Since 1988, cash holding of UK listed companies increased from 10.6 to 16.4%. Focusing on the short-term view of cash holding and its substitutes, trade credit and short-term bank finance, the study develops a panel vector autoregression that accounts for firm-specific liquidity needs based on...

Financial sector development is an influential force that outlines the financing and governance of firms in emerging economies. Suppliers and bankers represent alternative governance structures to a firm because of their trade credit and loan requirements, respectively. The continuous monitoring...

This paper uses data from commercial banks and nonfinancial listed firms in Vietnam from 2007 to 2022 to address the effect of banking uncertainty on firms' trade credit. We find that trade credit increases with heightened uncertainty in the banking sector, which is more conspicuous in...

We provide a comprehensive review of firms’ financing channels (internal and external, domestic and international) around the globe, with the focus on alternative finance—financing from all the non-market, non-bank external sources. We argue that while traditional financing channels,...