto
 
Creator Schiozer, Rafael Felipe; EAESP/FGV
Brando, João Alberto Peres; LCA Consultores
 
Subject Economics; Finance
trade credit; short term debt.
G32 - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure
Finanças
Trade Credit; crédito comercial; endividamento de curto prazo;
G32 - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure
 
Description This paper investigates the determinants of trade credit supply by Brazilian publicly traded companies between the years of 2005 and 2008. International literature (both theoretical and empirical) documents that the main determinants of trade credit supply are the size of the firm and the size of its debt. Both indicate that the availability of resources to the firm is an important factor for the supply of trade credit. In addition, the literature confirms strategic uses of trade credit such as those for price discrimination purposes. The results obtained using a sample of 157 Brazilian companies do not support that size and indebtedness are relevant determinants for trade credit supply, but they confirm the supply of trade credit as a strategic tool for the firms. Additionally we observed a significant decrease in trade credit supply in 2008, the year in which a severe international financial crisis took place.
Esse artigo investiga os determinantes da oferta de trade credit por companhias brasileiras de capital aberto, no período de 2005 a 2008. A teoria financeira encontra sustentação em estudos empíricos internacionais, que documentam que os principais determinantes são o tamanho e o nível de endividamento das firmas, ambos indicando a disponibilidade de recursos nas firmas como fatores significantes na oferta de trade credit. Adicionalmente, esta literatura confirma usos estratégicos para o trade credit, como discriminação de preços entre clientes. Os resultados obtidos no presente estudo, utilizando-se uma amostra de 157 empresas brasileiras, não dão sustentação às primeiras hipóteses, mas endossam a oferta de trade credit como elemento estratégico para estas firmas. Foi ainda observada uma significativa queda na oferta de trade credit em 2008, ano marcado por uma aguda crise financeira internacional.
 
Publisher Link to the Brazilian Society of Finance
 
Contributor —
Fapesp
 
Date 2011-08-31
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Double blind reviewed articles
Empirical research
Avaliado por Pares
Artigo empírico
 
Format application/pdf
application/pdf
 
Identifier http://bibliotecadigital.fgv.br/ojs/index.php/rbfin/article/view/2920
 
Source Brazilian Review of Finance; Vol 9, No 4 (2011); 585-612
Revista Brasileira de Finanças; Vol 9, No 4 (2011); 585-612
1984-5146
1679-0731
 
Language por
eng
 
Relation http://bibliotecadigital.fgv.br/ojs/index.php/rbfin/article/view/2920/2387
http://bibliotecadigital.fgv.br/ojs/index.php/rbfin/article/view/2920/2388
http://bibliotecadigital.fgv.br/ojs/index.php/rbfin/article/downloadSuppFile/2920/523
http://bibliotecadigital.fgv.br/ojs/index.php/rbfin/article/downloadSuppFile/2920/561
http://bibliotecadigital.fgv.br/ojs/index.php/rbfin/article/downloadSuppFile/2920/562