The evolution of trade credit: new evidence from developed versus developing countries
基于72国上市公司1990-2019年数据，发现贸易信贷显著下降，发达国家降幅大于新兴经济体，且下降趋势主要由上市年代、制度因素和金融发展驱动。
Abstract Using a large sample of listed firms from 72 countries over the period 1990–2019, we document a marked decrease in trade credit that is more pronounced for firms in developed economies relative to those in emerging economies. We find little evidence that firm characteristics drive this trend, as their relation with trade credit remains relatively stable throughout the sample period. We test several competing propositions and find that the listing decade, institutional factors, and financial development explain the downward trajectory in trade credit. We also report diminishing returns to trade credit that are higher in the US and other developed economies than in emerging economies. These results are robust to alternative definitions of trade credit and to controlling for several firm-specific and macroeconomic factors.