LA STRUCTURE FINANCIERE DES PME FRANÇAISES: UNE ANALYSE SECTORIELLE SUR DONNEES DE PANEL

Dominique Dufour and Eric Molay
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Dominique Dufour: CRIFP - Centre de Recherche en Ingénierie Financière et Finances Publiques - UNS - Université Nice Sophia Antipolis (1965 - 2019)
Eric Molay: CRIFP - Centre de Recherche en Ingénierie Financière et Finances Publiques - UNS - Université Nice Sophia Antipolis (1965 - 2019)

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Abstract: This article analyzes the capital structure of 1535 French SME observed over a period of 8 years. Two representations of financing behavior are tested: the first one considers that companies implement a debt policy to reach a target debt ratio while the second one relying on a pecking order of financing considers that there is no such a target ratio. Statistical tests validate the first approach. The choice of financing of French SMEs confirms the greatest explanatory power of the target ratio explanation. The industrial sector of the firms does not affect these results

Keywords: pecking order theory; small and me-dium size enterprises (SMEs); static trade-off theory.; financement hiérarchisé; petites et moyennes entreprises (PME); ratio d'endettement optimal. (search for similar items in EconPapers)
Date: 2010-05-10
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Published in Crises et nouvelles problématiques de la Valeur, May 2010, Nice, France. pp.CD-ROM

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