A causal and nonlinear relationship between trade credit policy and firm value: Evidence from an emerging market

被引：0
|
作者：
Karaca, Cengizhan [1 ]
机构：
[1] Gaziantep Univ, Social Sci Vocat Sch, Univ Ave,316-12, TR-27310 Gaziantep, Turkiye
来源：
ECONOMICS AND BUSINESS REVIEW | 2023年 / 9卷 / 04期
关键词：
trade credit policy; firm value; emerging market; system GMM; nonlinearity; panel causality; WORKING CAPITAL MANAGEMENT; PANEL-DATA; ASYMMETRIC INFORMATION; CASH FLOW; PERFORMANCE; DETERMINANTS; SHAREHOLDERS; ENVIRONMENT; OWNERSHIP; QUALITY;
D O I：
10.18559/ebr.2023.4.1074
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This study examines whether there is a causal and nonlinear relationship between trade credit policy and firm value. In line with this purpose, the 2005Q1-2018Q4 period data is examined for 103 companies operating in the manufacturing industry in an emerging market, Borsa Istanbul, and the relationships revealed. The nonlinear relationship between trade credit and firm value has been proved with the two -step System GMM (Generalized Moment of Methods) and causality with Dumitrescu-Hurlin (2012) heterogeneous panel causality tests. According to the findings, a nonlinear (inverted U-shaped) relationship has been found between trade credit policy and firm value. Moreover, the values of firms that have moved away from optimum trade credit levels are also negatively affected. One of the original aspects of this study is that the bidirectional causal relationship between trade credit policy and firm value has been revealed.
引用
收藏
页码：153 / 178
页数：26
相关论文
共 50 条
  • [21] The role of slack resources in explaining the relationship between corporate social responsibility disclosure and firm market value: a case from an emerging market
    Alshorman, Salah
    Qaderi, Sumaia
    Alhmoud, Turki
    Meqbel, Rasmi
    JOURNAL OF SUSTAINABLE FINANCE & INVESTMENT, 2024, 14 (02) : 307 - 326
  • [22] The relationship between rural credit policy and deforestation: evidence from Brazil
    Weslem Rodrigues Faria
    Felipe Morelli da Silva
    Alexandre Nunes de Almeida
    Admir Antonio Betarelli Junior
    Environmental Economics and Policy Studies, 2025, 27 (2) : 231 - 263
  • [23] The Relationship between Trade Credit and Loans: Evidence from Small Businesses in Japan
    Uesugi, Iichiro
    Yamashiro, Guy M.
    INTERNATIONAL JOURNAL OF BUSINESS, 2008, 13 (02): : 141 - 163
  • [24] Role of credit and monetary policy in determining asset prices: Evidence from emerging market economies
    Singh, Bhupal
    Nadkarni, Avadhoot R.
    NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE, 2020, 51
  • [25] Asymmetric and nonlinear comovements of credit default swap and bond markets: evidence from an emerging market
    Bank, Semra
    Abdioglu, Zehra
    Kahraman, Elif
    SPANISH JOURNAL OF FINANCE AND ACCOUNTING-REVISTA ESPANOLA DE FINANCIACION Y CONTABILIDAD, 2024, 53 (02): : 232 - 253
  • [26] FINANCIAL OBSTACLES, BANK CREDIT, AND TRADE CREDIT: EVIDENCE FROM FIRM SURVEYS IN CHINA
    Wu, Zheng-cheng
    Chen, Jin-long
    TRANSFORMATIONS IN BUSINESS & ECONOMICS, 2017, 16 (2B): : 787 - 800
  • [27] An empirical investigation of the relationship between brand value and firm value: Evidence from Turkey
    Konuk, Serhat
    Doruk, Omer Tugsal
    Onal, Yildirim Beyazit
    INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS, 2023,
  • [28] Individual credit market experience and beliefs about bank lending policy: evidence from a firm survey
    Fidrmuc, Jarko
    Hainz, Christa
    Hoelzl, Werner
    SCANDINAVIAN JOURNAL OF ECONOMICS, 2024, 126 (02): : 387 - 414
  • [29] The moderating effect of dividend policy on the relationship between the corporate risk disclosure and firm value: evidence from Egypt
    El-Deeb, Mohamed Samy
    Allam, Mohamed Fathy
    FUTURE BUSINESS JOURNAL, 2024, 10 (01)
  • [30] The moderating effect of dividend policy on the relationship between the corporate risk disclosure and firm value: evidence from Egypt
    Mohamed Samy El-Deeb
    Mohamed Fathy Allam
    Future Business Journal, 10
12345