The basic contract-enforcement regressions Sample Clauses

The basic contract-enforcement regressions. The dependent variable in our contract-enforcement regressions (presented in Table 3) is trade credit. There are three sets of regressors in which we are mainly interested. The first set is variables measuring the effect of bilateral relational contracting. The second set measures the effect of trade associations, business networks and social networks. The third measures the effects of courts. All of the regressions reported on Table 3 include country/industry fixed effects. We include interacted controls because the factors affecting trade credit in the food industry in Poland, for example, may differ from factors affecting trade credit in the food industry in Russia. Since some surveyed manufacturers have two customers in the sample, we adjust all standard errors for clustering at the firm level. The first column of Table 3 is a probit regression with the dependent variable representing a relationship in which the customer pays any part of the bill with delay. We focus our discussion on the column 1 regression, which is the simplest of the regressions. The other regressions vary among other things the measure of trade credit. We find weak evidence for the effect of bilateral lock-in through high search costs. Customer search costs are inversely related to the number of competitors to our manufacturer 13 The Polish interest rates are reported at xxxx://xxx.xxxxxxxxx.xxx/ECO/22pol.html and at xxxx://xxx.xxxx.xxx/publications/observer/213/indicato-eng.htm. The Romanian regulation and prevailing interest rate come from xxxx://xxx.xxxxxxxxxxxxxx.xxx/romania/markrom.htm. located near (within 1 km) the interviewed manufacturer. About 17% of manufacturers report 1- 4 competitors located nearby, while 4% report having more than 5 competitors located nearby. We use two dummy variables to differentiate these two groups of firms from those indicating no nearby competitors. Firms with more than 5 competitors located nearby are about 15% less likely to allow customers to pay any part of their bill with delay. The variable indicating 1-4 competitors has the wrong sign but is not significant. However, there is strong evidence in supporting relational contracting in general. Sellers learn about the reliability of buyers through trading experience. The longer a manufacturer has dealt with a given customer, the better able it is to evaluate the credit risk. Our data indicate that most of the experience effects occur very rapidly, within the first 2 months of the relationsh...
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