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Dettes financières et investissement en R&D:une étude comparative

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  • Hamadi FakhFakh

    (Fseg Sfax)

  • Rim Zouari-Hadiji

    ()
    (FSEG Sfax, COFFIT)

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    Abstract

    (VF)Dans le cadre théorique de la gouvernance d'entreprise, cette recherche tente d’expliquer le comportement réel des organisations en matière d'investissement en R&D. Pour cela, elle met en exergue le rôle des dettes financières, en tant que mécanisme réduisant les problèmes informationnels et d'agence accentués par les activités en R&D. Nous montrons que la dette, en tant que entité hétérogène, influence différemment le comportement des dirigeants en matière de R&D. En procédant à une étude comparative, nous cherchons à identifier la forme d'endettement (bancaire ou obligataire) qui favorise l'investissement en R&D. Un test empirique a été effectué sur un échantillon de 531 entreprises américaines, japonaises et françaises pour la période 2003-2007 en recourant aux méthodes de corrélation canonique. Ce test confirme le rôle important joué par les dettes bancaires et obligataires dans la réalisation de l'investissement en R&D. Ce rôle varie en fonction des spécificités régionales.(VA)In the theoretical framework of corporate governance, this research attempts to explain the actual behavior of organizations in terms of investment in R&D. To do so, it highlights the role of the funding structure, as mechanism reducing the informational and agency problems accentuated by R&D activities. We show that the debt, as a heterogeneous entity, differently influence the behavior of managers in R&D. In making a comparative study, we seek to identify the form of debt (bank loans or bonds) that promotes investment in R & D. An empirical test was conducted on a sample of 531 American, Japanese and French firms for the period 2003-2007 using the methods of canonical correlation. This test confirms the important role played by bank debt and bond debt in the realization of investment in R & D which varies according to regional specificities.

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    Bibliographic Info

    Paper provided by Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations in its series Working Papers CREGO with number 1110302.

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    Length: 20 pages
    Date of creation: Mar 2011
    Date of revision:
    Handle: RePEc:dij:wpfarg:1110302

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    Postal: 2 Bd Gabriel, BP 26611, 21066 Dijon Cedex, France

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    Postal: Angèle Renaud, CREGO, 2 Bd Gabriel, BP 26611, 21066 Dijon Cedex, France
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    Related research

    Keywords: dettes bancaires; dettes obligataires; investissement en R&D; étude comparative; bank loans; bond debt; R&D investment; comparative study.;

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    References

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