... firm-years rather than simply firms See Carpenter and Guariglia (2003), Bond and Meghir (1994), Kaplan and Zingales (1997), Guariglia and Schiantarelli (1998), and Guariglia (2000) for a similar approach ... differentiating the effects of the latter variable across small firm-years making a low use of trade credit; small firm- years making a high use of trade credit; large firmyears making a low use of trade ... Atanasova, C and Wilson, N (2001) ‘Borrowing constraints and the demand for trade credit: evidence from UK panel data.’ Mimeo, Credit Management Research Centre, University of Leeds 22 Atanasova,...