Counter-cyclical substitution between trade credit and bank credit

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Bank lending constraints, trade credit and alternative financing during the financial crisis: Evidence from European SMEs (2014, background): “Huang et al. (2011) find evidence of substitution of trade credit for bank credit displaying counter-cyclical pattern using Chinese data.”
Bank credit and trade credit: Evidence from SMEs over the financial crisis (2016, unknown): “This is further support of substitution between trade credit and bank credit and, indeed, the counter cyclical nature of trade credit as found in Huang et al. (2011).”
The differential impact of leverage on the default risk of small and large firms (2020, background): “In this appendix, we seek to reconcile our finding of a positive relationship between trade credit and default risk with the findings of McGuinness et al. (2018), who reach the opposite conclusion and suggest that trade credit is negatively related to default risk.”