DETERMINANTS OF ACCESS TO TRADE CREDIT FOR SMALL AND MEDIUM SIZED ENTERPRISES IN TURKEY AFTER THE 2008 GLOBAL CRISIS

Year 2016, Volume: 3 Issue: 4, 266 - 284, 31.12.2016

Kartal Demirgunes

https://doi.org/10.17261/Pressacademia.2016.343

Abstract

This study
aims to find out the determinants of access to trade credit for SMEs operating
in Turkey after the 2008 Global Crisis. Firstly, theoretical framework on the
concept of trade credit is given; and then the effects of the 2008 Global
Crisis on access to trade credit for SMEs in Turkey are discussed widely.
Following the literature review; Levin-Lin-Chu (LLC), Im-Pesaran-Shin (IPS) and
Augmented Dickey Fuller (ADF) Fisher panel unit root tests, and Pedroni (1999)
and Kao (1999) panel co-integration tests are used in the econometric analyses.
Long term co-integration coefficients estimated by FMOLS methodology proposed
by Pedroni (2000) show that there exists a statistically significant and
positive relationship between access to trade credit and profitability.
However, age, size and cash flow generating capability (of the company) affect
(its) access to trade credit negatively.

Keywords

Access to trade credit, SMEs, 2008 global crisis, panel data analysis

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