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Le choix du type et de la maturité de la dette par les firmes françaises

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Author Info
Mehdi Nekhili () (Université de Bourgogne)

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Abstract

This paper focuses on banks advantages, compared to bondholders, mainly by the induction of a better reliability for management. Hereafter, a panel of 84 French firms behavior in leverage is modelized. Our findings suggest that the quality of corporate management is not strictly related to the best ways to borrow money. Who is the investor, for which kind of investment, are the main determinants of type and maturity of debt French companies choose.

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File URL: http://www.u-bourgogne.fr/LEG/rev/023206.pdf
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Publisher Info
Article provided by Editions Economica in its journal Revue Finance Contrôle Stratégie.

Volume (Year): 2 (1999)
Issue (Month): 3 (September)
Pages: 179-206
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:dij:revfcs:v:2:y:1999:i:q3:p:179-206

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Related research
Keywords: financial intermediation; bank loan; bonds; maturity of debt; asymmetric information; moral hazard.;

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References listed on IDEAS
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    Other versions:
  3. Myers, Stewart C. & Majluf, Nicolás S., 1945-, 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Working papers 1523-84., Massachusetts Institute of Technology (MIT), Sloan School of Management. [Downloadable!]
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  5. Kole, Stacey R., 1997. "The complexity of compensation contracts," Journal of Financial Economics, Elsevier, vol. 43(1), pages 79-104, January. [Downloadable!] (restricted)
  6. Mark Carey & Mitch Post & Steven A. Sharpe, 1996. "Does corporate lending by banks and finance companies differ? Evidence on specialization in private debt contracting," Finance and Economics Discussion Series 96-25, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
    Other versions:
  7. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June. [Downloadable!] (restricted)
  8. Myers, Stewart C, 1984. " The Capital Structure Puzzle," Journal of Finance, American Finance Association, vol. 39(3), pages 575-92, July. [Downloadable!] (restricted)
  9. Berlin, Mitchell & Loeys, Jan, 1988. " Bond Covenants and Delegated Monitoring," Journal of Finance, American Finance Association, vol. 43(2), pages 397-412, June. [Downloadable!] (restricted)
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  12. Raghuram G. Rajan & Luigi Zingales, 1994. "What Do We Know About Capital Structure? Some Evidence from International Data," NBER Working Papers 4875, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  13. Brennan, Michael J & Maksimovic, Vojislav & Zechner, Josef, 1988. " Vendor Financing," Journal of Finance, American Finance Association, vol. 43(5), pages 1127-41, December. [Downloadable!] (restricted)
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    Other versions:
  16. Friend, Irwin & Lang, Larry H P, 1988. " An Empirical Test of the Impact of Managerial Self-interest on Corporate Capital Structure," Journal of Finance, American Finance Association, vol. 43(2), pages 271-81, June. [Downloadable!] (restricted)
  17. Fama, Eugene F., 1985. "What's different about banks?," Journal of Monetary Economics, Elsevier, vol. 15(1), pages 29-39, January. [Downloadable!] (restricted)
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  19. Myers, Stewart C., 1984. "Capital structure puzzle," Working papers 1548-84., Massachusetts Institute of Technology (MIT), Sloan School of Management. [Downloadable!]
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    Other versions:
  21. Barclay, Michael J & Smith, Clifford W, Jr, 1995. " The Maturity Structure of Corporate Debt," Journal of Finance, American Finance Association, vol. 50(2), pages 609-31, June. [Downloadable!] (restricted)
  22. Rajan, Raghuram G, 1992. " Insiders and Outsiders: The Choice between Informed and Arm's-Length Debt," Journal of Finance, American Finance Association, vol. 47(4), pages 1367-400, September. [Downloadable!] (restricted)
  23. Richard W. Kopcke & Eric S. Rosengren, 1990. "Are the distinctions between debt and equity disappearing? An overview," New England Economic Review, Federal Reserve Bank of Boston, issue Mar, pages 3-10.
    Other versions:
  24. Stewart C. Myers, 1984. "Capital Structure Puzzle," NBER Working Papers 1393, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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