Le financement par capitaux propres de la croissance externe dans les PME

Ludivine Chalençon and Alain Marion

Revue de l'Entrepreneuriat, 2021, vol. 20, issue 2, 89-112

Abstract: This empirical research into the financing of external growth operations for unlisted, growing small to medium-sized enterprises (SMEs) focuses on 418 unlisted French SMEs that have achieved external growth. The results shed light on which variables influence both supply of and demand for external growth financing, taking into account the opportunity costs of abandoning transactions due to lack of financing. In particular, this study establishes that the need for financing induced by external growth, greater financial risk, and opportunity costs is significant for explaining efforts to raise equity capital.

Keywords: SMEs; external growth; equity financing (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:cai:rendbu:entre_202_0089

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