FINANCIAL CONSTRAINTS, FIRMS' SUPPLY CHAINS, AND INTERNATIONALIZATION

• 成果类型: Article
• 署名作者: Minetti, Raoul; Murro, Pierluigi; Rotondi, Zeno; Zhu, Susan Chun
• 署名单位: Michigan State University; Universita LUMSA; UniCredit Group
• 刊物名称: JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
• ISSN/ISSBN: 1542-4766
• DOI: 10.1093/jeea/jvx056
• 发表日期: 2019
• 页码: 327-375
• 关键词: trade credit; INFORMATION; industry; consolidation; benefits; MARKETS; mergers

摘要

Using a unique sample of small and medium-sized Italian firms, we investigate the effect of financial constraints on firms' participation in domestic and international supply chains. We find that firms more exposed to bank credit rationing and with weaker relationships with banks are more likely to participate in supply chains to overcome liquidity shortages. This benefit of supply chains is especially strong when firms establish long-term trading relationships and when they forge ties with large and international trading partners. To control for possible endogeneity of firms' access to credit, we construct instruments capturing exogenous shocks to the structure of the Italian local banking markets.