Issue 26/2012

The CEA states that the primary version is the paper one.

Jerzy Marzec, Małgorzata Pawłowska

Zależność między kredytem kupieckim a bankowym w modelu zapasów – wyniki badań branżowych w Polsce

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The relationship between trade credit and inventory investment - empirical results for companies in Poland

Abstract
The aim of this study was to identify the phenomenon of substitution or complementarity between trade credit and short-term bank loan based on the inventory investment model. Based on panel data from the years 2001-2009 positively verified the hypothesis of substitution between these sources of finance stocks in the company. This analysis, also shown that the impact of financial crisis or a restrictive monetary policy to increase of the size of substitution between trade credit and short term.

Article: PDF

Table of contents of issue 26

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