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La Structure Financiere Des Pme Françaises : Une Analyse Sectorielle Sur Donnees De Panel

Author

Listed:
  • Dominique Dufour

    (CRIFP - Centre de Recherche en Ingénierie Financière et Finances Publiques - UNS - Université Nice Sophia Antipolis (1965 - 2019))

  • Eric Molay

    (CRIFP - Centre de Recherche en Ingénierie Financière et Finances Publiques - UNS - Université Nice Sophia Antipolis (1965 - 2019))

Abstract

This article analyzes the capital structure of 1535 French SME observed over a period of 8 years. Two representations of financing behavior are tested: the first one considers that companies implement a debt policy to reach a target debt ratio while the second one relying on a pecking order of financing considers that there is no such a target ratio. Statistical tests validate the first approach. The choice of financing of French SMEs confirms the greatest explanatory power of the target ratio explanation. The industrial sector of the firms does not affect these results

Suggested Citation

  • Dominique Dufour & Eric Molay, 2010. "La Structure Financiere Des Pme Françaises : Une Analyse Sectorielle Sur Donnees De Panel," Post-Print hal-00479529, HAL.
    • Handle: RePEc:hal:journl:hal-00479529
    Note: View the original document on HAL open archive server: https://hal.science/hal-00479529
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    References listed on IDEAS

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