Interrelations between Assets and Financial Structures: the case of French NTIC firms

Sylvie Cieply () and Rafik Abdesselam ()
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Sylvie Cieply: CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique
Rafik Abdesselam: CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique

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Abstract: This article focus on the interactions between assets structure and financial structure of French firms specialized in New Technology of information and Communication. We select a sample of firms in the database DIANE and apply data analysis methods and Dissymetricial Correspondence Factorial Analysis. Our results show the interdependence between assets structure and financial structure of firms. Assets structures influence financial structures. Liquid and secured assets improve the access of firms to short term banking loans. Intangible assets are bound to high leverage and low liquidity firms finance more themselves with trade credit. Financial structures influence assets structures too. More the access to finance (internal, subsidize or debt) is easy, the more the firms innovate. Creditors finance influence negatively the liquidity of firms whereas short term banking debt make liquidity increase.

Keywords: Financial structure; assets (search for similar items in EconPapers)
Date: 2007-09
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Published in Sixth Scientific Meeting of the CLAssification and Data Analysis Group CLADAG-2007, Sep 2007, Macerata, Italy. pp.421-424

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00278106

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