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Facteurs explicatifs des structures financières des P.M.E. québécoises

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  • Suret, Jean-Marc

    (Université Laval)

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    Abstract

    This paper deals with the capital structure decision, taking into account agency costs and income taxes. The latter variable is examined in some detail, as both corporate and personal taxes are assumed to be relevant. Empirical tests on 67 Quebec firms suggest that size growth and rate of return can explain changes in financial structures. Dans cet article, on tente d’expliquer le comportement des P.M.E. quant au choix des modes de financement. Le modèle utilisé prend particulièrement en considération, les coûts d’agence et la fiscalité. Notre approche de ce dernier facteur permet de considérer conjointement l’imposition de l’entreprise et celle de son propriétaire. Les tests empiriques, réalisés sur un échantillon de 67 P.M.E. situées au Québec, montrent que la rentabilité, la taille et le taux de croissance sont les principales variables explicatives de l’évolution des structures financières de ces entreprises.

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    Bibliographic Info

    Article provided by Société Canadienne de Science Economique in its journal L'Actualité économique.

    Volume (Year): 60 (1984)
    Issue (Month): 1 (mars)
    Pages: 58-71

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    Handle: RePEc:ris:actuec:v:60:y:1984:i:1:p:58-71

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    1. Taub, Allan J, 1975. "Determinants of the Firm's Capital Structure," The Review of Economics and Statistics, MIT Press, vol. 57(4), pages 410-16, November.
    2. Ferri, Michael G & Jones, Wesley H, 1979. "Determinants of Financial Structure: A New Methodological Approach," Journal of Finance, American Finance Association, vol. 34(3), pages 631-44, June.
    3. Miller, Merton H, 1977. "Debt and Taxes," Journal of Finance, American Finance Association, vol. 32(2), pages 261-75, May.
    4. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
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