Interfirm Relationships and Trade Credit in Japan: Evidence by Hirofumi Uchida, Arito Ono, Souichirou Kozuka, Makoto

By Hirofumi Uchida, Arito Ono, Souichirou Kozuka, Makoto Hazama, Iichiro Uesugi

This is the 1st ebook to document the main points of the present prestige of interfirm relationships in Japan. in keeping with a different facts set of corporations, the authors describe the features of interfirm transactions in a fashion exceptional within the literature. unique emphasis is put on the character of payment/collection among businesses. money for interfirm transactions is mostly made on account, or through cost after supply, instead of through fast check. therefore, such a lot interfirm transactions are observed by way of a provision of credits (i.e., lending/borrowing) from a vendor to a consumer, known as exchange credits. even if alternate credits is used everywhere in the international and debts for a wide section of organisations’ stability sheets, researchers, missing particular facts, have lengthy encountered severe trouble in clarifying how and why agencies use alternate credit.

In this paintings the authors use an important, exact info set of approximately 380,000 corporations in Japan throughout the 2007–2010 interval. to understand the whole thing of this huge, immense facts set, that's tantamount to an image of all corporations at the moment working in Japan, this short summarizes descriptive information and conducts univariate analyses of the knowledge. additionally supplied is the felony historical past of alternate credits perform in Japan from the “law and economics” viewpoint. during this demeanour, the publication furnishes very important details that may be used as a reference for destiny theoretical and empirical analyses of exchange credits and interfirm relationships.

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Extra resources for Interfirm Relationships and Trade Credit in Japan: Evidence from Micro-Data

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81 % (two months later). When we break down the sample firms by their location, we find that the ratio of firms that set a payment day 2 months later is higher in eastern Japan, especially in the Kanto area (more than 15 % in the case of the primary method); while the ratio of the firms that set one in the next month is higher in western Japan. These regional differences overlap with those of the closing day. The prefectures with more firms setting a closing day on the 20th tend to have more firms with a payment day 2 months later, while those with more firms setting a closing day on the 31st have more firms with a payment day in the next month.

Also, the median is 100 % for most of the categories broken down by the prepayment ratio for making payments. 3 Interfirm Trade and Trade Credit 35 Fig. 3 Univariate Analysis (2): Promissory Bills Turning to the difference in the use of promissory bills as a method to receive payments, as the medians in Fig. 20 show (N = 368,244), they are extensively used in Mining (40 %), Manufacturing (20 %), Wholesale (10 %), and Construction (5 %). For these four industries, the median bill ratio for receiving payments is greater than the median bill ratio for making payments, so firms in these industries collect more bills than they use.

73 %) for firms paying with 100 % cash (N = 44,952). 9 %), although the number of observations is small (N = 467). The mean prepayment ratio is less than 1 % for the other intermediate categories. 6 % of N = 167,855 (excluding cash only firms)) for making payment. 5 %, and the median is zero for all the categories. Finally, the prepayment ratio for firms as payees increases with the prepayment ratio for them as payers (N = 167,836) at an increasing rate (Fig. 29), although the majority of our sample firms never use prepayment for making or receiving payments.

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