메뉴 건너뛰기




Volumn 35, Issue 8, 2011, Pages 1859-1878

Counter-cyclical substitution between trade credit and bank credit

Author keywords

Bank credit; Counter cyclicality; Substitution; Trade credit

Indexed keywords


EID: 79957602053     PISSN: 03784266     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jbankfin.2010.12.009     Document Type: Article
Times cited : (81)

References (36)
  • 1
    • 79957623126 scopus 로고    scopus 로고
    • When trade credit facilitates access to bank finance: evidence from us small business data. Working Paper, University of Lille I.
    • Alphonse, P., Ducret, J., Severin, E., 2006. When trade credit facilitates access to bank finance: evidence from us small business data. Working Paper, University of Lille I.
    • (2006)
    • Alphonse, P.1    Ducret, J.2    Severin, E.3
  • 3
    • 77950023209 scopus 로고
    • Parameters and relations of stochastically lagged and disaggregative time series
    • Benishay H. Parameters and relations of stochastically lagged and disaggregative time series. Econometrica 1968, 36:155-171.
    • (1968) Econometrica , vol.36 , pp. 155-171
    • Benishay, H.1
  • 5
    • 0006592665 scopus 로고    scopus 로고
    • Initial conditions and moment restrictions in dynamic panel data models
    • Blundell R.W., Bond S.R. Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics 1998, 51:233-257.
    • (1998) Journal of Econometrics , vol.51 , pp. 233-257
    • Blundell, R.W.1    Bond, S.R.2
  • 6
    • 56549101790 scopus 로고    scopus 로고
    • Corporate trade credit and inventories: new evidence of a trade-off from accounts payable and receivable
    • Bougheas S., Mateut S., Mizena P. Corporate trade credit and inventories: new evidence of a trade-off from accounts payable and receivable. Journal of Banking and Finance 2009, 33:300-307.
    • (2009) Journal of Banking and Finance , vol.33 , pp. 300-307
    • Bougheas, S.1    Mateut, S.2    Mizena, P.3
  • 7
  • 9
    • 33645857955 scopus 로고    scopus 로고
    • Ownership structure, corporate governance, and fraud: evidence from China
    • Chen G., Firth M., Gao D.N., Rui O.M. Ownership structure, corporate governance, and fraud: evidence from China. Journal of Corporate Finance 2006, 12:424-448.
    • (2006) Journal of Corporate Finance , vol.12 , pp. 424-448
    • Chen, G.1    Firth, M.2    Gao, D.N.3    Rui, O.M.4
  • 10
    • 0033194156 scopus 로고    scopus 로고
    • Trade credit and bank finance: financing small firms in Russia
    • Cook L. Trade credit and bank finance: financing small firms in Russia. Journal of Business Venturing 1999, 14:493-518.
    • (1999) Journal of Business Venturing , vol.14 , pp. 493-518
    • Cook, L.1
  • 11
    • 61449198586 scopus 로고    scopus 로고
    • Formal finance and trade credit during China's transition
    • Cull R., Xu L.C., Zhu T. Formal finance and trade credit during China's transition. Journal of Financial Intermediation 2009, 18:173-192.
    • (2009) Journal of Financial Intermediation , vol.18 , pp. 173-192
    • Cull, R.1    Xu, L.C.2    Zhu, T.3
  • 12
    • 33749570000 scopus 로고    scopus 로고
    • Bank loan availability and trade credit demand
    • Danielson M.G., Scott J.A. Bank loan availability and trade credit demand. Financial Review 2004, 39:579-600.
    • (2004) Financial Review , vol.39 , pp. 579-600
    • Danielson, M.G.1    Scott, J.A.2
  • 13
    • 75149197898 scopus 로고    scopus 로고
    • Corporate governance structure, managerial discretion, and the R&D investment in China
    • Dong J., Gou Y.N. Corporate governance structure, managerial discretion, and the R&D investment in China. International Review of Economics and Finance 2010, 19:180-188.
    • (2010) International Review of Economics and Finance , vol.19 , pp. 180-188
    • Dong, J.1    Gou, Y.N.2
  • 15
    • 34247262521 scopus 로고    scopus 로고
    • Politically connected CEOs, corporate governance, and post-IPO performance of China's newly partially privatized firms
    • Fan J.P.H., Wong T.J., Zhang T. Politically connected CEOs, corporate governance, and post-IPO performance of China's newly partially privatized firms. Journal of Financial Economics 2007, 84:330-355.
    • (2007) Journal of Financial Economics , vol.84 , pp. 330-355
    • Fan, J.P.H.1    Wong, T.J.2    Zhang, T.3
  • 16
    • 56249143139 scopus 로고    scopus 로고
    • Are New Tigers supplanting Old Mammoths in China's banking system? Evidence from a sample of city commercial banks
    • Ferri G. Are New Tigers supplanting Old Mammoths in China's banking system? Evidence from a sample of city commercial banks. Journal of Banking and Finance 2009, 33:131-140.
    • (2009) Journal of Banking and Finance , vol.33 , pp. 131-140
    • Ferri, G.1
  • 17
    • 53149117901 scopus 로고    scopus 로고
    • Corporate governance and tunneling: Empirical evidence from China
    • Gao L., Kling G. Corporate governance and tunneling: Empirical evidence from China. Pacific-Basir Finance Journal 2008, 16:591-605.
    • (2008) Pacific-Basir Finance Journal , vol.16 , pp. 591-605
    • Gao, L.1    Kling, G.2
  • 18
    • 33846623755 scopus 로고    scopus 로고
    • Financial development, bank discrimination and trade credit
    • Ge Y., Qiu J. Financial development, bank discrimination and trade credit. Journal of Banking and Finance 2007, 31:513-530.
    • (2007) Journal of Banking and Finance , vol.31 , pp. 513-530
    • Ge, Y.1    Qiu, J.2
  • 19
    • 33747330193 scopus 로고    scopus 로고
    • Credit channel, trade credit channel, and inventory investment: evidence from a panel of UK firms
    • Guariglia A., Mateut S. Credit channel, trade credit channel, and inventory investment: evidence from a panel of UK firms. Journal of Banking and Finance 2006, 30:2835-2856.
    • (2006) Journal of Banking and Finance , vol.30 , pp. 2835-2856
    • Guariglia, A.1    Mateut, S.2
  • 20
    • 84993848601 scopus 로고
    • The modern industrial revolution, exit, and the failure of internal control systems
    • Jensen M. The modern industrial revolution, exit, and the failure of internal control systems. The Journal of Finance 1993, 48:831-880.
    • (1993) The Journal of Finance , vol.48 , pp. 831-880
    • Jensen, M.1
  • 21
    • 84936016411 scopus 로고
    • Performance pay and top-management incentives
    • Jensen M., Murphy K. Performance pay and top-management incentives. Journal of Political Economy 1990, 98:225-264.
    • (1990) Journal of Political Economy , vol.98 , pp. 225-264
    • Jensen, M.1    Murphy, K.2
  • 22
    • 77955308250 scopus 로고    scopus 로고
    • Tunneling through intercorporate loans: the China experience
    • Jiang G., Lee C.M.C., Yue H. Tunneling through intercorporate loans: the China experience. Journal of Financial Economics 2010, 98:1-20.
    • (2010) Journal of Financial Economics , vol.98 , pp. 1-20
    • Jiang, G.1    Lee, C.M.C.2    Yue, H.3
  • 24
    • 79951549587 scopus 로고    scopus 로고
    • Foreign bank entry and firms' access to bank credit: evidence from China
    • Lin H. Foreign bank entry and firms' access to bank credit: evidence from China. Journal of Banking and Finance 2011, 35:1000-1010.
    • (2011) Journal of Banking and Finance , vol.35 , pp. 1000-1010
    • Lin, H.1
  • 25
    • 36349034500 scopus 로고    scopus 로고
    • Corporate governance and earnings management in the Chinese listed companies: a tunneling perspective
    • Liu Q., Lu Z. Corporate governance and earnings management in the Chinese listed companies: a tunneling perspective. Journal of Corporate Finance 2007, 13:881-906.
    • (2007) Journal of Corporate Finance , vol.13 , pp. 881-906
    • Liu, Q.1    Lu, Z.2
  • 26
    • 76749103350 scopus 로고    scopus 로고
    • Can corporate governance deter management from manipulating earnings? Evidence from related-party sales transactions in China
    • Lo A.W.Y., Wong R.M.K., Firth M. Can corporate governance deter management from manipulating earnings? Evidence from related-party sales transactions in China. Journal of Corporate Finance 2010, 16:225-235.
    • (2010) Journal of Corporate Finance , vol.16 , pp. 225-235
    • Lo, A.W.Y.1    Wong, R.M.K.2    Firth, M.3
  • 27
  • 28
    • 33645140775 scopus 로고    scopus 로고
    • Trade credit, bank lending and monetary policy transmission
    • Mateut S., Bougheas S., Mizen P. Trade credit, bank lending and monetary policy transmission. European Economic Review 2006, 50:603-629.
    • (2006) European Economic Review , vol.50 , pp. 603-629
    • Mateut, S.1    Bougheas, S.2    Mizen, P.3
  • 29
    • 0009890506 scopus 로고
    • Mercantile credit, monetary policy, and size of firms
    • Meltzer A.H. Mercantile credit, monetary policy, and size of firms. Review of Economics and Statistics 1960, 42:429-443.
    • (1960) Review of Economics and Statistics , vol.42 , pp. 429-443
    • Meltzer, A.H.1
  • 30
    • 0036003829 scopus 로고    scopus 로고
    • Trade credit and the bank lending channel
    • Nilsen J. Trade credit and the bank lending channel. Journal of Money, Credit and Banking 2002, 34:227-253.
    • (2002) Journal of Money, Credit and Banking , vol.34 , pp. 227-253
    • Nilsen, J.1
  • 31
    • 0042835687 scopus 로고    scopus 로고
    • Determinants of trade credit in the Japanese manufacturing sector
    • Ono M. Determinants of trade credit in the Japanese manufacturing sector. Journal of the Japanese and International Economies 2001, 15:160-177.
    • (2001) Journal of the Japanese and International Economies , vol.15 , pp. 160-177
    • Ono, M.1
  • 33
    • 5844253379 scopus 로고    scopus 로고
    • Enterprise reform in China: agency problems and political control
    • Qian Y. Enterprise reform in China: agency problems and political control. Economics of Transition 1996, 42:427-447.
    • (1996) Economics of Transition , vol.42 , pp. 427-447
    • Qian, Y.1
  • 35
    • 77955927481 scopus 로고    scopus 로고
    • Competition for small firm banking business: bank actions versus market structure
    • Scott J.A., Dunkelberg W.C. Competition for small firm banking business: bank actions versus market structure. Journal of Banking and Finance 2010, 34:2788-2800.
    • (2010) Journal of Banking and Finance , vol.34 , pp. 2788-2800
    • Scott, J.A.1    Dunkelberg, W.C.2
  • 36
    • 10444289824 scopus 로고    scopus 로고
    • A finite sample correction for the variance of linear efficient two-step GMM estimators
    • Windmeijer F. A finite sample correction for the variance of linear efficient two-step GMM estimators. Journal of Econometrics 2005, 126:25-51.
    • (2005) Journal of Econometrics , vol.126 , pp. 25-51
    • Windmeijer, F.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.