Discrimination in the payments chain

IF 10.4 1区 经济学 Q1 BUSINESS, FINANCE Journal of Financial Economics Pub Date : 2024-06-04 DOI:10.1016/j.jfineco.2024.103872
Anna M. Costello , Michael Minnis , Irina Rabinovich
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Abstract

We examine whether discrimination affects customers’ willingness to pay their suppliers. Using a dataset of detailed trade credit networks, we find that when facing a macroeconomic shock, customers delay payments to their suppliers with female or black trade credit officers at a 10%–20% higher rate relative to their payments to non-minorities. These results hold after controlling for a host of economic differences between minority groups and non-minority groups. In particular, we exploit the complexity of the supply chain network – wherein suppliers transact with multiple customers in each month and customers transact with multiple suppliers in each month – to estimate within-relationship changes in payment behavior during periods of financial hardship. Results indicate that the largest increases in payment delays are between customers that are classified as having racial or gender biases and suppliers that have minority lead credit officers. The results suggest that biased beliefs and preferences play a critical role in trade credit.

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支付链中的歧视
我们研究了歧视是否会影响客户向供应商付款的意愿。通过使用详细的贸易信贷网络数据集,我们发现当面临宏观经济冲击时,客户延迟向女性或黑人贸易信贷员的供应商付款的比例要比延迟向非少数群体的供应商付款的比例高出 10%-20%。在控制了少数群体与非少数群体之间的一系列经济差异后,这些结果仍然成立。特别是,我们利用供应链网络的复杂性--供应商每月与多个客户进行交易,而客户每月与多个供应商进行交易--来估计经济困难时期支付行为的内部关系变化。结果表明,在被归类为有种族或性别偏见的客户与有少数族裔首席信贷官的供应商之间,付款延迟的增加幅度最大。结果表明,有偏见的信念和偏好在贸易信贷中起着至关重要的作用。
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来源期刊
CiteScore
15.80
自引率
4.50%
发文量
192
审稿时长
37 days
期刊介绍: The Journal of Financial Economics provides a specialized forum for the publication of research in the area of financial economics and the theory of the firm, placing primary emphasis on the highest quality analytical, empirical, and clinical contributions in the following major areas: capital markets, financial institutions, corporate finance, corporate governance, and the economics of organizations.
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