I fattori che influiscono sulla concessione del credito commerciale: riflessioni sistematiche

The present work aims to shed light on the different factors that affect the credit-granting process, namely the firms tendency to allow payment deferments. These factors are several and not always – or not completely – well known or clearly perceived by the management. Nevertheless, the choice of the credit-granting process should be adequately pondered. For this reason, we have firstly identified two macro-classes of factors: the first one is connected with the structural and dynamic characteristics of the firms (internal factors); whereas the second class refers to variables that depend on the environment in which the firms work (external factors). Secondly, each of the two classes of factors have been further divided into homogeneous sub-classes. From their combined analysis it is possible to increase the awareness of the "forces" that drive each firm to expand or to reduce commercial credit. In concrete, the different key factors cannot be completely separated, even because many factors influence each other or are somehow interrelated. Nevertheless, analyzing one by one all the factors, we have been able to formulate remarks otherwise not feasible. In concrete, the firms perform, as long as they can, a combined assessment of the different variables, comparing their pros and cons and the agreement between client and supplier on the payment deferment is the result of a compromise between different requirements, but ultimately there always will be a factor that prevails and that will be decisive on "if" and "how much" credit to grant. Among the many factors analyzed, one that seems frequently decisive – and could not be otherwise – is the bargaining power of the parties. In fact, this power is able to endorse, but also to correct or even to reverse a decision that the management would assume only considering the other factors.