Efectos del ciclo económico en el crédito comercialel caso de la pyme española

  1. Francisco-Javier Canto-Cuevas 1
  2. María-José Palacín-Sánchez 1
  3. Filippo di Pietro 1
  1. 1 Universidad de Sevilla, Departamento de Economía Financiera y Dirección de Operaciones
European Research on Management and Business Economics

ISSN: 2444-8834

Year of publication: 2016

Volume: 22

Issue: 2

Pages: 55-62

Type: Article

DOI: 10.1016/J.IEDEE.2015.11.001 DIALNET GOOGLE SCHOLAR lock_openOpen access editor

More publications in: European Research on Management and Business Economics


The objective of this work is to study the effects of the economic situation on trade credit received and granted, in small and medium-sized enterprises. To this end, using the panel data methodology, we analyse a sample of Spanish SMEs during the years 2004-2011: a period that includes two phases, one of expansion and another of recession. The results show that the economic cycle significantly affects trade credit received and granted, which both increase in the period of economic boom, and contract during a period of crisis. In addition, constrained firms receive less credit from suppliers during the crisis, while their accounts receivables increase. Finally, those firms with greater capacity to generate internal resources grant more credit to their customers.

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