Le financement des entreprises industrielles par leurs actionnaires: étude empirique d’un corpus de sociétés lyonnaises (1921-1953)

Hervé Joly ()
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Hervé Joly: TRIANGLE - Triangle : action, discours, pensée politique et économique - ENS de Lyon - École normale supérieure de Lyon - Université de Lyon - UL2 - Université Lumière - Lyon 2 - IEP Lyon - Sciences Po Lyon - Institut d'études politiques de Lyon - Université de Lyon - UJM - Université Jean Monnet - Saint-Étienne - CNRS - Centre National de la Recherche Scientifique

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Abstract: What do shareholders contribute to the financing of an enterprise? What is the ratio between the dividends distributed and the subscriptions of shares in cash? What do public offerings and quotations on the stock exchange change? A systematic study of the subscriptions of joint stock companies operating 150 industrial firms having their registered offices in the district of Lyon during the period 1921 and 1953 provides new answers to these questions. The results are strongly dependent from the economic trend: public offerings are only possible in booming phases and are then, like in the 1920s, able to contribute to the spectacular growing of some enterprises. The ensuing flotation on the stock exchange is mostly dedicated more to increasing the liquidity of the capital for the new shareholders than it is to bringing in new capital.

Keywords: industry financing; joint stock companies; capital increases; flotation; public offerings; subscriptions of shares; financement de l’industrie; sociétés par actions; augmentations de capital; cotation en bourse; émissions publiques; souscriptions d’actions (search for similar items in EconPapers)
Date: 2017
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Published in Revue d'économie industrielle , 2017, 160, pp.85-106. ⟨10.4000/rei.6656⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-01801990

DOI: 10.4000/rei.6656

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