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This paper studies the effect of government contracts on trade credit by using cross-country firm-level data. Trade credit is defined as a firm's deferral of payment to its sellers when it buys material inputs. We apply the instrumental variable to take into account the endogeneity problem...
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Previous studies show that climate vulnerability affects capital structure. This research goes beyond by extending to cross-sessional analysis emphasizing the impact of climate vulnerability on capital structure conditional on firm-level financial constraints, country-level financial...
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