The influence of economic policy uncertainty on corporate trade credit and firm value

被引：106
|
作者：
Jory, Surendranath R. [1 ]
Khieu, Hinh D. [2 ]
Ngo, Thanh N. [3 ]
Phan, Hieu, V [4 ]
机构：
[1] Univ Southampton, Dept Banking & Finance, Southampton, Hants, England
[2] Prairie View A&M Univ, Dept Accounting Finance & Management Informat Sys, Prairie View, TX USA
[3] East Carolina Univ, Dept Finance, Greenville, NC 27858 USA
[4] Univ Massachusetts Lowell, Dept Finance, Lowell, MA USA
来源：
JOURNAL OF CORPORATE FINANCE | 2020年 / 64卷
关键词：
Trade credit; Economic policy uncertainty; Firm value; PRODUCT MARKET POWER; INVESTMENT; RISK; DETERMINANTS; QUALITY; FINANCE; CHANNEL; MERGERS; COSTS;
D O I：
10.1016/j.jcorpfin.2020.101671
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This research investigates the relationship between government economic policy uncertainty (EPU) and trade credit and its value implication for U.S. public firms. We find that firms curtail their receivables periods and face shorter payables periods from suppliers during high EPU. The impact of trade credit policy changes on firm value is nonlinear. Tightening trade credit during periods of high EPU increases shareholder value only to a certain point, beyond which it is value-destroying since overly reducing trade credit can lead to losing customers to competitors.
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页数：23
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