Structures of Corporate Finance in Germany and France - A Comparative Analysis for West German and French incorporated Enterprises

Hans Friderichs and Bernard Paranque ()
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Hans Friderichs: Deutsche Bundesbank

Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), 2001, vol. 221, issue 5-6, pages 648-671

Abstract: The study examines the balance sheet structures of both French and west German incorporated firms in manufacturing and their evolution during the last business cycle in the late eighties and early nineties. The point of departure is to focus on the relative importance of the different financing sources used by the incorporated enterprises in the two countries. A deeper examination of the observed differences suggests that country-specific legal and institutional factors seem to play an important role in determining corporate finance structures. Finally this evidence is considered in the context of capital structure theory with particular reference to the architecture and functioning mechanisms of the corporate financing systems in Germany and France.

Keywords: Corporate finance; capital structure; financial systems; legal and institutional factors (search for similar items in EconPapers)
JEL-codes: D21 E5 G L51 (search for similar items in EconPapers)
Date: 2001
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Persistent link: http://EconPapers.repec.org/RePEc:jns:jbstat:v:221:y:2001:i:5-6:p:648-671

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