The impact of servitization on trade credit in manufacturing firms: a signaling theory perspective
基于1990-2020年美国838家制造业企业的面板数据，发现服务化与商业信用呈U型关系，财务冗余负向调节该关系，服务相关性无显著影响。
Purpose The aim of this study is to empirically test the link between servitization and trade credit in manufacturing firms as well as the boundary conditions of this link. Design/methodology/approach Using a unique dataset of 4,974 observations covering 838 manufacturing firms publicly listed in the United States during 1990–2020, this study examines the impact of servitization on trade credit and the moderating impacts of financial slack and service relatedness based on fixed-effect regression models. Findings The authors find that servitization shows a U -shaped relationship with trade credit. Besides, financial slack negatively moderates this U -shaped relationship whereas service relatedness has no significant impact on this relationship. Originality/value This paper is the first to empirically verify the influence of servitization on trade credit in manufacturing firms based on longitudinal secondary data and signaling theory. The research findings can provide several important theoretical and managerial implications for scholars and practitioners in operations management.