Factors Determining Trade Credit Dynamics During Crisis: Panel Data Analysis for Macedonian Firms

Abstract

The study is aimed at determining the factors influencing the trade credits dynamics for twenty three firms registered on the Macedonian Stock Exchange, as well as at checking for crisis effects from 2011 to 2015. The study includes a review of the literature on commercial credit factors; elaborately analyzed descriptive statistics of the collected data and dependent variable variance; tests for unobservable effects and their functional form; evaluation of panel regression and interpretation of the results. The authors have proved that net trade credits for these firms depends mainly on the growth potential of lagging firms and their vulnerability, and the crisis effects are significant only for the latter factor. Moreover, the overall efficiency of firms' assets and their ability to convert income into cash does not have a significant impact in the crisis and post-crisis periods. The growth opportunities and profitability demonstrate a negative impact, meaning that growing and more profitable firms on average tend to expand and receive more trade credits than counterparties. Profitability has a significant impact on trade credit and the effect is seen during the first year after the crisis. Thus, the dynamics of trade credits of registered Macedonian firms is largely determined by the internal factors of a firm, and not by the external macroeconomic situation. Therefore, better financial management is suggested to improve the trade credit policy. One of the directions for further research is the evaluation of the autoregressive component of the trade credit dynamics, as well as including spatial effects in the regression equation. ОРИГИНАЛЬНАЯ СТАТЬЯФакторы, определяющие динамику торгового кредита во время кризиса: панельный анализ данных для македонских компаний Ф. Деари a , В. В. Лакшина b a Юго-восточный европейский университет, Тетово, Республика Северная Македония; b Национальный исследовательский университет «Высшая школа экономики», Нижний Новгород, Россия a http://orcid.org/0000-0002-0050-9793; b http://orcid.org/0000-0003-1447-9377 АННОТАЦИЯ Цель исследования -определение факторов, влияющих на динамику коммерческих кредитов для двадцати трех фирм, зарегистрированных на Македонской фондовой бирже, а также проверка наличия кризисных эффектов в период с 2011 по 2015 г. Исследование включает в себя: обзор литературы, посвященной факторам коммерческого кредита; подробный анализ описательной статистики собранных данных и анализ дисперсии зависимой переменной; проведение тестов на наличие ненаблюдаемых эффектов и их функциональную форму; оценку панельной регрессии и интерпретацию результатов. В статье доказано, что показатель чистого коммерческого кредита для рассматриваемых фирм главным образом зависит от возможностей роста отстающих фирм и их уязвимости, а последствия кризиса для компаний значимы только для последнего фактора. Кроме этого, общая эффективность активов фирм и их способность CC BY 4.0 © ФИНАНСЫ И КРЕДИТ / FINANCE AND CREDIT ФИНАНСЫ: ТЕОРИЯ И ПРАКТИКА / FINANCE: THEORY AND PRACTICE  Т. 23, № 2'...

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