نوع مقاله : مقاله پژوهشی
نویسندگان
1 استادیار گروه حسابداری، دانشکده مدیریت و حسابداری،دانشگاه شهید بهشتی،تهران،ایران
2 کارشناس ارشدگروه حسابداری، دانشکده مدیریت و حسابداری ،دانشگاه ارشاد دماوند،تهران ، ایران
چکیده
کلیدواژه‌ها
عنوان مقاله [English]
نویسندگان [English]
1- Introduction
Trade credit is one of the most important sources of short-term financing for companies. The existing literature states that firms use more trade credit when they have external financing issue, suffered a liquidity shock, or have a high risk of insolvency (Chen et al., 2017). Firm’s life cycle plays an important role in determining firm’s growth and development. Existing studies classify life cycle into different stages, including introduction, growth, maturity, decline and shake out (Dickinson, 2011). Introduction stage companies are relatively younger, smaller and less profitable. They have access to fewer resources (Helfat and Petraf, 2003) and face uncertainty in cash flows, information asymmetry, and high level of risk (Dickinson, 2011; Hassan and Habib, 2017). These companies experience higher cost of capital (Hasan et al., 2015) and it is predicted that these companies are prone to using more trade credit. Growing companies are characterized by rapid sales growth, improved profitability, and higher level of innovation. At this stage, cash flow uncertainty, information asymmetry and capital costs are reduced, all of which increase their access to external financing (Dickinson, 2011; Hassan et al., 2015) and therefore it is expected that they use less trade credit. Mature companies are characterized by stability, more resources and competitive advantage (Hassan and Cheong, 2018). These companies produce more operating cash flows and profits, and they are dealing with less cash flow risk, capital of cost and financial distress (Dickinson, 2011; Habib and Hassan, 2019). So, they will need less trade credit than previous stages. Finally, declining firms experience declines in sales, operating cash flow, profitability, and competitive advantage. Studies show that companies in the decline stage are dealing with higher cash flow risk, information risk, cost of capital and financial restrictions (Hasan et al., 2015; Al-Hadi et al., 2019) and therefore they expected to use more trade credit. The question that is raised is whether the use of trade credit by companies is different in the stages of the life cycle? The present research seeks to answer this question.
2- Hypothesis
H1: Firms use more trade credit in the introduction stage of the life cycle than in the shake out stage.
H2: Firms use more trade credit in the growth stage of the life cycle than in the shake out stage.
H3: Firms use less trade credit in the maturity stage of the life cycle than in the shake out stage.
H4: Firms use more trade credit in the decline stage of the life cycle than in the shake out stage.
H5: Firms in stages of introduction and decline, compared to the stages of growth and maturity, use more trade credit than firms in the shake out stage.
3- Methods
We base our sample on firms listed on TSE (Tehran Stock Exchange) during 2009-2021 period. The sample consists of 171 firms. The sample excludes: financial firms (like banks, investment firms, insurance firms, etc.), firms with missing data and firms that do not have fiscal year ending 12.29 or change the fiscal year end during the time period. The resulting sample is 1881 firm-year observations. Our basic methodology involves multiple regressions using Panel Data method. Models estimated with Generalized Least Square (GLS) method and controlling industry and year effect method as supplementary method. Variables definitions are coming below.
The dependent variable is trade credit. Trade credit is measured as ratio of accounts payable to cost of goods sold. This ratio was applied in previous research (Lau et al., 2007; Molina and Peru, 2012). The independent variable is life cycle stages. Dickinson's (2011) approach was applied to measure life cycle stages (following Hassan et al., 2021; Faf et al., 2016; Hassan and Chong, 2018; Koh et al., 2015). Dickinson used cash flow statement information to classify companies into life cycle stages.
Control Variables are firm size, market-to-book ratio, return on equity, debt ratio, fixed asset ratio, change in sales, cash holdings, age, financial constraints, and cash flow volatility.
4- Results
The results of the tests showed that the companies in the stages of introduction (H1), growth (H2) and decline (H4) use more trade credit than in the shake out stage, while trade credit in the maturity stage (H3) is not significantly different from the shake out stage. The results of supplementary tests also confirm the initial results.
5- Discussion and Conclusion
In less developed markets, where the financial network has low efficiency, financing through banking system is difficult, especially when a company has financial constraints. So, companies finance through other methods like trade credit. Therefore, investigating factors affecting trade credit in TSE has double importance. In this research, the impact of life cycle stages on trade credit was investigated. The results show a significant positive relationship between the stages of introduction, growth and decline with trade credit, while this relationship is not significant for maturity stage. The results are generally consistent with Akbar et al. (2022) and Hassan et al. (2021). According to the results, companies were recommended to determine their financial policies (short-term and long-term financing) according to the stages of the life cycle and long-term policies, and in this regard, avoid expensive financing as much as possible, especially in the introduction and decline stages of the cycle to avoid their lives so as not to increase the firm’s risk.
Keywords: Corporate Life Cycle, Trade Credit, Cash Flow Statement, Generalized Least Squares.
کلیدواژه‌ها [English]
منابع
الف. فارسی
ابراهیمی کردلر، علی و محمدآبادی، مهدی و حصارزاده، رضا. 1387. بررسی رابطه بین تضاد منافع سهامداران – اعتباردهندگان با محدودیت در تامین مالی و توزیع سود، فصلنامه بورس اوراق بهادار، (4)1، 90-65.
اسکندر، هدی و امین عشایری، آسو. 1401. بررسی نقش تعدیلگر مشکل نمایندگی، رقابت بازار محصول و تمرکز مشتری در تاثیر اعتبار تجاری بر چسبندگی هزینه، بررسیهای حسابداری و حسابرسی، (3) 29، 424-404.
افلاطونی، عباس و نعمتی، مرضیه. 1397. نقش کیفیت گزارشگری مالی و کیفیت افشا در افزایش اعتبار تجاری: رویکرد متغیرهای ابزاری، بررسیهای حسابداری و حسابرسی، (1) 25، 20-1.
افلاطونی، عباس و نوروزی، محمد. 1399. عوامل موثر بر عرضه و تقاضای اعتبار تجاری: رویکردهای ایستا و پویا، دانش حسابداری، (1) 11، 59-35.
افلاطونی، عباس. 1397. اقتصادسنجی در پژوهشهای مالی و حسابداری با نرمافزار Eviews، چاپ اول، انتشارات ترمه، تهران.
امیری، عبداله و سعیدی، پرویز. 1400. بررسی رابطه بحران مالی، چرخه عمر و راهبردهای تجدید ساختار دارایی و مالی شرکتهای دارای بحران مالی، راهبرد مدیریت مالی، (3)9، 190-175.
ایزدینیا، ناصر و طاهری، مسعود. 1395. بررسی رابطه بین کیفیت اطلاعات حسابداری و اعتبار تجاری. پژوهشهای تجربی حسابداری، (3) 5، 81-101.
آقایی، محمدعلی و نوروزی، محمد و بیات، مرتضی و محبخواه، محمد. 1397. چرخه عمر، ریسکپذیری و احساسات سهامداران: شواهدی از بورس اوراق بهادار تهران، پیشرفتهای حسابداری، (1) 10، 28-1.
سواری، ضحی و رستمی، محمدرضا و عباسی، ابراهیم. 1397. بررسی تاثیر چرخه عمر بر سیاستهای مالی، سرمایهگذاری، بدهی و نقدینگی، پژوهشهای تجربی حسابداری، (2)8، 173-155.
کامیابی، یحیی و گرجیان مهلبانی، رضا. 1395. بررسی اثر سیاست پولی بر رابطه بین محافظهکاری حسابداری و اعتبار تجاری در شرکتهای پذیرفته شده در بورس اوراق بهادار تهران. پژوهشهای حسابداری مالی، (3) 8، 1-18.
مران جوری، مهدی و عنایت پور شیاده، ابراهیم و درخشان، جواد. 1401. تاثیر عملکرد مالی بر استفاده شرکتهای کوچک و متوسط از اعتبار تجاری، تحقیقات حسابداری و حسابرسی، (2)14، 50-39.
نظری، رضا و حیدری کیانی، سمانه. 1394. بررسی رابطه بین چرخه عمر و هزینه سرمایه در شرکتهای پذیرفته شده در بورس اوراق بهادار تهران، پژوهشهای کاربردی در گزارشگری مالی، (1)4، 170-141.
ولیالهی، عبدالرضا و میرابی، وحید رضا و رنجبر، محمد حسین. 1402. مدل رتبهبندی اعتباری مشتریان بر پایه چرخه عمر و نسبتهای مالی: رویکرد تحلیل ممیزی، دانش سرمایهگذاری، (2) 12، 41-25.
ب. انگلیسی
Abdulla, Y., Dang, V. A., & Khurshed, A. (2017). Stock market listing and the use of trade credit: Evidence from public and private firms. Journal of Corporate Finance, 46, 391–410.
Adilkhanova, Z., Nurlankul, A., Token, A. & Yavuzoglu, B. (2022). Trade credit and financial crisis in Kazakhstan, Journal of Asian Economics, 80 (c), 1-29.
Aflatooni, A. (2019). Econometrics in financial and accounting research with eviews software, first edition, Termeh, Tehran [In Persian].
Aflatooni, A., & Nemati, M. (2018). The role of financial reporting quality and disclosure quality in increasing commercial credit. Accounting and Auditing Review, 25(1), 1-20 [In Persian].
Aflatooni, A., & Norouzi, M. (2020). Determinants of supply of and demand for trade credit: Static and dynamic approaches. Journal of Accounting Knowledge, 11(1), 35-59 [In Persian].
Aghaei, M. A., Norouzi, M., Bayat, M., & Mohebkhah, M. (2018). Corporate life cycle, risk-taking and investor sentiment: evidence from Tehran Stock Exchange. Journal of Accounting Advances, 10(1), 1-29 [In Persian].
Akbar, M., Hussain, A., Sokolova, M., & Sabahat, T. (2022). Financial distress, firm life cycle, and corporate restructuring decisions: evidence from Pakistan’s economy, Economies, 10(7), 1-12.
Al-Hadi, A., Chatterjee, B., Yaftian, A., Taylor, G., & Hasan, M. M. (2019). Corporate social responsibility performance, financial distress and firm life cycle: Evidence from Australia. Accounting & Finance, 59(2), 961–989.
Altman, E. I. (1984). A further empirical investigation of the bankruptcy cost question. Journal of Finance, 39(4), 1067–1089.
Amiri, A., & Saeedi, P. (2022). Examining the relation of financial crisis, life cycle, and asset and financial restructuring strategies of companies with financial crisis. Journal of Financial Management Strategy, 9(5), 175-190 [In Persian].
Brennan, M. J., Maksimovics, V., & Zechner, J. (1988). Vendor financing. Journal of Finance, 43(5), 1127–1141.
Chen, D., Liu, M., Ma, T., & Martin, X. (2017). Accounting quality and trade credit. Accounting Horizons, 31(3), 69–83.
Chen, X. (2015). A model of trade credit in a capital-constrained distribution channel. International Journal of Production Economics, 159((1), 347–357.
Cuñat, V. (2007). Trade credit: suppliers as debt collectors and insurance providers. Review of Financial Studies, 20(2), 491–527.
DeAngelo, H., DeAngelo, L., & Stulz, R. M. (2006). Dividend policy and the earned/contributed capital mix: A test of the life cycle theory. Journal of Financial Economics, 81(2), 227–254.
Dickinson, V. (2011). Cash flow patterns as a proxy for firm life cycle. Accounting Review, 86(6), 1969–1994.
Ebrahimi, K. A., Mohammadabadi, M., & Hesarzade, R. (2009). Conflict of interest between stockholders and bondholders, income distribution and financial constraints. Journal of Securities Exchange, 1(4), 53-74 [In Persian].
El Ghoul, S., & Zheng, X. (2016). Trade credit provision and national culture. Journal of Corporate Finance, 41(Issue C), 475–501.
Emery, G. W. (1984). A pure financial explanation for trade credit. Journal of Financial and Quantitative Analysis, 19(3), 271–285.
Eskandar, H., & Ashayeri, A. (2022). Investigation of the moderating role of agency problem, product market competition and customer concentration in the effect of trade credit on cost stickiness. Accounting and Auditing Review, 29(3), 404-424 [In Persian].
Faff, R., Kwok, W. C., Podolski, E. J., & Wong, G. (2016). Do corporate policies follow a life cycle?. Journal of Banking & Finance, 69(Supplement C), 95–107.
Ferris, J. S. (1981). A transactions theory of trade credit use. Quarterly Journal of Economics, 96(2), 243–270.
Garcia-Appendini, E., & Montoriol-Garriga, J. (2013). Firms as liquidity providers: evidence from the 2007–2008 financial crisis. Journal of Financial Economics, 109(1), 272–291.
Garcia-Teruel, P., & Martinez-Solano, P. (2010). Determinants of trade credit: a comparative study of european SMEs. International Small Business Journal, 28(3), 215-233.
Habib, A., & Hasan, M. M. (2017). Firm life cycle, corporate risk-taking and investor sentiment. Accounting & Finance, 57(2), 465–497.
Habib, A., & Hasan, M. M. (2019). Corporate life cycle research in accounting, finance and corporate governance: A survey, and directions for future research. International Review of Financial Analysis, 61(3), 188–201.
Harris, C., & Roark, S. (2017). Exploring the decline in trade credit investment. Managerial Finance, 43(12), 1375-1391.
Hasan, M. M., & Cheung, A. (2018). Organization capital and firm life cycle. Journal of Corporate Finance, 48(3), 556–578.
Hasan, M. M., & Habib, A. (2017). Firm life cycle and idiosyncratic volatility. International Review of Financial Analysis, 50(3), 164–175.
Hasan, M. M., Cheung, A., Tunas, L., & Kot, H. W. (2021). Firm life cycle and trade credit. The Financial Review, 56(4), 743-771.
Hasan, M. M., & Habib, A. (2023). Corporate tax avoidance and trade credit. Accounting and Business Research, 53 (3), 1-30.
Hasan, M. M., Hossain, M., Cheung, A., & Habib, A. (2015). Corporate life cycle and cost of equity capital. Journal of Contemporary Accounting & Economics, 11(1), 46–60.
Helfat, C. E., & Peteraf, M. A. (2003). The dynamic resource-based view: capability life cycles. Strategic Management Journal, 24(10), 997-1010.
Izadinia, N., & Taheri. M. (2017). Examining the relationship between the quality of accounting information and trade credit. Journal of Empirical Research in Accounting, 5(3), 81-102 [In Persian].
Kamyabi, Y., & Gorjian Mehlabani, R. (2016). The effect of monetary policy on the relationship between accounting conservatism and trade credit in listed companies of Tehran stock exchange. Journal of Financial Accounting Research, 8(3), 1-18 [In Persian].
Koh, S., Durand, R. B., Dai, L., & Chang, M. (2015). Financial distress: life cycle and corporate restructuring. Journal of Corporate Finance, 33(4), 19–33.
Lawrenz, J., & Obernhofer, J. (2018). Firm size effects in trade credit supply and Demand, Journal of Banking and Finance, 93(3), 1-20.
Lee, Y. W., & Stowe, J. D. (1993). Product risk, asymmetric information, and trade credit. Journal of Financial and Quantitative Analysis, 28(2), 285–300.
Li, B., An, S. M., & Song, D. P. (2018). Selection of financing strategies with a risk-averse supplier in a capital-constrained supply chain. Transportation Research Part E: Logistics and Transportation Review, 118(3), 163–183.
Liu, L. X., Mao, M. Q., & Nini, G. (2018). Customer risk and corporate financial policy: Evidence from receivables securitization. Journal of Corporate Finance, 50(3), 453–467.
Love, I., Preve, L. A., & Sarria-Allende, V. (2007). Trade credit and bank credit: evidence from recent financial crises. Journal of Financial Economics, 83(2), 453–469.
Maranjory, M., Enayatpour Shiadeh, E., & Derakhshan, J. (2022). The impact of financial performance on smes utilization of trade credit. Accounting and Auditing Research, 14(54), 39-50 [In Persian].
Mian, S.L., & Smith, C.W. (1992). Accounts receivable management policy: theory and evidence. The Journal of Finance, 47(1), 169-200.
Molina, C. A., & Preve, L. A. (2012). An empirical analysis of the effect of financial distress on trade credit. Financial Management, 41(1), 187–205.
Namazi, M., & Hosseini-Nia, S. (2017). The moderating role of corporate governance on the relationship between a firm’s product lifecycle and risk-taking. Asian Journal of Accounting and Governance, 8, 87-100.
Nazari, R., & Heidari Kiani, S. (2015). Examination the relationship between the life-cycle and cost of capital of the listed companies in Tehran Stock Exchange. Applied Research in Financial Reporting, 4(1), 141-170 [In Persian].
Ng, C. K., Smith, J. K., & Smith, R. L. (1999). Evidence on the determinants of credit terms used in interfirm trade. Journal of Finance, 54, 1109–1129.
Petersen, M. A., & Rajan, R. G. (1997). Trade credit: Theories and evidence. The Review of Financial Studies, 10(3), 661-691.
Savari, Z., Rostami, M. R., & Abbasi, E. (2018). Investigating the impact of life cycle on financial policies, investment, debt and liquidity. Journal of Empirical Research in Accounting, 8(2), 155-173 [In Persian].
Smith, J. K. (1987). Trade credit and informational asymmetry. Journal of Finance, 42, 863–872.
Whited, T. M., & Wu, G. (2006). Financial constraints risk. Review of Financial Studies, 19 (2), 531–559.
Zhang, M., Ma, L., Su, J., & Zhang, W. (2014). Do suppliers applaud corporate social performance? Journal of Business Ethics, 121(4), 543–557.
Zhang, Z. (2019). Bank interventions and trade credit: Evidence from debt covenant violations. Journal of Financial and Quantitative Analysis, 54(5), 2179–2207.
)
