Financial frictions, trade credit, and the 2008–09 global financial crisis

Coulibaly, Brahima; Sapriza, Horacio; Zlate, Andrei

doi:10.1016/j.iref.2012.08.006

Cited by 98 publications

(56 citation statements)

References 17 publications

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“…Especially, trade credit has a potential to serve as an alternative of finance, provided by suppliers of raw materials, to financially constrained firms because suppliers might be better to overcome information and enforcement problems than financial institutions (Love & Zaidi, 2010). This advantage suggests that there will use more trade credits than bank loans in economic downturns, and policymakers and firms would be well-advised to explore the development of trade credit, which might not be as desirable in normal times, but could prove useful during crises when credit markets become tightened (Coulibaly, Sapriza, & Zlate, 2013).…”

Section: Introductionmentioning

confidence: 99%

Trade credit and bank loan: Evidence from Chinese firms

Lin

Chou

2015

International Review of Economics & Finance

101

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Section: Introductionmentioning

confidence: 99%

Trade credit and bank loan: Evidence from Chinese firms

Lin

Chou

2015

International Review of Economics & Finance

101

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“…Empréstimos são vitais para o desenvolvimento da economia, pois é uma das principais fontes de recursos para viabilizar investimentos. Assim, outras consequências, como redução do crescimento econômico na maior parte dos países, mudanças em taxas de câmbio e aumento do desemprego também foram observadas (Coulibaly, Sapriza, & Zlate, 2013;Rose & Spiegel, 2012).…”

Section: A Crise Econômica Mundial De 2008unclassified

Responsabilidade social corporativa e desempenho financeiro das empresas brasileiras na crise de 2008

Freguete¹,

Nossa²,

Funchal³

2015

Rev. adm. contemp.

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A literatura aponta para alguns benefícios de longo prazo trazidos pela Responsabilidade Social Corporativa. Porém nada foi mencionado sobre seus potenciais benefícios de curto prazo, como, por exemplo, a performance da empresa em períodos de crise econômica e financeira, fenômeno reconhecido como sendo de curto prazo. Este artigo busca analisar a relação entre a prática de Responsabilidade Social Corporativa e o Desempenho Financeiro de empresas brasileiras durante um período da crise financeira de 2008. Utilizando modelos de diferenças-em-diferenças com dados em painel e considerando as empresas brasileiras que compõem a carteira ISE-BOVESPA, como proxy para empresas com práticas de Responsabilidade Social Corporativa, verificou-se que, durante crises, firmas responsáveis socialmente não têm um diferencial de desempenho financeiro em relação às outras firmas no mercado, apesar de ter-se encontrado um efeito significativo que a crise traz para as empresas em geral. Tal resultado não se alinha à teoria que prediz melhor desempenho econômico de empresas socialmente responsáveis ao perceber insignificância estatística para tal fator.

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“…However, it also imposes the condition that changes in output are proportional at both the aggregate and sectorial levels. Other options include constructing indexes aggregating the demand shock for destination countries using export shares by destination country as a weight (Coulibaly, Sapriza, & Zlate, 2013;Contessi and de Nicola, 2013).…”

Section: Econometric and Measurement Issuesmentioning

confidence: 99%

What Do We Know About the Relationship between Access to Finance and International Trade?

Contessi

Nicola²

2012

SSRN Journal

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The recent financial crisis has focused attention on the relationship between access to finance and international trade, triggering a burgeoning segment of the literature evaluating this link empirically. We review the role of finance in international trade and the main theories connecting them. Moreover, we provide a structured road map to recent empirical studies while summarizing what we have learned to date about this relationship. We separately analyze studies that rely on aggregate, industry-level, and firm-level data, emphasizing the differences between those that analyze ordinary times and those that focus on banking and financial crises. We discuss the role of diverse measures of access to finance, financial health, and financial vulnerability along with the key challenges in estimating the relationship between trade and finance. We conclude that once the heterogeneity of methodologies and measures of access to and dependence on finance is accounted for, the empirical literature suggests an important role for finance in determining export participation at the extensive margin but weaker results for the intensive margin of trade. Moreover, while empirical studies tend to favor a causal relationship moving from finance to trade, there is some evidence suggesting causality moving in the opposite direction, which merits further investigation.JEL Classification: D92, F12, F36.

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Financial frictions, trade credit, and the 2008–09 global financial crisis

Cited by 98 publications

References 17 publications

Trade credit and bank loan: Evidence from Chinese firms

Trade credit and bank loan: Evidence from Chinese firms

Responsabilidade social corporativa e desempenho financeiro das empresas brasileiras na crise de 2008

What Do We Know About the Relationship between Access to Finance and International Trade?

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