ON THE DIMINISHING RETURN TO TRADE CREDIT

被引：6
|
作者：
Hill, Matthew D. [1 ]
Kelly, G. W. [2 ]
Venkiteshwaran, Vinod [3 ]
机构：
[1] Arkansas State Univ, State Univ, AR 72467 USA
[2] Univ So Mississippi, Hattiesburg, MS 39406 USA
[3] PwC, New York, NY USA
来源：
JOURNAL OF FINANCIAL RESEARCH | 2015年 / 38卷 / 03期
关键词：
DETERMINANTS; WEALTH; POLICY;
D O I：
10.1111/jfir.12061
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We examine the relation between excess returns and corporate trade credit policy. Robust results suggest a lower market value of receivables for firms with higher lagged receivables levels, consistent with diminishing returns from extending trade credit. Further findings indicate that the diminishing return to trade credit varies with industry affiliation, market share, and financial constraint. Our results emphasize the importance of actively monitoring trade credit levels.
引用
收藏
页码：305 / 317
页数：13
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