Passive investors are like customers who prefer a more hands-off approach. These customers opt to visit well-established stalls, follow the crowds, and make purchases based on the popularity and reputation of the items
The paper develops an empirical model to test the substitution of trade credit for bank credit using the annual financial data of 1,028 Indian manufacturing firms from 2011 to 2019. It further examines the impact of macroeconomic policy interventions on using these two financing sources.