نوع مقاله : مقاله پژوهشی

نویسندگان

• جمیل ابراهیمی ¹
• حسین عامری ²
• اسماعیل امیری ³

¹ گروه حسابداری، دانشکده علوم اجتماعی و تربیتی، دانشگاه رازی، کرمانشاه، ایران.

² گروه حسابداری، دانشکده علوم اقتصادی و اداری، دانشگاه مازندران، بابلسر، ایران

³ گروه حسابداری، دانشکده علوم  انسانی، دانشگاه جیرفت، جیرفت، ایران

چکیده

اعتبار تجاری به‌عنوان یکی از ابزارهای در دسترس برای تأمین مالی، به‌ویژه برای شرکت‌های دارای محدودیت مالی، نقش پررنگی ایفا می‌کند. هدف از این پژوهش بررسی تأثیر محدودیت مالی بر رابطه بین انحراف استراتژیک و اعتبار تجاری است. پژوهش حاضر ازنظر هدف، کاربردی و از حیث ماهیت و روش، در دسته پژوهش‌های توصیفی – همبستگی قرار می‌گیرد و داده‌ها با استفاده از روش رگرسیونی مورد تحلیل قرار گرفته‌اند. جامعه آماری شامل 124 شرکت پذیرفته‌شده در بورس اوراق بهادار تهران طی سال‌های 1395 تا 1403 (معادل 1116 مشاهده سال-شرکت) بوده است. یافته‎ها نشان دادند که میان انحراف استراتژیک و استفاده از اعتبار تجاری به‌عنوان ابزاری برای تأمین مالی رابطه‌ مثبت و معنادار وجود دارد که این رابطه در میان شرکت‌های با محدودیت‌های مالی شدید و در شرایط بحرانی ریسک ورشکستگی قوی‌تر است، اما در شرکت‌هایی که وضعیت مالی باثبات‌تری دارند و در محدوده امن هستند، این اثر ضعیف‌تر مشاهده شده است. تحلیل‌های حساسیت متعددی شامل تغییر شیوه اندازه‌گیری متغیر مستقل (تهیه شاخص انحراف استراتژیک با استفاده از روش تجزیه‌وتحلیل مؤلفه اصلی)، حذف متغیرهای کنترلی، حذف اثرات سال و صنعت و نیز آزمون مدل با در نظر گرفتن متغیر تعدیل‌گر در گروه‌های مختلف برحسب محدودیت مالی انجام شد که در تمام موارد، نتایج اصلی تأیید شده است. نتایج نشان دادند که انحراف استراتژیک می‌تواند به‌طور مستقیم بر سیاست‌های اعتباری شرکت‌ها اثر بگذارد و هر چه این انحراف بیشتر باشد، وابستگی شرکت به اعتبار تجاری نیز افزایش می‌یابد و محدودیت مالی نیز می‎تواند باعث تعدیل این رابطه شود.

کلیدواژه‌ها

• اعتبار تجاری
• انحراف استراتژیک
• تأمین مالی
• ریسک ورشکستگی
• محدودیت مالی

موضوعات

• بورس اوراق بهادار

عنوان مقاله [English]

The Relationship Between Strategic Deviation and Trade Credit, Considering the Role of Financial Constraints

نویسندگان [English]

• Jamil Ebrahimi ¹
• Hosein Ameri ²
• Esmaeil Amiri ³

¹ Department of Accounting, Faculty of Social Sciences, Razi University, Kermanshah, Iran.

² Department of Accounting,Faculty of Economic and administrative sciences, University of Mazandaran, Babolsar, Iran

³ Department of Accounting, Faculty of Humanities, University of Jiroft, Jiroft, Iran

چکیده [English]

Trade credit serves as an accessible financing tool, particularly for firms facing financial constraints. This study aimed to examine the effect of financial constraints on the relationship between strategic deviation and trade credit. The research was applied in purpose and descriptive–correlational in design, and the data were analyzed using regression techniques. The statistical population included 124 firms listed on the Tehran Stock Exchange between 2016 and 2024, yielding 1,116 firm-year observations. The findings indicated a positive and significant relationship between strategic deviation and the use of trade credit, which was stronger among firms with severe financial constraints and under high bankruptcy risk, but weaker in firms with more stable financial conditions. Multiple sensitivity analyses, including alternative measures of the independent variable, exclusion of control variables, removal of year and industry effects, and testing the model with a moderating variable across groups with varying financial constraints, consistently confirmed the main results. Overall, the results showed that strategic deviation directly influenced corporate credit policies, with greater deviation increasing reliance on trade credit, and that financial constraints could moderate this relationship.
 

Introduction

Strategic deviation within firms refers to a substantial divergence from the prevailing norms, conventions, and competitive practices of a given industry. Such deviation is not limited to superficial differences in tactics but reflects a deeper commitment to pursuing distinct strategic orientations and allocating organizational resources in unconventional ways. In many contexts, including emerging economies, these deviations are often driven by firms’ attempts to achieve differentiation, create innovative products and services, and ultimately secure new and more sustainable competitive advantages. By deliberately distancing themselves from industry routines, firms seek to overcome competitive inertia, foster innovation, and position themselves as leaders rather than followers. However, these benefits are rarely cost-neutral. Departures from industry norms typically require additional and sometimes substantial financial commitments to support experimentation, innovation, and higher levels of risk-taking. Therefore, the financing dimension of strategic deviation becomes critical, as firms must secure adequate resources to sustain their unconventional strategies. The purpose of this study is to examine whether and how strategic deviation influences firms’ reliance on trade credit as a substitute or a complementary financing source. Specifically, the research investigates whether firms that deviate more strongly from industry norms and resource allocation patterns exhibit higher usage of trade credit, and how this relationship is conditioned by the severity of financial constraints.

Literature Review

In Iran’s economic and financial environment, the financing aspect of strategic deviation takes on particular significance. The country’s capital markets remain underdeveloped relative to those of advanced economies, and bank loans constitute the dominant and often sole source of external financing for most firms. Yet access to bank credit is limited and frequently subject to strict conditions imposed by lending institutions, the financial condition of the borrowing firm, and broader macroeconomic constraints. For many corporations, these restrictions create persistent financing challenges that constrain their ability to sustain growth and implement innovative strategies. Within this context, trade credit—defined as credit extended by suppliers in the form of deferred payments—emerges as an essential alternative financing mechanism.
Trade credit is not only flexible and relational but also less dependent on collateral compared to formal bank loans, making it particularly valuable for firms facing financial constraints. Consequently, understanding how strategic deviation interacts with firms’ reliance on trade credit is an important question in both strategic management and corporate finance, particularly in emerging economies such as Iran.

Methodology

This study is applied in purpose and descriptive–correlational in method, drawing on an empirical sample of 124 non-financial firms listed on the Tehran Stock Exchange over the period 2016–2024, yielding 1,116 firm-year observations. To test the hypotheses, regression analysis techniques were employed, with trade credit measured through two widely accepted proxies: (i) the ratio of accounts payable to the cost of goods sold, and (ii) the ratio of accounts payable to total sales. Strategic deviation was operationalized through six indicators reflecting firms’ allocation of resources and financial structures: the ratio of net fixed assets to gross fixed assets, the inventory-to-sales ratio, the selling, general, and administrative expenses-to-sales ratio, the debt-to-equity ratio, the advertising expenditures-to-sales ratio, and the R&D expenditures-to-sales ratio. These variables capture multiple dimensions of deviation, from production intensity to marketing orientation and financial leverage. To ensure methodological robustness, principal component analysis (PCA) was applied to these six variables, producing a composite index of strategic deviation used in sensitivity analyses. This approach reduces multicollinearity and provides a more comprehensive representation of deviation patterns.

Results and Discussion

The empirical findings consistently demonstrate a positive and statistically significant relationship between strategic deviation and the use of trade credit. Firms that pursue greater deviation from industry conventions are more likely to depend on trade credit financing, suggesting that suppliers play a critical role in enabling unconventional strategies. Moreover, the relationship between deviation and trade credit is moderated by financial conditions: the association is stronger for firms experiencing severe financial constraints or operating under heightened bankruptcy risk, whereas the relationship weakens for firms in stronger financial positions or operating within the “safe zone.” These results indicate that trade credit serves as a crucial financing mechanism precisely when firms need it most—under conditions of resource scarcity and elevated risk. Robustness checks further reinforce these findings. The results remain consistent across multiple sensitivity analyses, including alternative measures of strategic deviation, the exclusion of control variables, the omission of year and industry fixed effects, and re-estimation across subsamples classified by financial constraints. Across all these tests, the central conclusion—that strategic deviation encourages greater reliance on trade credit—remains stable.

Conclusion

Taken together, the findings contribute several important insights. First, they highlight the pivotal role of strategic deviation in shaping short-term financing policies, particularly in environments where bank financing is limited. Second, the results underscore the substitutive role of trade credit, which allows strategically deviant firms to overcome financial barriers and continue pursuing innovation. Third, the study provides evidence from an emerging economy that broadens existing theoretical discussions in strategic management and corporate finance, which have largely been developed in advanced markets. From a managerial perspective, the findings suggest that managers of firms adopting non-traditional strategies should explicitly incorporate trade credit into their financing portfolios as a deliberate component of resource planning. Doing so not only sustains their strategic initiatives but also enhances resilience against financial shocks. From a policy-making perspective, the results highlight the need for supportive institutional frameworks that reduce structural barriers in supplier credit markets, enabling innovative firms to thrive. Ultimately, this study advances the literature by bridging strategic management and finance perspectives. It demonstrates that strategic deviation, while a driver of competitive differentiation, simultaneously creates financing challenges that can be mitigated through reliance on trade credit. By integrating insights on strategy, finance, and institutional context, the research offers a comprehensive view of how firms in emerging markets manage the tension between innovation and resource constraints.
 

کلیدواژه‌ها [English]

• Bankruptcy Risk
• Financial Constraints
• Strategic Deviation
• Trade Credit