Efectos de la crisis en el crédito comercial concedido y relevancia de la diversificación de la actividad

This paper contributes to demonstrate the relevance of trade credit in the finances of the Spanish manufacturing companies. A theoretical and empirical analysis is made of the aspects of trade credit: its role within financial and economic crisis, and the relevance of diversification of activity, as well as the type of customer that receives trade credit. The main conclusions are, first, that the increase in trade credit granted in times of crisis causes companies to be less competitive and, secondly, evidence is provided that shows that diversification of activity and the fact that customers are more or less homogeneous are crucial to the trade credit policies.