We exploit the introduction of the Payment Practices Disclosure Regulation in the United Kingdom (UK) to examine the effects of mandating disclosure of customer-supplier payment practices. We find that nondisclosing small and medium-sized enterprises (SMEs) experience a reduction in their accounts receivable by 8.3%, consistent with an acceleration of their trade credit collections. Further, SMEs exhibit fewer financial constraints after the regulation. We survey managers from large firms and SMEs to understand the underlying mechanisms. The required disclosures raise large firms’ reputational concerns and shift the bargaining power between large firms and SMEs. Additionally, the new disclosures compel executives at large firms to scrutinize their own firms’ payment practices, leading to increased accountability and a stronger focus on timely payment among senior managers.

中文翻译：

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支付实践透明度和客户-供应商动态

我们利用英国 (UK) 引入的《支付惯例披露条例》来研究强制披露客户-供应商支付惯例的影响。我们发现，未披露信息的中小企业 (SME) 的应收账款减少了 8.3%，这与其贸易信贷催收的加速一致。此外，监管后中小企业的财务约束减少。我们对大公司和中小企业的经理进行了调查，以了解其基本机制。所需的披露引起了大公司声誉的担忧，并改变了大公司和中小企业之间的议价能力。此外，新的披露迫使大公司的高管审查自己公司的支付做法，从而增强高级管理人员的责任感并更加注重及时支付。