Why do firms strategically delay payments of corporate loans?
研究非金融企业因贷款方和贷款特征而战略性延迟部分贷款支付的行为，发现未来融资机会、还款难易度和延迟成本是关键因素，且企业主金融素养越高，延迟可能性越低。
Abstract Firms may prefer to delay some loan payments while continuing to service others because of lender and loan characteristics. I explore the impact of bank‐level and bank‐firm‐level indicators on the strategic delay behaviors of nonfinancial corporations. Three factors play a key role in their strategic delay decisions. First, strategic delay events occur more when the likelihood of obtaining additional and high‐quality funding in the future is limited. Second, firms are more reluctant to delay payments of loans strategically that are easier to repay. Third, firms are more likely to delay payments when the anticipated cost of delaying is low. Importantly, as the financial literacy levels of firm owners increase, the likelihood of a strategic delay event decreases.