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Author
Woźniak Dariusz (Wyższa Szkoła Biznesu - National Louis University, Poland), Sokołowska-Woźniak Justyna (Wyższa Szkoła Biznesu - National Louis University, Poland), Jankowiak Bartłomiej (Wyższa Szkoła Biznesu - National Louis University, Poland), Cwynar Andrzej (University of Economics and Innovation in Lublin, Poland), Cwynar Wiktor (University of Economics and Innovation in Lublin, Poland), Ostrowska-Dankiewicz Anna (Rzeszow University of Technology, Poland), Dankiewicz Robert (Rzeszow University of Technology, Poland)
Title
Trade Credit in Polish Companies. An Empirical Analysis of Macroeconomic Factors Influencing Payment Delays
Source
Business and Non-profit Organizations Facing Increased Competition and Growing Customers' Demands, 2018, vol. 17, s. 627-644, rys., tab., bibliogr. 26 poz.
Keyword
Kredyt kupiecki, Płatność, Sytuacja makroekonomiczna
Trade credit, Payment, Macroeconomic situation
Note
summ.
The study is one of the effects of the research project "Debt watch - based on a focused, socially and economically important research topic (debt literacy) piloting a complex of solutions aimed at a significant increase in the scale, quality and quality of research in the field of social sciences and humanities in the field of economics and management at the Faculty of Administration and Economics WSEI in Lublin" implemented under the agreement No. 0057/DLG/2016/10, concluded with the Ministry of Science and Higher Education under the program named "Dialog"
Abstract
Trade credit, a commonly used financing method in enterprises is the subject of many studies in literature. Surprisingly less attention is paid to the payment delays and backlogs and its causes. The main aim of the article is the empirical analysis of macroeconomic factors influencing payment delays and backlogs in Poland in the years 2009-2017. Based on data delivered by the KRD Economic Information Bureau and Macroeconomic Data Bank (BDM) an econometric model was constructed. To find the final data set a backward elimination type of stepwise regression was used. Due to the nature of the macroeconomic data, models with time lags of one and two quarters were analyzed. The rate of economic growth, conducted monetary policy and gross capital expenditures have a significant impact on payment delays. There were no statistically significant correlations between delays and the financial results of enterprises and the exchange rate. It is also worth emphasizing the possibility of predicting the occurrence of late payments in the economy. The best results were obtained for one-quarter of delays. Watching economic growth and monetary policy (the NBP reference rate or money supply) is particularly useful in forecasting payment delays. (original abstract)
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Bibliography
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ISSN
2543-540X
Language
eng
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