La validité de la théorie du financement hiérarchique: le cas des entreprises françaises et libanaises

Virginie Nahas ()
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Virginie Nahas: CRIEF [Poitiers] - Centre de recherche sur l'intégration économique et financière - UP - Université de Poitiers = University of Poitiers

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Abstract: We present the assumptions related to the pecking order theory formulated by Myers and Majluf (1984) in order to examine their validity on French and Lebanese SMEs. This article will put into perspective the principal-agent relationship as well as the imperfections related to corporate finance: corporate behavior, agency costs and asymmetric information. We will precede this study with a description of the different forms of information asymmetry in corporate finance. Then, through the credit rationing mechanism, we will present the consequences of this information asymmetry on the choice of financing methods and the devices adopted by the banks to protect themselves on the credit market. We will discuss later the signal theory used by business leaders as a tool for communicating the solvency of their projects. In terms of methodology, prior studies about this subject will be presented. We will focus our study on the contributions and limits of the researches done on the pecking order theory. Finally, a discussion will expound the orientation considered for this work, which is expected to be supplemented later, by companies' accounting and financial data, collected through field surveys. The cultural dimension and its impact on the principal-agent relationship will be an important point of the study.

Keywords: Financement d'entreprise; principal-agent; Théorie du financement hiérarchique; Asymétrie d'informations; Relation principal-agent; Théorie de l'agence (search for similar items in EconPapers)
Date: 2017-06-15
Note: View the original document on HAL open archive server: https://hal.science/hal-01718696v1
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Published in Journées thématiques de l'École doctorale Cognition, Comportements, Langage(s) (2017) : Interactions, École doctorale Cognition, Comportements, Langage(s) (ED 527 CCL), Jun 2017, Poitiers, France

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