Slack financier et forte croissance dans la PME

Nathalie Claveau, Muriel Perez, Isabelle Prim-Allaz and Christine Teyssier

Revue de l'Entrepreneuriat, 2013, vol. 12, issue 1, 71-99

Abstract: The notion of slack has been historically proposed by the resources approach (Penrose, 1959) to explain growth. Paradoxically, against the arguments of its detractors (mainly under the agency theory), empirical studies have mostly investigated the role of the slack in business performance, measured primarily in terms of profit. These studies have led in mixed results, but nevertheless highlighting various types of slack, with potentially rather different functions in the performance. The overall objective of this study is to test empirically, on one hand, types of financial slack who influence growth, and on the other hand, those who contribute most to the entry into high growth. Results finally show the influence of two types of slack on the high growth : potential slack (debt capacity) and absorbed slack (asset turnover). The growth would rely more on the ability of the business to leverage its resources, as resource levels per se.

Keywords: SME; growth; high growth; slack (search for similar items in EconPapers)
Date: 2013
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