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

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2023-12-11 DOI:10.18559/ebr.2023.4.1074

Cengizhan Karaca

引用次数: 0

Abstract

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.

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贸易信贷政策与企业价值之间的非线性因果关系：来自新兴市场的证据

本研究探讨了贸易信贷政策与公司价值之间是否存在因果和非线性关系。为此，研究了新兴市场伊斯坦布尔证券交易所（Borsa Istanbul）制造业 103 家公司 2005Q1 - 2018Q4 期间的数据，并揭示了两者之间的关系。贸易信贷与公司价值之间的非线性关系通过两步系统 GMM（广义矩方法）得到了证明，因果关系则通过 Dumitrescu - Hurlin（2012）异质面板因果关系检验得到了证明。研究结果表明，贸易信贷政策与企业价值之间存在非线性（倒 U 型）关系。此外，偏离最佳贸易信贷水平的企业价值也会受到负面影响。本研究的独创之处在于揭示了贸易信贷政策与企业价值之间的双向因果关系。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.