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Trade credit and bank relationships: evidence from pre-World War I Belgium


Deloof, Marc; Overfelt, Wouter van


Bitte beziehen Sie sich beim Zitieren dieses Dokumentes immer auf folgenden Persistent Identifier (PID):http://nbn-resolving.de/urn:nbn:de:0168-ssoar-243054

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Abstract We investigate the determinants of trade credit granted by suppliers in a historical environment which was characterized by high information asymmetries and strong banks, focusing on the role of bank-firm relationships. Our results, which are based on a unique sample of 535 firm-year observations for 125 listed Belgian firms in four dominant industries in the period 1905-1909, are generally consistent with the financing role of trade credit. They suggest that trade credit was a tool for channeling funds from firms with close bank ties to other firms, which is consistent with findings for contemporary developing countries.
Klassifikation Wirtschaftssektoren; Finanzwirtschaft, Rechnungswesen; Sozialgeschichte, historische Sozialforschung
Freie Schlagwörter trade credit; bank-firm relationships; Pre-World War I Belgium; economic institutions
Sprache Dokument Englisch
Publikationsjahr 2010
Seitenangabe 26 S.
Zeitschriftentitel Applied Economics (2010)
DOI http://dx.doi.org/10.1080/00036840903166269
Status Postprint; begutachtet (peer reviewed)
Lizenz PEER Licence Agreement (applicable only to documents from PEER project)