Determinant factors in adoption of suppliers credit of small manufacturing companies
DOI:
https://doi.org/10.46661/revmetodoscuanteconempresa.3866Keywords:
suppliers credit, fundamented theory, relational map, financial institutions, determinant factorsAbstract
In Ecuador the commercial credit acts as a financing source between the small companies, however, exists evidence about the low access and uses of this type of credit by firms belonged to manufacturing sector, furthermore it causes a positive effect on the production of them.
In this paper, a review of secondary data from official sources was developed in which series of evolution data about the relationship between production, measured by sales, and accounts payable to suppliers and financial institutions were analyzed. (2007-2017) of the small Ecuadorian manufacturing companies, it was observed that there is a direct-positive relationship between income and the use of credit from suppliers. Through an econometric modeling that postulates an extension to the Cobb-Douglas production function of a modified nature, the variable "S" supplier credit was considered as an additional argument.
Through in-depth interviews with managers of small companies, the factors that determine the use of credit from suppliers as an alternative to financing were explored. In this way, commercial credit could be characterized according to the ease of obtaining, origins, loyalty, payment mechanism, that they are aspects that influence in the decision of the volume of the credit and the term to agree for such operation; Likewise, it was possible to demonstrate the limitations that entrepreneurs have for access to bank credit, such as guarantees, high interest rates and non-competitive conditions.
Downloads
References
Arellano, C., Bai, Y., & Zhang, J. (2012). Firm dynamics and financial development. Journal of Monetary Economics, 59(6), 533-549. DOI: 10.1016/j.jmoneco.2012.06.006.
Beck, T., & Demirguc-Kunt, A. (2006). Small and medium-size enterprises: Access to finance as a growth constraint. Journal of Banking & Finance, 30(11), 2931-2943. DOI: 10.1016/j.jbankfin.2006.05.009.
Berger, A.N., & Udell, G.F. (1995). Relationship Lending and Lines of Credit in Small Firm Finance. The Journal of Business, 68(3), 351-381. Recuperado a partir de http://www.jstor.org/stable/2353332.
Berger, A., & Udell, G. (1998). The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle. Journal of Banking & Finance, 22(6), 613-673. DOI: 10.1016/S0378-4266(98)00038-7.
Biais, B., & Gollier, C. (1997). Trade Credit and Credit Rationing. The Review of Financial Studies, 10(4), 903-937. DOI: 10.1093/rfs/10.4.903
Blundell, R., & Bond, S. (2000). GMM Estimation with persistent panel data: an application to production functions. Econometric Reviews, 19(3), 321-340. DOI: 10.1080/07474930008800475.
Briones, K.P.A., & Quintana, E.V.P. (2015). Diagnóstico de las fuentes no tradicionales de financiamiento empleadas por las PYMES del Cantón Quevedo. Ecuador. Revista Publicando, 2(3), 149-162. Recuperado a partir de http://www.rmlconsultores.com/revista/index.php/crv/article/view/41.
Camino, S., & Morán, J. (2016). Estructura de Mercado del Sistema Bancario Ecuatoriano: Concentración y Poder de Mercado. XI Congreso de Ciencia y Tecnología ESPE 2016, 235-9.
Camino-Mogro, S., & Armijos-Bravo, G. (s. f.). Productividad Total de los Factores en el sector manufacturero ecuatoriano: evidencia a nivel de empresas, Cuadernos de Economía, 41, 241-261.
Canto-Cuevas, F.-J., Palacín-Sánchez, M.-J., & di Pietro, F. (2016). Efectos del ciclo económico en el crédito comercial: el caso de la pyme española. European Research on Management and Business Economics, 22(2), 55-62. DOI: 10.1016/j.iedee.2015.11.001.
Carbó-Valverde, S., Rodríguez-Fernández, F., & Udell, G. (2016). Trade Credit, the Financial Crisis, and SME Access to Finance. Journal of Money, Credit and Banking, 48(1), 113-143. DOI: 10.1111/jmcb.12292.
Cardone, C., & Cazorla, L. (2001). New approaches to the analysis of the capital structure of SME’s: empirical evidence from Spanish firms. Bussiness Economics, 03(1), 1-3.
Casey, E., & O’Toole, C. M. (2014). Bank lending constraints, trade credit and alternative financing during the financial crisis: Evidence from European SMEs. Journal of Corporate Finance, 27(Supplement C), 173-193. DOI: 10.1016/j.jcorpfin.2014.05.001.
CEPAL (2010). Comisión Económica para América Latina y el Caribe. Recuperado a partir de http://www.cepal.org/es
Cotler, P. (2015). Crédito de proveedores, tamaño de empresa e informalidad. El trimestre económico, 82, 559-582.
Creswell, J.W. (1998). Qualitative inquiry and research design: Choosing among five traditions. Thousand Oaks, CA, US: Sage Publications, Inc.
Cuñat, V., & Garcia-Appendini, E. (2012). Trade credit and its role in entrepreneurial finance. Oxford handbook of entrepreneurial finance, 526-557. DOI: 10.1093/oxfordhb/9780195391244.013.0018.
Fariñas, J. (2015). La industria española y los retos de la competencia global. Conferencia del ciclo Cátedra La Caixa. Madrid, España. Recuperado a partir de http://www.caixabankresearch.com/sites/default/files/events/1504cm-es.pdf
Fazzari, S., Hubbard, R.G., & Petersen, B. (1988). Financing Constraints and Corporate Investment. Brookings Papers on Economic Activity, 19(1), 141-206.
Ferraro, C., Goldstein, E., Zuleta, L., & Garrido, C. (2011). Eliminando barreras: el financiamiento a las PYMES en América Latina. Santiago de Chile: NU. CEPAL.
Fisman, R., & Love, I. (2003). Trade Credit, Financial Intermediary Development, and Industry Growth. The Journal of Finance, 58(1), 353-374.
Freixas, X. (1993). Short term credit versus account receivable financing (Economic Working Papers Series). Universidad Pompeu Fabra.
Fukuda, S., Kasuya, M., & Akashi, K. (2007). The role of trade credit for small firms: An implication from Japan’s banking crisis. Policy Research Institute, Ministry of Finance, Japan Public Policy Review, 3(1), 24-50.
García, J.O., Sánchez, S.E., & Zavala, J.J. (2018). Factores determinantes en la adopción de las alternativas de financiamiento y su evidencia en el crecimiento de las empresas manufactureras en Ecuador. Revista Espacios, 39(18), 1-9.
García-Teruel, P.J., & Martínez-Solano, P. (2010). A dynamic perspective on the determinants of accounts payable. Review of Quantitative Finance and Accounting, 34(4), 439-457. DOI: 10.1007/s11156-009-0124-0.
Garzón, N., Kulfas, M., Palacios, J., & Tamayo, D. (2016). Evolución del sector manufacturero ecuatoriano 2010-2013 (p. 88). Quito, Ecuador: INEC. Recuperado a partir de http://www.ecuadorencifras.gob.ec/documentos/web-inec/Bibliotecas/Libros/SECTOR%20MANUFACTURERO.pdf
Gitman, L.J., & Zutter, C.J. (2013). Principios de administración financiera (12a. ed.). Distrito Federal: Pearson Educación. Recuperado a partir de http://public.eblib.com/choice/PublicFullRecord.aspx?p=4849585.
Gómez, A., García, D., & Marín, S. (2009). Restricciones a la financiación de la PYME en México: una aproximación empírica. Análisis Económico, XXIV(57), 217-238.
Hernández de Cos, P., & Hernando, I. (1998). El crédito comercial en las empresas manufactureras españolas. Madrid, España: Banco de España - Servicio de Estudios. Disponible en https://www.bde.es/bde/es/secciones/informes/
Hernández, R., Fernández, C., & Baptista, P. (2010). Metodología de la investigación. México: McGraw-Hill.
Hernando, I., & Valles, J. (1992). Inversión y restricciones financieras: evidencia en las empresas manufactureras españolas. Madrid, España: Banco de España - Servicio de Estudios. Disponible en https://www.bde.es/bde/es/secciones/informes
Hoof, B. van (Ed.). (2005). Relaciones interculturales: negociaciones entre colombianos y holandeses. Bogotá, Colombia: Universidad de Los Andes, Facultad de Administración.
Ibujés, J.M., & Benavides, M.A. (2018). Contribución de la tecnología a la productividad de las pymes de la industria textil en Ecuador. Cuadernos de Economía, 41(115), 140-150. DOI: 10.1016/j.cesjef.2017.05.002.
INEC (2012). Quito, Ecuador. Clasificación Nacional de Actividades Económicas. Recuperado de:
https://aplicaciones2.ecuadorencifras.gob.ec/SIN/descargas/ciiu.pdf
Kestens, K., Van Cauwenberge, P., & Bauwhede, H.V. (2012). Trade credit and company performance during the 2008 financial crisis. Accounting & Finance, 52(4), 1125-1151. DOI: 10.1111/j.1467-629X.2011.00452.x.
Larrán, J., García, F., & Giner, M. (2010). Factores determinantes del racionamiento de crédito a las pymes: Un estudio empírico en Andalucía. Investigaciones Europeas de Dirección y Economía de la Empresa, 16(2), 63-82. DOI: 10.1016/S1135-2523(12)60112-9.
León-Gutiérrez, D. (2015). Antecedentes de la configuración de políticas de financiamiento a las pymes en Ecuador. Revista Observatorio Pyme, 1(1), 6-8.
Levine, R. (2005). Finance and Growth: Theory and Evidence. En P. Aghion y S. Durlauf (Eds.), Handbook of Economic Growth (pp. 865-934). Amsterdam: Elsivier.
Lopera, J.K., Velez, V.M., & Ocampo, L.J. (2014). Alternativas de Financiación para las MIPYMES en Colombia. Adversia, 1-18. Recuperado de:
https://revistas.udea.edu.co/index.php/adversia/article/view/20900/17492.
Love, I., Preve, L.A., & Sarria-Allende, V. (2007). Trade credit and bank credit: Evidence from recent financial crises. Journal of Financial Economics, 83(2), 453-469. DOI: 10.1016/j.jfineco.2005.11.002.
Love, I., & Zaidi, R. (2010). Trade Credit, Bank Credit and Financial Crisis. International Review of Finance, 10(1), 125-147. DOI: 10.1111/j.1468-2443.2009.01100.x.
Maxwell, J.A. (1996). Qualitative research design: An interactive approach. Thousand Oaks, CA, US: Sage Publications, Inc.
McGuinness, G., & Hogan, T. (2016). Bank credit and trade credit: Evidence from SMEs over the financial crisis. International Small Business Journal, 34(4), 412-445.
Mian, S., & Smith, C. (1992). Accounts Receivable Management Policy: Theory and Evidence. The Journal of Finance, 47(1), 169-200. DOI: 10.1111/j.1540-6261.1992.tb03982.x.
Ng, C.K., Smith, J.K., & Smith, R.L. (1999). Evidence on the Determinants of Credit Terms Used in Interfirm Trade. The Journal of Finance, 54(3), 1109-1129.
Ocampo, J. (2015). América Latina frente a la turbulencia económica mundial. USA: CEPAL. Recuperado a partir de http://200.9.3.98/handle/11362/39623.
Ogliastri, E., & Salcedo, G. (2008). La cultura negociadora en el Perú un estudio exploratorio. Journal of Economics, Finance and Administrative Science, 13(25), 9-33.
Olley, G.S., & Pakes, A. (1996). The Dynamics of Productivity in the Telecommunications Equipment Industry. Econometrica, 64(6), 1263-1297. DOI: 10.2307/2171831.
Perdomo, A. (2002). Planeación financiera para épocas normal y de inflación. International Thomson Editores.
Petersen, M.A., & Rajan, R.G. (1994). The Benefits of Lending Relationships: Evidence from Small Business Data. The Journal of Finance, 49(1), 3-37. DOI: 10.2307/2329133.
Petersen, M.A., & Rajan, R.G. (1995). The Effect of Credit Market Competition on Lending Relationships. The Quarterly Journal of Economics, 110(2), 407-443. DOI: 10.2307/2118445.
Petersen, M.A., & Rajan, R.G. (1997). Trade credit: theories and evidence. The review of financial studies, 10(3), 661-691.
Quiñonez, M. (2012). Estudio de la gestión competitiva de las pequeñas y medianas empresas (PYMES) comerciales. Observatorio de la Economía Latinoamericana, 1(175). Recuperado a partir de http://www.eumed.net/cursecon/ecolat/ec/2012/pequenas-medianas-empresas-ecuador.html.
Rubin, H., & Rubin, I. (2005). Qualitative Interviewing (2nd ed.): The Art of Hearing Data (2nd ed.). Thousand Oaks, California. DOI: 10.4135/9781452226651.
Sandín, M. (2018). Investigación Cualitativa en Educación, fundamentos y tradiciones. Madrid, España: McGraw & Hill Interamericana de España.
Strauss, A.L., & Corbin, J. (2002). Bases de la investigación cualitativa: técnicas y procedimientos para desarrollar la teoría fundada (1ª. ed.). Medellín: Editorial Universidad de Antioquia.
Veugelers, R. (2013). Manufacturing Europe’s future. Brussels: Bruegel Blueprint Series. Recuperado a partir de https://wiiw.ac.at/session-i-manufacturing-europe-s-future-dlp-3272.pdf.
Yang, X. (2011). The role of trade credit in the recent subprime financial crisis. Causes, consequences and cures of the subprime financial crisis, 63(5), 517-529. DOI: 10.1016/j.jeconbus.2011.05.001.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2020 Journal of Quantitative Methods for Economics and Business Administration
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Submission of manuscripts implies that the work described has not been published before (except in the form of an abstract or as part of thesis), that it is not under consideration for publication elsewhere and that, in case of acceptance, the authors agree to automatic transfer of the copyright to the Journal for its publication and dissemination. Authors retain the authors' right to use and share the article according to a personal or instutional use or scholarly sharing purposes; in addition, they retain patent, trademark and other intellectual property rights (including research data).
All the articles are published in the Journal under the Creative Commons license CC-BY-SA (Attribution-ShareAlike). It is allowed a commercial use of the work (always including the author attribution) and other derivative works, which must be released under the same license as the original work.
Up to Volume 21, this Journal has been licensing the articles under the Creative Commons license CC-BY-SA 3.0 ES. Starting from Volume 22, the Creative Commons license CC-BY-SA 4.0 is used.
