A Supply Chain Theory of Factoring and Reverse Factoring

References

• Antras P , Foley CF (2015) Poultry in motion: a study of international trade finance practices. J. Political Econom. 123(4):853–901.Crossref, Google Scholar
• Babich V (2010) Independence of capacity ordering and financial subsidies to risky suppliers. Manufacturing Service Oper. Management 12(4):583–607.Link, Google Scholar
• Babich V , Kouvelis P (2018) Introduction to the special issue on research at the interface of finance, operations, and risk management (iform): Recent contributions and future directions. Manufacturing Service Oper. Management 20(1):1–18.Link, Google Scholar
• Babich V , Tang CS (2012) Managing opportunistic supplier product adulteration: Deferred payments, inspection, and combined mechanisms. Manufacturing Service Oper. Management 14(2):301–314.Link, Google Scholar
• Bakker MHR , Udell GF , Klapper LF (2004) Financing small and medium-size enterprises with factoring: Global growth and its potential in eastern Europe. Policy Research Working Paper WPS 3342, World Bank Group, Washington, DC.Google Scholar
• Barrot JN (2016) Trade credit and industry dynamics: Evidence from trucking firms. J. Finance 71(5):1975–2016.Crossref, Google Scholar
• Burkart M , Ellingsen T (2004) In-kind finance: A theory of trade credit. Amer. Econom. Rev. 94(3):569–590.Crossref, Google Scholar
• Cachon GP (2004) The allocation of inventory risk in a supply chain: Push, pull, and advance-purchase discount contracts. Management Sci. 50(2):222–238.Link, Google Scholar
• Chod J (2016) Inventory, risk shifting, and trade credit. Management Sci. 63(10):3207–3225.Link, Google Scholar
• Chod J , Lyandres E , Yang SA (2019a) Trade credit and supplier competition. J. Financial Econom. 131(2):484–505.Crossref, Google Scholar
• Chod J , Trichakis N , Tsoukalas G (2019b) Supplier diversification under buyer risk. Management Sci. 65(7):3150–3173.Link, Google Scholar
• Chod J , Trichakis N , Tsoukalas G , Aspegren H , Weber M (2020) On the financing benefits of supply chain transparency and blockchain adoption. Management Sci, ePub ahead of print May 14, https://doi.org/10.1287/mnsc.2019.3434.Link, Google Scholar
• Corsten D (2010) Nestlé russia llc - supplier finance programme. Case . (IE Business School, Madrid, Spain)Google Scholar
• Costello AM (2019) The value of collateral in trade finance. J. Financial Econom. 134(1):70–90.Crossref, Google Scholar
• Cunat V (2006) Trade credit: suppliers as debt collectors and insurance providers. Rev. Financial Stud. 20(2):491–527.Crossref, Google Scholar
• Dello IU , Reindorp M , Dellaert N (2015) Market adoption of reverse factoring. Internat. J. Physical Distribution Logist. Management 45(3):286–308.Crossref, Google Scholar
• Devalkar SK , Krishnan H (2019) The impact of working capital financing costs on the efficiency of trade credit. Production Oper. Management 28(4):878–889.Crossref, Google Scholar
• Dong L , Tomlin B (2012) Managing disruption risk: The interplay between operations and insurance. Management Sci. 58(10):1898–1915.Link, Google Scholar
• EBA (2014) Supply Chain Finance: EBA European Market Guide , version 2.0 (European Banking Association, Paris).Google Scholar
• Esty B , Mayfield SE , Lane D (2016) Supply chain finance at Procter & Gamble. HBS Case Study 216-039, Harvard Business School, Boston.Google Scholar
• Fernandes R , Ellram L (2017) Unlocking the potential of supply chain working capital finance. Supply Chain Management Rev. 5:13–19.Google Scholar
• Giannetti M , Burkart M , Ellingsen T (2011) What you sell is what you lend? explaining trade credit contracts. Rev. Financial Stud. 24(4):1261–1298.Crossref, Google Scholar
• Gupta D , Chen Y (2019) Retailer-direct financing contracts under consignment. Manufacturing Service Oper. Management 22(3):528–544.Link, Google Scholar
• Hofmann E , Belin O (2011) Supply Chain Finance Solutions (Springer, Berlin).Crossref, Google Scholar
• Hurtrez N , Salvadori MG (2010) Supply chain finance: From myth to reality. McKinsey Payments October:22–28.Google Scholar
• Iancu DA , Trichakis N , Tsoukalas G (2016) Is operating flexibility harmful under debt? Management Sci. 63(6):1730–1761.Link, Google Scholar
• ICC (2017) Rethinking trade and finance 2017—an ICC private sector development perspective. Global trade and finance survey, International Chamber of Commerce, Paris.Google Scholar
• Klapper L (2006) The role of factoring for financing small and medium enterprises. J. Banking Finance 30(11):3111–3130.Crossref, Google Scholar
• Klapper L , Laeven L , Rajan R (2011) Trade credit contracts. Rev. Financial Stud. 25(3):838–867.Crossref, Google Scholar
• Kouvelis P , Zhao W (2011) The newsvendor problem and price-only contract when bankruptcy costs exist. Production Oper. Management 20(6):921–936.Crossref, Google Scholar
• Kouvelis P , Zhao W (2012) Financing the newsvendor: Supplier vs. bank, and the structure of optimal trade credit contracts. Oper. Res. 60(3):566–580.Link, Google Scholar
• Kouvelis P , Zhao W (2016) Supply chain contract design under financial constraints and bankruptcy costs. Management Sci. 62(8):2341–2357.Link, Google Scholar
• Kouvelis P , Zhao W (2018) Who should finance the supply chain? impact of credit ratings on supply chain decisions. Manufacturing Service Oper. Management 20(1):19–35.Link, Google Scholar
• Lekkakos SD , Serrano A (2016) Supply chain finance for small and medium sized enterprises: The case of reverse factoring. Internat. J. Physical Distribution Logist. Management 46(4):367–392.Crossref, Google Scholar
• Liebl J , Hartmann E , Feisel E (2016) Reverse factoring in the supply chain: Objectives, antecedents and implementation barriers. Internat. J. Physical Distribution Logist. Management 46(4):393–413.Crossref, Google Scholar
• Milne R (2009) Sweetener for suppliers. Financial Times (October 21), https://www.ft.com/content/976fd85a-be86-11de-b4ab-00144feab49a.Google Scholar
• Murfin J , Njoroge K (2014) The implicit costs of trade credit borrowing by large firms. Rev. Financial Stud. 28(1):112–145.Crossref, Google Scholar
• Petersen MA , Rajan RG (1997) Trade credit: Theories and evidence. Rev. Financial Stud. 10(3):661–691.Crossref, Google Scholar
• Pezza S (2011) Supply chain finance: Gaining control in the face of uncertainty. Report, Aberdeen Group, Waltham, MA.Google Scholar
• Reindorp M , Tanrisever F , Lange A (2018) Purchase order financing: Credit, commitment, and supply chain consequences. Oper. Res. 66(5):1287–1303.Link, Google Scholar
• Rui H , Lai G (2015) Sourcing with deferred payment and inspection under supplier product adulteration risk. Production Oper. Management 24(6):934–946.Crossref, Google Scholar
• Seifert RW , Seifert D (2011) Financing the chain. Internat. Commerce Rev. 10(1):32–44.Google Scholar
• Sopranzetti BJ (1998) The economics of factoring accounts receivable. J. Econom. Bus. 50(4):339–359.Crossref, Google Scholar
• Tang CS , Yang SA , Wu J (2017) Sourcing from suppliers with financial constraints and performance risk. Manufacturing Serv. Oper. Management 20(1):70–84.Link, Google Scholar
• Tanrisever F , Cetinay H , Reindorp M , Fransoo JC (2012) Reverse factoring for SME finance. Preprint, submitted https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2183991.Google Scholar
• Tirole J (2010) The Theory of Corporate Finance (Princeton University Press, Princeton, NJ).Google Scholar
• Tunca TI , Zhu W (2017) Buyer intermediation in supplier finance. Management Sci. 64(12):5631–5650.Link, Google Scholar
• Van der Vliet K , Reindorp MJ , Fransoo JC (2015) The price of reverse factoring: Financing rates vs. payment delays. Eur. J. Oper. Res. 242(3):842–853.Crossref, Google Scholar
• Wuttke DA , Blome C , Heese HS , Protopappa-Sieke M (2016) Supply chain finance: Optimal introduction and adoption decisions. Internat. J. Production Econom. 178:72–81.Crossref, Google Scholar
• Wuttke DA , Rosenzweig ED , Heese HS (2019) An empirical analysis of supply chain finance adoption. J. Oper. Management 65(3):242–261.Crossref, Google Scholar
• Yang SA , Birge JR (2017) Trade credit, risk sharing, and inventory financing portfolios. Management Sci. 64(8):3667–3689.Link, Google Scholar
• Yang SA , Birge JR , Parker RP (2015) The supply chain effects of bankruptcy. Management Sci. 61(10):2320–2338.Link, Google Scholar