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Trade credit and bank loan in period of financial crisis: Evidence from Tunisian exporting companies

This paper examines the relationship between trade credit and bank loan during the financial crisis using annual data on Tunisian exporting companies over the period 2005- 2011. Results based on 2SLS regression have shown that trade credit and bank credit were simultaneously determined and maintained a complementary effect before 2008 financial crisis. | Trade credit and bank loan in period of financial crisis Evidence from Tunisian exporting companies Accounting 3 2017 101 106 Contents lists available at GrowingScience Accounting homepage www.GrowingScience.com ac ac.html Trade credit and bank loan in period of financial crisis Evidence from Tunisian exporting companies Meryem Bellouma Lecturer in Faculty of Economics and Management of Nabeul Tunisia CHRONICLE ABSTRACT Article history This paper examines the relationship between trade credit and bank loan during the financial Received December 5 2015 crisis using annual data on Tunisian exporting companies over the period 2005- 2011. Results Received in revised format based on 2SLS regression have shown that trade credit and bank credit were simultaneously February 16 2016 determined and maintained a complementary effect before 2008 financial crisis. On the other Accepted August 8 2016 Available online side the substitution effect has been detected between the two sources of short term financing August 8 2016 during 2008 financial crisis. Finally companies rely more on bank loan after the financial crisis Keywords because bankers are able to cover financial need of their customers. Trade credit Financial constraints Tunisian exporting companies 2017 Growing Science Ltd. All rights reserved. 1. Introduction The credit crunch of 2008 resulted in contraction in bank financing and in the reluctance of financial institutions to supply loans for companies. The cash constraints can lead to serious cash flow problems. Academic studies have stressed the importance role of credit on company growth and performance Bellouma 2015 . Therefore the reduction of credit offered by financial institutions can harm the company s sales. To overcome this situation companies may rely on trade credit. In fact suppliers can provide to their customers additional credit or delay the repayment period. In the early 60 s Meltzer 1960 presented the trade credit as a substitute for the loan .