MATURITÉ DE LA DETTE ET GOUVERNANCE D'ENTREPRISE

Yao Maurice, Yves Mard () and Éric Séverin
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Yao Maurice: CRCGM - Centre de Recherche Clermontois en Gestion et Management - UdA - Université d'Auvergne - Clermont-Ferrand I - ESC Clermont-Ferrand - École Supérieure de Commerce (ESC) - Clermont-Ferrand
Yves Mard: CRCGM - Centre de Recherche Clermontois en Gestion et Management - UdA - Université d'Auvergne - Clermont-Ferrand I - ESC Clermont-Ferrand - École Supérieure de Commerce (ESC) - Clermont-Ferrand
Éric Séverin: LEM - Lille économie management - UMR 9221 - UA - Université d'Artois - UCL - Université catholique de Lille - Université de Lille - CNRS - Centre National de la Recherche Scientifique

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Abstract: The aim of our research is to study the link between the disciplinary of corporate governance mechanisms and debt maturity. The study is performed on a sample of Alternext listed French companies over the 2011-2012 period. Our results show that the monitoring by short-term debt can, to a certain extent, to be a substitute for traditional governance mechanisms. First, the ownership concentration measured by the two largest shareholders is positively associated with debt maturity until a certain threshold of voting rights and negatively over the threshold (inverted u-shape relationship). Then, the nature of ownership, i.e. family ownership and managerial ownership are also positively associated with debt maturity until a certain threshold, and negatively over the threshold. The institutional investor ownership is positively associated with debt maturity. Moreover, the fraction owned by the second shareholder is positively linked with debt maturity. Finally, As far as the composition of the board, our results highlight a negative relation between the percentage of women on the Board and debt maturity.

Keywords: debt maturity; ownership structure; board composition; Maturité de la dette; structure de l’actionnariat; composition du conseil (search for similar items in EconPapers)
Date: 2015-05-19
Note: View the original document on HAL open archive server: https://hal.science/hal-01188805
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Published in Comptabilité, Contrôle et Audit des invisibles, de l'informel et de l'imprévisible, May 2015, Toulouse, France. pp.cd-rom

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