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Theoretical and Applied Economics
No. 4 / 2011 (557)

Exploratory Study Regarding the Commercial Credit Policy of Romanian Companies

Cristina-Ionela FĂDUR
“Alexandru Ioan Cuza” University, Iaşi
Daniela CIOTINĂ
“Alexandru Ioan Cuza” University, Iaşi
Marilena MIRONIUC
“Alexandru Ioan Cuza” University, Iaşi

Abstract. The purpose of this paper is to reveal the commercial credit policy adopted by Romanian companies and its influence on the level of liquidity, analyzed using absolute measure indicators – net cash – and relative measure indicators – the immediate liquidity ratio. 50 companies quoted in the Bucharest Stock Exchange have been selected, based on the annual financial statements for the period 2006-2008. It is one of the few studies that aim at analyzing longitudinally the commercial credit policy adopted by Romanian companies. The study reveals that average payment delays of the debts to the providers is higher than the average customer debt collection, but the commercial credit policy does not exert any significant influence over the liquidity of the analyzed companies.

Keywords: commercial credit policy; liquidity; decisional impact; correlation; regression model.

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Marin Dinu

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