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Financial Constraints and Exports: Evidence from Portuguese Manufacturing Firms
Armando Silva
International Journal of Economic Sciences and Applied Research , 2011,
Abstract: This paper analyses the links between financial constraints and firm export behaviour, at the firm level, by using data on Portuguese manufacturing enterprises. Previous empirical literature has not yet reached a consensus on these subjects and there is a great heterogeneity in measuring financial constraints. In line with a very recent trend, we approximate credit constraints by using a financial score built on eight variables. In order to assess the effects of exports on the financial status of firms we apply, for the first time to these types of studies, a propensity score matching with difference in differences. We find that new exporters show significant improvements in their financial situation.
Credit constraints in Brazilian firms: evidence from panel data
Terra, Maria Cristina T.;
Revista Brasileira de Economia , 2003, DOI: 10.1590/S0034-71402003000200006
Abstract: this paper investigates whether brazilian firms' investment decisions are affected by credit constraints, using balance sheet data from 1986 to 1997. estimated results indicate that brazilian firms are credit-constrained, and the only instance in which credit constraints seemed softer was among large and among multinational firms, during the period 1994-97.
Credit constraints in Brazilian firms: evidence from panel data  [cached]
Terra Maria Cristina T.
Revista Brasileira de Economia , 2003,
Abstract: This paper investigates whether Brazilian firms' investment decisions are affected by credit constraints, using balance sheet data from 1986 to 1997. Estimated results indicate that Brazilian firms are credit-constrained, and the only instance in which credit constraints seemed softer was among large and among multinational firms, during the period 1994-97.
Credit Constraints and Household Selection of Financial Assets  [PDF]
Guofei Wang
Open Journal of Social Sciences (JSS) , 2016, DOI: 10.4236/jss.2016.42009
Abstract: Based on the micro-data of China Household Finance Survey, this paper analyzes the effects of credit constraints on household selection of financial assets empirically. The results show that credit constraints have the significant negative impact on participation rate and allocation ratio of savings, stock, risky financial assets. Credit constraints keep families from holding much savings. Those families who face credit constraints have to use their own money to meet the demand of funds without bank loans. Those families who face credit constraints are no willing to invest in stock market and hold less risky assets because of their lower risk tolerance. Besides, credit constraints can increase the participation rate of informal borrowing and reduce household private lending. There are few domestic articles analyzing the relationship between credit constraints and household selection of financial assets. Therefore, this paper can be more of reference value for the follow-up study. Meanwhile, the results show that reducing credit constraints is helpful for the household participation in capital market.
To What Extent Are Credit Constraints Responsible for the Non-separable Behavior at Household Level? Evidence from Tobacco Growing Households in Rural Malawi
Franklin Peter Simtowe,Alexander Phiri
Journal of Applied Sciences , 2007,
Abstract: Microfinance institutions world-wide are continuously developing strategies for addressing credit market failure among liquidity constrained households. While an enormous amount of research has provided evidence for the positive welfare impact of access to credit at household level, very little is known regarding the extent to which credit can be used as a tool for enhancing separation in the making of consumption and production decisions at household level, which is an important precondition for specialization. The objective of this study is to examine the extent to which credit constraints can be used to explain non-seperability among households from Malawi. The data used was collected by the International Food Policy Research Institute (IFPRI). The test for separation of consumption and production decisions is done using the on-farm labor demand model. Consistent with theory, results indicate that household demographic factors affect demand for labor among credit constrained households while they have no effect among unconstrained households. The implication from the study is that increased access to credit can be an important tool for arresting current market failures faced by poor rural households to the extent that once liquidity constraints are relaxed households can hire extra labor to enhance their productivity.
Inventory and Credit Decisions under Day-Terms Credit Linked Demand and Allowance for Bad Debts  [PDF]
K. K. Aggarwal,Arun Kumar Tyagi
Advances in Decision Sciences , 2014, DOI: 10.1155/2014/678561
Abstract: In order to stimulate demand of their product, firms generally give credit period to their customers. However, selling on credit exposes the firms to the additional dimension of bad debts expense (i.e., customer’s default). Moreover, credit period through its influence on demand becomes a determinant of inventory decisions and inventory sold on credit gets converted to accounts receivable indicating the interaction between the two. Since inventory and credit decisions are interrelated, inventory decisions must be determined jointly with credit decisions. Consequently, in this paper, a mathematical model is developed to determine inventory and credit decisions jointly. The demand rate is assumed to be a logistic function of credit period. The accounts receivable carrying cost along with an explicit consideration of bad debt expense which have been often ignored in previous models are incorporated in the present model. The discounted cash flow approach (DCF) is used to develop the model and the objective is to maximize the present value of the firm’s net profit per unit time. Finally, numerical example and sensitivity analysis have been done to illustrate the effectiveness of the proposed model. 1. Introduction The basic purpose of a firm is maximization of its present value and in order to achieve this goal proper inventory management is an important aspect. The basic objective of any inventory control system is to satisfy the future demand in a best possible manner. The classical EOQ model assumes that demand cannot be influenced by the decision maker. However, decision maker can influence the demand by giving credit period to its customers. Trade credit is used by the firms as a marketing strategy to stimulate demand by attracting the customers who consider it to be a type of price reduction. Moreover, to realize sales from customers who do not have money for instant payment the firm must wait until they resell the goods before doing the payment. Many customers would like to verify the quality of firm’s product prior to making the payment. In such circumstances, firm allows sales on credit so that it can sell more goods in comparison to when it relies only on cash sales. Teng [1] also illustrated two benefits of trade credit policy to the supplier: (1) it should attract new customers who consider it to be a type of price reduction; (2) it should cause a reduction in the sales outstanding, since some established customers will pay more promptly in order to take advantage of permissible delay more frequently. The two common forms of trade credit are
Linking Quality Attributes and Constraints with Architectural Decisions  [PDF]
David Ameller,Xavier Franch
Computer Science , 2012,
Abstract: Quality attributes and constraints are among the main drivers of architectural decision making. The quality attributes are improved or damaged by the architectural decisions, while restrictions directly include or exclude parts of the architecture (for example, the logical components or technologies). We can determine the impact of a decision of architecture in software quality, or which parts of the architecture are affected by a constraint, but the difficult problem is whether we are respecting the quality requirements (requirements on quality attributes) and constraints with all the architectural decisions made. Currently, the common practice is that architects use their own experience to design architectures that meet the quality requirements and restrictions, but at the end, especially for the crucial decisions, the architect has to deal with complex trade-offs between quality attributes and juggle possible incompatibilities raised by the constraints. In this paper we present Quark, a computer-aided method to support architects in software architecture decision making.
Credit Constraints and Poverty among Nigerian Farming Households
Adekemi Adebisola Obisesan,Roseline Jumoke Akinlade
Agricultural Journal , 2013, DOI: 10.3923/aj.2013.94.100
Abstract: This study examined credit constraint and poverty among the smallholder rural farming households in Southwest Nigeria. Primary data was randomly collected using structured questionnaire from 300 smallholder farmers in the study area. Data was analyzed using descriptive statistics, Probit Regression Model, the Foster, Greer and Thorbecke in 1984 class of poverty measures (FGT) and the Logit Regression Model. The result shows that majority (69%) of the respondents are credit constrained and this has a positive influence on their poverty status as about 71% of the credit constrained households fall below the poverty line compared to about 45% of their unconstrained counterparts. Among the constrained 37.86% are core poor and 32.52% are moderately poor while 29.61% are non-poor compared to 17.02, 27.66 and 55.32% for core poor, moderately poor and non-poor, respectively among their unconstrained counterparts. Gender, age, level of education, off-farm income source and membership of farmers association are variables that significantly influenced both credit constraint condition and poverty of the farmers while age, farm size and credit constraint influenced only poverty status of rural households in Southwest Nigeria. This study concludes that improvement in credit access among the farming households, especially the credit constraint is imperative for poverty alleviation. Gender differences with respect to credit constraint should be critically checked. Extending credit to women will not only accelerate production but also improve rural livelihood and reduce poverty.
Constraints on credit, consumer behavior and the dynamics of wealth
Gomes Costa Orlando
Economic Annals , 2009, DOI: 10.2298/eka0982119g
Abstract: This paper develops a simple macroeconomic model where the pattern of wealth accumulation is determined by a credit multiplier and the way households react to short-term fluctuations. Given this setup, long term wealth dynamics are eventually characterized by the presence of endogenous cycles.
Distances and Small Business Credit Constraints: The French case
Salima Djedidi Kooli
International Journal of Economic Sciences and Applied Research , 2012,
Abstract: Deregulation and progress in information and communication technologies have increased thegeographical expansion of banking structures and instruments. This makes banks operationallyclose to the borrowers. At the same time, banking industry consolidation have induced ageographical concentration of banking decision centers and strategic functions, leading toan increase of the functional distance that separates the decision center of a bank from itsoperational branches. The aim of this paper is to evaluate the impact of these two trends onsmall and medium-sized enterprise (SME) lending. Our findings on French data suggest that(i) increased functional distance induces an increase of the investment cash flow sensitivityconsidered as a measure of financing constraints and that (ii) the relationship betweenoperational proximity and financing constraints is non linear with an investment-cash flowrelationship supposed to be increasing for low levels of operational proximity below a certainthreshold and decreasing for high levels of it. The adverse effect of functional distance onfinancing constraints is particularly acute for small firms.
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