Ogawa, Kazuo; Sterken, Elmer; Tokutsu, Ichiro - In: Small Business Economics 40 (2013) 1, pp. 101-118
It is suggested that trade credit can be a substitute for bank loans for small- and medium-sized enterprises (SMEs) that have little access to external funding sources. Using unique cross-sectional survey data of Japanese SMEs, we conduct a deep investigation into the substitutability between...