Forfattere: Qiang Guo, Simon Hansen og Alexander Schandlbauer

This paper examines the determinants and dynamics of trade credit using detailed data on insured buyer–supplier relationships in Denmark from 2014 to 2023. We show that firm-level financials, such as liquidity, profitability, and size significantly increase the amounts of insured trade credits, while leverage is negatively associated with the insured trade credits. In contrast, average firm-level payment duration reflects strategic liquidity management, with financially strong Danish firms extending creditor days, whereas similar firms abroad pay more promptly. Sectoral and cross-country hetero geneity highlights the limitations of uniform regulatory caps, suggesting that policy design, such as the EU Late Payment Directive, should account for local financial structures and firm risk profiles.

Udgivelse: 2026 – nr. 1
Antal sider: 7