Fatores determinantes do trade credit de empresas não financeiras listadas no Ibovespa entre 2003 e 2013

Abstract

The work aims to verifythe determinants oftrade creditof listed companies in Brazil'sStock Exchange overthe period from 2003 to2013, considereda credit expansion period for our economy. International studieshave testeddataincross sectionandshort-periodpanel, with significant resultsin explainingthe volume of non-financialcompanies trade credit (measured by accounts receivable and accounts payable). International andlocalliterature on this matteranalyzed theimpactsofvariablessuchthatsize, leverage, liquidity accounts andcyclicalprofitability.This study analyzed84non-financiallisted companieswith available data for the whole period. For the Accounts Receivable Model,thevolume of credit grantedisnegatively related tofirm size, the volume of highliquidityresourcesin other accounts(cash andstock), indicating that the greater amount invested in other high liquidityaccounts is inversely related tothe credit supply to customers.The variables ofaccounts payable,debt andoperating profitshowed positive andsignificant coefficient with the volume oftrade credittakenby companies.The companytends togivemorecreditto their customersas theytakemorecreditfrom their suppliersand obtainbank financing.In addition, ahigher generation ofoperating incomeis relatedto increasedlending.ForAccounts Payablemodel, thefirm sizevariablewas found to benegativeandsignificant coefficient.This resultis supported by thepositive and significantcoefficient of thevariableaccountsreceivablepresent in the model. Inventories,however,had a positiveand significantsignal on thepanelspecification, indicating that companies withhigher inventoriestend to gethigher volume ofcredit fromsuppliers.