The Importance of Commercial Credit for Business in Portugal

• Autorzy: ANTÓNIO JOSÉ DOS SANTOS MORÃO LOURENÇO , ALEXANDRE GONÇALVES GOVERNOGONÇALVES GOVERNO , ARIANA INÊS GONÇALVES LEAL

Warianty tytułu

Znaczenie kredytu kupieckiego w finansowaniu działalności gospodarczej na przykładzie Portugalii

• Języki publikacji: EN

Abstrakty

EN

Purpose - this work aims to study the non-financial credit granted to customers by Portuguese companies, when this is used as a form of financing. Here, we intend to analyze the impact that this type of credit (commercial credit) may have on the capital structure of a company, because, receiving such credit, can be seen sometimes to overlap with financial credit (banks). Methodology - we will present our analysis in two phases: in the first, we will distinguish between large companies and small and medium-sized enterprises, and later we will make a more global analysis. This way, in addition obtaining information into the ways business finance themselves, we can also get a sense of the main motivations and determinants of this type of credit through an analysis using the panel data methodology. Findings - this study shows us some interesting realities. Among others, it is possible to highlight the fact that large companies are the ones that most appeal to commercial credit, and the evidence that the companies with greater ability to access the capital markets, higher gross margin and higher sales volume grant more trade credit than the others. Value - one of the most valuable points of this work is that the data was collected during the current economic crisis. It provides insight into how companies responded to this and this is reflected in the data and the conclusions drawn. The current financial situation of crisis, together with the difficulty of access to loans, as well as the pressure from shareholders of the companies to obtain results, are some of the factors that were focused in this study(author's abstract)

Cel - identyfikacja i ocena wpływu kredytu kupieckiego na strukturę kapitału w przedsiębiorstwie. Metodyka badania - badania przeprowadzono i przedstawiono w dwóch ujęciach. W pierwszym dokonano analizy z podziałem populacji na duże oraz małe i średnie przedsiębiorstwa. Następnie wyniki uogólniono, dzięki czemu sformułowano wnioski dotyczące sposobów finansowania przedsiębiorstw oraz wskazano motywacje i determinanty wykorzystania kredytu kupieckiego w działalności badanych jednostek. Wynik - p rzeprowadzone b adania s tanowią p odstawę d la sfomułowania k ilku i nteresujących s postrzeżeń - stwierdzono np., że duże przedsiębiorstwa wykazują największe zainteresowanie kredytem kupieckim, zaś najwięcej kredytów kupieckich udostępniają podmioty osiągające wysoką marżę brutto i dużą wielkość sprzedaży. Wartość - jednym z najbardziej wartościowych walorów artykułu jest to, że dane zostały zgromadzone podczas obecnego kryzysu gospodarczego, dzięki czemu badania ilustrują zachowania przedsiębiorstw w warunkach turbulentnego otoczenia. Dodatkowo, w ramach badania uwzględniono także takie czynniki, jak trudności w dostępie do kredytów bankowych i presję strony akcjonariuszy spółek na uzyskanie wyników.(abstrakt autora)

Słowa kluczowe

EN

Trade credit; Trade; Capital structure

PL

Kredyt kupiecki; Handel; Struktura kapitału

• Czasopismo: Współczesne Finanse. Teoria i Praktyka
• Rocznik: 2016
• Numer: nr 1
• Strony: 35--45

Twórcy

autor

ANTÓNIO JOSÉ DOS SANTOS MORÃO LOURENÇO

• PhD in Financial Management, School of Management and Technology, Santarem Polytechnic Institute, Portugal

autor

ALEXANDRE GONÇALVES GOVERNOGONÇALVES GOVERNO

• Student in Accounting and Finance Master, School of Management and Technology, Santarem Polytechnic Institute, Portugal

autor

ARIANA INÊS GONÇALVES LEAL

• Student in Accounting and Finance Master, School of Management and Technology, Santarem Polytechnic Institute, Portugal

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Identyfikatory

DOI

10.18276/wf.2016.1-04