Late trade credit payments to meet cash flow forecasts

• 成果类型: Article; Early Access
• 署名作者: Cohen, Daniel; Liang, Chuchu; Lourie, Ben; Nekrasov, Alexander
• 署名单位: Vanderbilt University; University of California System; University of California Irvine; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
• 刊物名称: REVIEW OF ACCOUNTING STUDIES
• ISSN/ISSBN: 1380-6653; 1573-7136
• DOI: 10.1007/s11142-026-09985-w
• 发表日期: 2026-08-07
• 关键词: Real activity management; Late trade credit payments; cash flow forecasts; Meeting or beating expectations; BUYER-SUPPLIER RELATIONSHIPS; G30; G32; M41; L14; REAL ACTIVITIES MANIPULATION; earnings management; FIRMS; CLASSIFICATION; determinants; INFORMATION; governance; accruals; BEAT

摘要

We examine whether firms use late trade credit payments to meet cash flow forecasts using unique data on overdue payments to suppliers. We find that firms meeting or just beating analysts' quarterly operating cash flow forecasts exhibit higher proportions of overdue payments and longer past due durations. This behavior varies with market incentives to meet cash flow forecasts, expected costs to suppliers, and buyers' flexibility to adjust payment timing. Strategic late payments are concentrated in the last month of the quarter, when managers have better information about actual and expected performance. However, this practice comes at the cost of strained supplier relationships: firms using late payments to meet cash flow forecasts are less likely to start new supplier relationships and more likely to end existing ones.