Trade credit and firm efficiency: evidence from Chinese manufacturing firms

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dc.contributor.authorTang, Ying
dc.contributor.authorXu, Lu
dc.contributor.authorGuo, Shijun
dc.contributor.authorMoro, Andrea
dc.date.accessioned2023-03-16T11:22:33Z
dc.date.available2023-03-16T11:22:33Z
dc.date.issued2023-02-02
dc.description.abstractOur work focuses on the impact of trade credit financing on firm efficiency exploiting a sample of Chinese manufacturing listed firms for the period 2004 to 2018. We find that trade credit significantly improves firm efficiency. This positive association is stronger in firms located in regions with higher levels of social trust, during periods with higher economic policy uncertainty and in times of economic downturn. We reveal three economic mechanisms underlying our baseline findings: alleviating financial constraints, mitigating agency conflicts, and reducing transaction costs.en_UK
dc.description.sponsorshipThis work was supported by the National Natural Science Foundation of China (Grant No. 71703127, No. 71872022 and No. 72272018), the Fundamental Research Funds for the Central Universities (Grant No. 2022CDSKXYJG007) and the China Postdoctoral Science Foundation (Grant No. 2022M710511).en_UK
dc.identifier.citationTang Y, Xu L, Guo S, Moro A. (2023) Trade credit and firm efficiency: evidence from Chinese manufacturing firms, Emerging Markets Finance and Trade , Volume 59, Issue 7, 2023, pp. 2204-2216en_UK
dc.identifier.eisbn1558-0938
dc.identifier.issn1540-496X
dc.identifier.urihttps://doi.org/10.1080/1540496X.2023.2168477
dc.identifier.urihttps://dspace.lib.cranfield.ac.uk/handle/1826/19301
dc.language.isoenen_UK
dc.publisherTaylor & Francisen_UK
dc.rightsAttribution-NonCommercial 4.0 International*
dc.rights.urihttp://creativecommons.org/licenses/by-nc/4.0/*
dc.subjectTrade crediten_UK
dc.subjectfirm efficiencyen_UK
dc.subjectdata envelopment analysisen_UK
dc.subjectChinaen_UK
dc.titleTrade credit and firm efficiency: evidence from Chinese manufacturing firmsen_UK
dc.typeArticleen_UK

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