Managerial ability and trade credit
研究发现管理能力越高的企业获得的商业信用（应付账款）越多，且这种效应在信用质量较差或融资约束更紧的企业中更强。
Abstract We examine whether and how managerial ability affects trade credit (accounts payable, in particular). The empirical analyses show that firms with higher managerial ability are associated with an increase in trade credit received. We also find that the impact of managerial ability on accounts payable is stronger for firms having poorer credit quality or more binding financial constraints. Our findings are robust to alternative measures of key variables, financial crises, product characteristics, and endogeneity concerns.