Receivables and liabilities of enterprises during economic slow-down
Journal Title: Zarządzanie i Finanse - Year 2013, Vol 11, Issue 2
Abstract
The aim of the study was to assess the impact of economic slowdown on receivables and short-term liabilities in different productive sectors. The research was conducted on the basis of quarterly financial statements of 96 companies listed in the Warsaw Stock Exchange for the period 2007-IIIQ 2012. The level of short-term receivables and payables depends on the used and granted trade credit. The financial crisis may, on the one hand, lead to the sub-stitution between trade credit and bank credit (substitution effect, i.e. increase trade credit), on the other hand to reduction in bank and trade credit (liquidity shock chains, i.e. decrease trade credit). In this research it was impossible to assess which effect dominates due to the lack of more detailed financial data, i.e. the structure of receivables and short-term liabilities. However, on the basis of collected data it was possible to analyze the Payment Deferral Period and Receivables Collection Period for 11 sectors. The relationship between some financial indicators and GDP growth was also examined. The results show the pronounced influence of economic situation on Payment Deferral Period than on Receivables Collection Period. Moreover, during the period of sharp decline in GDP growth, there was a sharp increase in Payment Deferral Period, which shortened after some time.
Authors and Affiliations
Anna Wawryszuk-Misztal
Keywords
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