{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,3,26]],"date-time":"2026-03-26T13:21:09Z","timestamp":1774531269374,"version":"3.50.1"},"reference-count":80,"publisher":"MDPI AG","issue":"3","license":[{"start":{"date-parts":[[2023,3,3]],"date-time":"2023-03-03T00:00:00Z","timestamp":1677801600000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"name":"National Funds through the FCT\u2014Foundation for Science and Technology","award":["UIDB\/05583\/2020"],"award-info":[{"award-number":["UIDB\/05583\/2020"]}]},{"name":"National Funds through the FCT\u2014Foundation for Science and Technology","award":["UIDB\/00324\/2020"],"award-info":[{"award-number":["UIDB\/00324\/2020"]}]},{"name":"National Funds through the FCT\u2014Foundation for Science and Technology","award":["UIDB\/04011\/2020"],"award-info":[{"award-number":["UIDB\/04011\/2020"]}]},{"name":"Research Center in Digital Services (CISeD)","award":["UIDB\/05583\/2020"],"award-info":[{"award-number":["UIDB\/05583\/2020"]}]},{"name":"Research Center in Digital Services (CISeD)","award":["UIDB\/00324\/2020"],"award-info":[{"award-number":["UIDB\/00324\/2020"]}]},{"name":"Research Center in Digital Services (CISeD)","award":["UIDB\/04011\/2020"],"award-info":[{"award-number":["UIDB\/04011\/2020"]}]},{"name":"Instituto Polit\u00e9cnico de Viseu","award":["UIDB\/05583\/2020"],"award-info":[{"award-number":["UIDB\/05583\/2020"]}]},{"name":"Instituto Polit\u00e9cnico de Viseu","award":["UIDB\/00324\/2020"],"award-info":[{"award-number":["UIDB\/00324\/2020"]}]},{"name":"Instituto Polit\u00e9cnico de Viseu","award":["UIDB\/04011\/2020"],"award-info":[{"award-number":["UIDB\/04011\/2020"]}]},{"name":"Center for Mathematics of the University of Coimbra","award":["UIDB\/05583\/2020"],"award-info":[{"award-number":["UIDB\/05583\/2020"]}]},{"name":"Center for Mathematics of the University of Coimbra","award":["UIDB\/00324\/2020"],"award-info":[{"award-number":["UIDB\/00324\/2020"]}]},{"name":"Center for Mathematics of the University of Coimbra","award":["UIDB\/04011\/2020"],"award-info":[{"award-number":["UIDB\/04011\/2020"]}]},{"name":"Portuguese Government through FCT\/MCTES","award":["UIDB\/05583\/2020"],"award-info":[{"award-number":["UIDB\/05583\/2020"]}]},{"name":"Portuguese Government through FCT\/MCTES","award":["UIDB\/00324\/2020"],"award-info":[{"award-number":["UIDB\/00324\/2020"]}]},{"name":"Portuguese Government through FCT\/MCTES","award":["UIDB\/04011\/2020"],"award-info":[{"award-number":["UIDB\/04011\/2020"]}]},{"name":"national funds, through the FCT\u2014Portuguese Foundation for Science and Technology","award":["UIDB\/05583\/2020"],"award-info":[{"award-number":["UIDB\/05583\/2020"]}]},{"name":"national funds, through the FCT\u2014Portuguese Foundation for Science and Technology","award":["UIDB\/00324\/2020"],"award-info":[{"award-number":["UIDB\/00324\/2020"]}]},{"name":"national funds, through the FCT\u2014Portuguese Foundation for Science and Technology","award":["UIDB\/04011\/2020"],"award-info":[{"award-number":["UIDB\/04011\/2020"]}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["JRFM"],"abstract":"<jats:p>Small companies face significant difficulties in accessing finance, and the use of bank credit and trade credit are the primary sources of financing, specifically in small countries, with little market liquidity, and focused on the banking system, as is the case of Portugal. The main objective of this article is to identify significant drivers of bank and trade credit, as well as investigate the complementary or substitutive relationship between them, considering that both constitute an essential source of financing for small and medium-sized enterprises (SMEs). The sample comprises 5860 companies, and the analysis was performed using panel data methodology (2010\u20132019). The results suggest that, during the period in which the financial crisis was most felt in the country (2010\u20132013), companies intensified their demand for trade credit, and in the following years for bank credit. Our evidence does support the substitution hypothesis between trade and bank credit.<\/jats:p>","DOI":"10.3390\/jrfm16030170","type":"journal-article","created":{"date-parts":[[2023,3,6]],"date-time":"2023-03-06T02:06:43Z","timestamp":1678068403000},"page":"170","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":8,"title":["Bank Credit and Trade Credit: The Case of Portuguese SMEs from 2010 to 2019"],"prefix":"10.3390","volume":"16","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-9561-3509","authenticated-orcid":false,"given":"Ant\u00f3nio","family":"Pinto","sequence":"first","affiliation":[{"name":"School of Technology and Management of Viseu, Polytechnic Institute of Viseu, 3500-510 Viseu, Portugal"},{"name":"CISeD\u2014Research Center in Digital Services, 3500-510 Viseu, Portugal"}]},{"given":"Carla","family":"Henriques","sequence":"additional","affiliation":[{"name":"School of Technology and Management of Viseu, Polytechnic Institute of Viseu, 3500-510 Viseu, Portugal"},{"name":"CMUC\u2014Centre for Mathematics of the University of Coimbra, 3000-143 Coimbra, Portugal"}]},{"given":"Carolina","family":"Cardoso","sequence":"additional","affiliation":[{"name":"School of Technology and Management of Viseu, Polytechnic Institute of Viseu, 3500-510 Viseu, Portugal"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-6250-1113","authenticated-orcid":false,"given":"Maria","family":"Neves","sequence":"additional","affiliation":[{"name":"Coimbra Business School|ISCAC, Polytechnic of Coimbra, 3045-601 Coimbra, Portugal"},{"name":"UTAD|CETRAD, Centre for Transdisciplinary Development Studies, 5000-801 Vila Real, Portugal"}]}],"member":"1968","published-online":{"date-parts":[[2023,3,3]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1177\/2158244020940987","article-title":"Trade-Off Theory versus Pecking Order Theory: Ghanaian Evidence","volume":"10","author":"Agyei","year":"2020","journal-title":"SAGE Open"},{"key":"ref_2","doi-asserted-by":"crossref","first-page":"73","DOI":"10.1108\/IJLMA-10-2014-0057","article-title":"Basic corporate governance models: A systematic review","volume":"58","author":"Ahmad","year":"2016","journal-title":"International Journal of Law and Management"},{"key":"ref_3","doi-asserted-by":"crossref","first-page":"589","DOI":"10.1111\/j.1540-6261.1968.tb00843.x","article-title":"Financial Ratios, Discriminant analysis and the prediction of corporate bankruptcy","volume":"23","author":"Altman","year":"1968","journal-title":"Journal of Finance"},{"key":"ref_4","unstructured":"Altman, Edward (1983). 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