La structure financière des entreprises familiales: une analyse fondée sur la théorie du Pecking Order

The financial structure of family businesses: An analysis based on the Pecking Order theory

Faten Chibani Ltaief and Jamel Henchiri

MPRA Paper from University Library of Munich, Germany

Abstract: This paper aims to analyze whether pecking order theory has a relevant application for family businesses. For this purpose, we compared two series of family and non-family unlisted firms in the French context. Our results indicate that generally the financial behavior of family businesses differs from non-family enterprises. Family business prefer internal financing to external financing and, in the case of external financing, debt is preferred to the capital increase. The Pecking order theory is more appropriate for family businesses than for non-family businesses.

Keywords: Family; business; -; pecking; order; theory; -; internal; financing; gap; -; france (search for similar items in EconPapers)
JEL-codes: G32 (search for similar items in EconPapers)
Date: 2016-12
New Economics Papers: this item is included in nep-cfn, nep-hme and nep-sbm
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (8)

Published in Journal of Academic Finance 7, fall 2016 (2016): pp. 84-97

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Related works:
Journal Article: structure financière des entreprises familiales: une analyse fondée sur la théorie du Pecking Order (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:76784

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