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  • Nonfinancial financing of construction sector entities: Theory

    Credit availability to construction sector entities determines for thin-capitalized construction firms the possibility of survival during the crisis and of efficient growth during the economic recovery. The main lenders for construction sector entities are commercial creditors (suppliers) and banks. Although their credit policies are similar, debt to commercial creditors dominate in the balance sheets of borrowers, because of customary business practices in construction industry and regulatory distinctions.

    Keywords: information asymmetry, agency theory, trade credit