文章基本信息

标题：Trade credit in corporate financing in South Africa:evidence from a dynamic panel data analysis Abstract
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作者：Farai Kwend ; Merle Holden
期刊名称：Investment Management & Financial Innovations
印刷版ISSN：1810-4967
电子版ISSN：1812-9358
出版年度：2014
卷号：11
期号：4
页码：268-278
语种：English
出版社：LLC “Consulting Publishing Company “Business Perspectives”
摘要：This paper explores the factors influencing the use of trade credit as a source of finance for companies listed on the JSE Securities Exchange(JSE).The study uses a balanced panel data collected for 92 companies for the period of 2001- 2010 and employs the generalized method of moments(GMM)estimation technique in order to control for unobservable heterogeneity and potential endogeneity problems.The evidence obtained from the study suggests that firms have a target level of account payable and that firm internally-generated resources,investment opportunities and short-term financial debt play an important role in the use of trade credit as a short-term source of financing among the listed companies.Finally,the study recommends that firms pay attention to relationships with their suppliers as their supply of goods on credit is an important source of funding.
关键词：accounts payable;dynamic panel;trade credit;target.