IDEAS home Printed from https://ideas.repec.org/p/dij/wpfarg/1110302.html
   My bibliography  Save this paper

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

Author

Listed:
  • Hamadi FakhFakh

    (Fseg Sfax)

  • Rim Zouari-Hadiji

    (FSEG Sfax, COFFIT)

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.

Suggested Citation

  • Hamadi FakhFakh & Rim Zouari-Hadiji, 2011. "Dettes financières et investissement en R&D:une étude comparative," Working Papers CREGO 1110302, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    • Handle: RePEc:dij:wpfarg:1110302
    as

    Download full text from publisher

    File URL: https://repec-crego.u-bourgogne.fr/images/stories/wp/1110302.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Galai, Dan & Masulis, Ronald W., 1976. "The option pricing model and the risk factor of stock," Journal of Financial Economics, Elsevier, vol. 3(1-2), pages 53-81.
    2. Elisabeth Müller & Volker Zimmermann, 2009. "The importance of equity finance for R&D activity," Small Business Economics, Springer, vol. 33(3), pages 303-318, October.
    3. Williamson, Oliver E, 1988. " Corporate Finance and Corporate Governance," Journal of Finance, American Finance Association, vol. 43(3), pages 567-591, July.
    4. MacKie-Mason, Jeffrey K, 1990. "Do Taxes Affect Corporate Financing Decisions?," Journal of Finance, American Finance Association, vol. 45(5), pages 1471-1493, December.
    5. Brandon Julio & Woojin Kim & Michael Weisbach, 2007. "What Determines the Structure of Corporate Debt Issues?," NBER Working Papers 13706, National Bureau of Economic Research, Inc.
    6. Gérard Charreaux, 1997. "L'entreprise publique est-elle nécessairement moins efficace?," Working Papers CREGO 0970901, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    7. James J. Anton & Dennis A. Yao, 2002. "The Sale of Ideas: Strategic Disclosure, Property Rights, and Contracting," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 69(3), pages 513-531.
    8. Zantout, Zaher Z & Tsetsekos, George P, 1994. "The Wealth Effects of Announcements of R&D Expenditure Increases," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 17(2), pages 205-216, Summer.
    9. 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.
    10. Rahim Bah & Pascal Dumontier, 2001. "R&D Intensity and Corporate Financial Policy: Some International Evidence," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 28(5‐6), pages 671-692, June.
    11. Kaoru Hosono & Masayo Tomiyama & Tsutomu Miyagawa, 2004. "Corporate governance and research and development: Evidence from Japan," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 13(2), pages 141-164.
    12. Prowse, Stephen D., 1990. "Institutional investment patterns and corporate financial behavior in the United States and Japan," Journal of Financial Economics, Elsevier, vol. 27(1), pages 43-66, September.
    13. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-329, May.
    14. Philippe Aghion & Stephen Bond & Alexander Klemm & Ioana Marinescu, 2004. "Technology and Financial Structure: Are Innovative Firms Different?," Journal of the European Economic Association, MIT Press, vol. 2(2-3), pages 277-288, 04/05.
    15. Rim Zouari-Hadiji & Ghazi Zouari, 2010. "Gouvernance interne et investissement en R&D : une comparaison internationale," Working Papers CREGO 1100102, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    16. Rahim Bah & Pascal Dumontier, 2001. "R&D Intensity and Corporate Financial Policy: Some International Evidence," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 28(5-6), pages 671-692.
    17. Gaver, Jennifer J. & Gaver, Kenneth M., 1993. "Additional evidence on the association between the investment opportunity set and corporate financing, dividend, and compensation policies," Journal of Accounting and Economics, Elsevier, vol. 16(1-3), pages 125-160, April.
    18. Roe, Mark J., 1990. "Political and legal restraints on ownership and control of public companies," Journal of Financial Economics, Elsevier, vol. 27(1), pages 7-41, September.
    19. Noronha, Gregory M. & Shome, Dilip K. & Morgan, George E., 1996. "The monitoring rationale for dividends and the interaction of capital structure and dividend decisions," Journal of Banking & Finance, Elsevier, vol. 20(3), pages 439-454, April.
    20. Kent Daniel & Sheridan Titman, 2006. "Market Reactions to Tangible and Intangible Information," Journal of Finance, American Finance Association, vol. 61(4), pages 1605-1643, August.
    21. Chaoshin Chiao, 2002. "Relationship between debt, R&D and physical investment, evidence from US firm-level data," Applied Financial Economics, Taylor & Francis Journals, vol. 12(2), pages 105-121.
    22. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November.
    23. Casson, Peter D. & Martin, Roderick & Nisar, Tahir M., 2008. "The financing decisions of innovative firms," Research in International Business and Finance, Elsevier, vol. 22(2), pages 208-221, June.
    24. Kang, Jun-Koo & Shivdasani, Anil, 1999. "Alternative mechanisms for corporate governance in Japan: An analysis of independent and bank-affiliated firms," Pacific-Basin Finance Journal, Elsevier, vol. 7(1), pages 1-22, February.
    25. Paolo G. GARELLA, 1996. "Informational rents in interbank Competition," Discussion Papers (REL - Recherches Economiques de Louvain) 1996011, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    26. Jensen, Gerald R. & Solberg, Donald P. & Zorn, Thomas S., 1992. "Simultaneous Determination of Insider Ownership, Debt, and Dividend Policies," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 27(2), pages 247-263, June.
    27. Stephen Prowse, 1994. "Corporate governance: Comparaison internationale. Une étude des mécanismes de contrôle d'entreprise aux États-Unis, en Grande-Bretagne, au Japon et en Allemagne," Revue d'Économie Financière, Programme National Persée, vol. 31(4), pages 119-158.
    28. Gaudreault, Valerie & Gellatly, Guy & Baldwin, John R., 2002. "Financing Innovation in New Small Firms: New Evidence from Canada," Analytical Studies Branch Research Paper Series 2002190e, Statistics Canada, Analytical Studies Branch.
    29. Nakamura, Masao, 2002. "Mixed ownership of industrial firms in Japan: debt financing, banks and vertical keiretsu groups," Economic Systems, Elsevier, vol. 26(3), pages 231-247, September.
    30. Berlin, Mitchell & Loeys, Jan, 1988. " Bond Covenants and Delegated Monitoring," Journal of Finance, American Finance Association, vol. 43(2), pages 397-412, June.
    31. Spiros Bougheas, 2004. "Internal vs External Financing of R&D," Small Business Economics, Springer, vol. 22(1), pages 11-17, February.
    32. Harris, Milton & Raviv, Artur, 1990. "Capital Structure and the Informational Role of Debt," Journal of Finance, American Finance Association, vol. 45(2), pages 321-349, June.
    33. Franklin Allen & Douglas Gale, 2001. "Comparative Financial Systems: A Survey," Center for Financial Institutions Working Papers 01-15, Wharton School Center for Financial Institutions, University of Pennsylvania.
    34. Ravid, S. A. & Sudit, E. F., 1994. "Power seeking managers, profitable dividends and financing decisions," Journal of Economic Behavior & Organization, Elsevier, vol. 25(2), pages 241-255, October.
    35. Peggy M. Lee, 2005. "A comparison of ownership structures and innovations of US and Japanese firms," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 26(1), pages 39-50.
    36. Zantout, Zaher Z, 1997. "A Test of the Debt-Monitoring Hypothesis: The Case of Corporate R&D Expenditures," The Financial Review, Eastern Finance Association, vol. 32(1), pages 21-48, February.
    37. Stulz, ReneM. & Johnson, Herb, 1985. "An analysis of secured debt," Journal of Financial Economics, Elsevier, vol. 14(4), pages 501-521, December.
    38. Bhagat, Sanjai & Welch, Ivo, 1995. "Corporate research & development investments international comparisons," Journal of Accounting and Economics, Elsevier, vol. 19(2-3), pages 443-470, April.
    39. Boot, Arnoud W. A., 2000. "Relationship Banking: What Do We Know?," Journal of Financial Intermediation, Elsevier, vol. 9(1), pages 7-25, January.
    40. Srinivasan Balakrishnan & Isaac Fox, 1993. "Abstract," Strategic Management Journal, Wiley Blackwell, vol. 14(1), pages 3-16, January.
    41. Hovakimian, Armen & Hovakimian, Gayane & Tehranian, Hassan, 2004. "Determinants of target capital structure: The case of dual debt and equity issues," Journal of Financial Economics, Elsevier, vol. 71(3), pages 517-540, March.
    42. Skinner, Douglas J., 1993. "The investment opportunity set and accounting procedure choice : Preliminary evidence," Journal of Accounting and Economics, Elsevier, vol. 16(4), pages 407-445, October.
    43. Smith, Clifford Jr. & Warner, Jerold B., 1979. "On financial contracting : An analysis of bond covenants," Journal of Financial Economics, Elsevier, vol. 7(2), pages 117-161, June.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Martinsson, Gustav, 2009. "Finance and R&D Investments - is there a debt overhang effect on R&D investments?," Working Paper Series in Economics and Institutions of Innovation 174, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies.
    2. Taoufik Elkemali & Aymen Ben Rejeb, 2015. "R&D Intensity and Financing Decisions: Evidence from European Firms," Economics Bulletin, AccessEcon, vol. 35(2), pages 1042-1055.
    3. Hsiang-Lan Chen & Wen-Tsung Hsu & Yen-Sheng Huang, 2010. "Top management team characteristics, R&D investment and capital structure in the IT industry," Small Business Economics, Springer, vol. 35(3), pages 319-333, October.
    4. Shleifer, Andrei & Vishny, Robert W, 1997. "A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-783, June.
    5. Sanjiva Prasad & Christopher J. Green & Victor Murinde, 2005. "Company Financial Structure: A Survey and Implications for Developing Economies," Chapters, in: Christopher J. Green & Colin Kirkpatrick & Victor Murinde (ed.), Finance and Development, chapter 12, Edward Elgar Publishing.
    6. Namryoung Lee & Jaehong Lee, 2019. "External Financing, R&D Intensity, and Firm Value in Biotechnology Companies," Sustainability, MDPI, vol. 11(15), pages 1-18, July.
    7. Sanjiva Prasad & Christopher J. Green & Victor Murinde, 2001. "Company Financing, Captial Structure, and Ownership: A Survey, and Implications for Developing Economies," SUERF Studies, SUERF - The European Money and Finance Forum, number 12 edited by Morten Balling, May.
    8. Mueller, Elisabeth & Zimmermann, Volker, 2006. "The Importance of Equity Finance for R&D Activity: Are There Differences Between Young and OldCompanies?," ZEW Discussion Papers 06-014, ZEW - Leibniz Centre for European Economic Research.
    9. Joliet, Robert & Muller, Aline, 2013. "Capital structure effects of international expansion," Journal of Multinational Financial Management, Elsevier, vol. 23(5), pages 375-393.
    10. M. Ameziane Lasfer, 1995. "Agency costs, taxes and debt: The UK evidence," European Financial Management, European Financial Management Association, vol. 1(3), pages 265-285, November.
    11. Muhammad Kaleem Khan & Ahmad Kaleem & Salman Zulfiqar & Umair Akram, 2019. "Innovation Investment: Behaviour Of Chinese Firms Towards Financing Sources," International Journal of Innovation Management (ijim), World Scientific Publishing Co. Pte. Ltd., vol. 23(07), pages 1-29, October.
    12. Yu, Hai-Chin & Sopranzetti, Ben J. & Lee, Cheng-Few, 2012. "Multiple banking relationships, managerial ownership concentration and firm value: A simultaneous equations approach," The Quarterly Review of Economics and Finance, Elsevier, vol. 52(3), pages 286-297.
    13. Ho, Simon S. M. & Lam, Kevin C. K. & Sami, Heibatollah, 2004. "The investment opportunity set, director ownership, and corporate policies: evidence from an emerging market," Journal of Corporate Finance, Elsevier, vol. 10(3), pages 383-408, June.
    14. Curtiss, Jarmila, 2012. "Determinants of Financial Capital Use: Review of theories and implications for rural businesses," Factor Markets Working Papers 123, Centre for European Policy Studies.
    15. Felix J. Lopez-Iturriaga & Emilio Lopez-Millan, 2015. "Institutional Framework, Corporate Ownership Structure, and R&D Investment: An International Analysis," HSE Working papers WP BRP 36/MAN/2015, National Research University Higher School of Economics.
    16. Curtiss, Jarmila, 2012. "Determinants of Financial Capital Use: Review of theories and implications for rural businesses," Working papers 122846, Factor Markets, Centre for European Policy Studies.
    17. Drobetz, Wolfgang & Pensa, Pascal & Wöhle, Claudia B., 2004. "Kapitalstrukturtheorie in Theorie und Praxis: Ergebnisse einer Fragebogenuntersuchung," Working papers 2004/09, Faculty of Business and Economics - University of Basel.
    18. Julien Bilodeau & Idir Cherief & Réal Labelle & Franck Missonier-Piera, 2005. "Les Caracteristiques Des Contrats De Dette Et Les Clauses Restrictives Comptables : Quels Liens ?," Post-Print halshs-00581130, HAL.
    19. Elisabeth Müller & Volker Zimmermann, 2009. "The importance of equity finance for R&D activity," Small Business Economics, Springer, vol. 33(3), pages 303-318, October.
    20. Huang, Guihai & Song, Frank M., 2006. "The determinants of capital structure: Evidence from China," China Economic Review, Elsevier, vol. 17(1), pages 14-36.

    More about this item

    Keywords

    dettes bancaires; dettes obligataires; investissement en R&D; étude comparative; bank loans; bond debt; R&D investment; comparative study.;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:dij:wpfarg:1110302. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Angèle RENAUD (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.