The European Union, through the Europe 2020 program, adopted by European Council in June 2010, aims at exploiting in the next decade the globalization potential in order to stimulate the economic growth and employment. At EU level it was defi ned the integrated industrial policy for...

From a doctrinaire perspective, health economics represents the manner in which healthcare services are produced and provided in case of limited resources. Starting from the three fundamental questions that underlie economy: what goods and services must be produced?, in which manner must these...

В условиях реальной экономики любая компания сталкивается с вопросом выбора источника финансирования своей деятельности. При этом анализировать эффективность...

If we refer to the dividend – as element of capital contribution of the shareholders, we have to compulsory take into consideration the problem of capital’s cost involvements. Thanks to the fact that own funds do not have a fix income, because the dividends that will be distributed depend...

Financial literature discusses the motives for trade credit provision by suppliers in depth. However, there is no empirical evidence of the effect of granting trade credit on the profitability of small and medium-sized firms. We examine the profitability implications of providing financing to...

Using micro-data on small- and medium-sized enterprises, this paper empirically investigates the “signalling hypothesis” formulated on the role of trade credit (Biais and Gollier in Rev Financ Stud 10: 903–937, <CitationRef CitationID="CR19">1997</CitationRef>; Burkart and Ellingsen in Am Econ Rev 94: 569–590, <CitationRef CitationID="CR30">2004</CitationRef>). The research...</citationref></citationref>

Following the financial crisis, total outstanding loans to businesses by commercial banks dropped off substantially. Large loans outstanding began to rebound by the third quarter of 2010 and essentially returned to their previous growth trajectory while small loans outstanding continued to...

In practice, in order to reduce default risks with credit-risk customers, a seller (e.g., a manufacturer or a retailer) frequently requests its credit-risk customers to pay a fraction of the purchase amount at the time of placing an order as collateral deposit, and then grants a permissible...

In reality, a seller (e.g., a supplier or a manufacturer) frequently offers his/her buyers trade credit (e.g., permissible delay in payment). Trade credit reduces the buyer's holding cost of inventory and hence attracts new buyers who consider it to be a type of price reduction. On the other...

In practice, a credit-worthy retailer frequently receives a permissible delay on the entire purchase amount without collateral deposits from his/her supplier (i.e., an up-stream full trade credit). By contrast, a retailer usually requests his/her credit-risk customers to pay a fraction of the...