La consolidation dans un secteur atomisé: un contexte propice aux financements par capitaux propres

Ludivine Chalençon and Alain Marion

Revue d'économie financière, 2023, vol. N° 150, issue 2, 113-129

Abstract: External growth is one of the strategies for rapidly reaching a critical size. We study 108 French SMEs in the medical laboratory sector that have made external growth investments. We show that reaching a critical size thanks to external growth generates economies of scale that improve the operating margin rate. We then note that external growth requires turning to equity financing, given that, in a sector that is consolidating, payments made with shares play a significant role that is complementary to fund-raising. JEL Classification: G32.

JEL-codes: G32 (search for similar items in EconPapers)
Date: 2023
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