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Does the regional dimension matter as regards finance and entrepreneurship?

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Author Info

  • Jean Bonnet

    (University of Caen Basse-Normandie - CREM-CNRS, France)

  • Sylvie Cieply

    (University of Caen Basse-Normandie - CREM-CNRS, France)

  • Marcus Dejardin

    (FUNDP - University of Namur, CERPE, Belgium.)

Abstract

This article investigates the interrelationships between finance and entrepreneurship by exploring regional discrepancies in France. The focus is (1) on regional differences in financial relationships, (2) on the way these relations influence financial constraints on new firms and (3) on the complementary/substitutable effects between funds. No path of exclusion is identified. Rather, firms that are self-constraining or suffer from a weak credit rationing are the ones that later on develop intensive relationships with banks. Substitution exists in almost all the French regions. Results suggest the departure point of an original pecking order theory according to the entrepreneurial intensity of regions.

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Bibliographic Info

Paper provided by Center for Research in Economics and Management (CREM), University of Rennes 1, University of Caen and CNRS in its series Economics Working Paper Archive (University of Rennes 1 & University of Caen) with number 201127.

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Date of creation: Nov 2011
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Handle: RePEc:tut:cremwp:201127

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Postal: CREM (UMR CNRS 6211) – Faculty of Economics, 7 place Hoche, 35065 RENNES Cedex
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Postal: CREM (UMR CNRS 6211) - Faculty of Economics, 7 place Hoche, 35065 Rennes Cedex - France
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Related research

Keywords: financial constraints; credit rationing; financial relationships; new firms; regional development; regional disparities;

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  1. Jean Bonnet & Sylvie Cieply & Marcus Dejardin, 2006. "Financial Constraints on New Firms:Looking for Regional Disparities," Working Papers halshs-00010330, HAL.
  2. Bhattacharya Sudipto & Chiesa Gabriella, 1995. "Proprietary Information, Financial Intermediation, and Research Incentives," Journal of Financial Intermediation, Elsevier, vol. 4(4), pages 328-357, October.
  3. Rafik Abdesselam & Jean Bonnet & Nicolas Le Pape, 2004. "Les contraintes de la création et de la reprise d'entreprise : une application aux régions françaises," Post-Print hal-00149382, HAL.
  4. Robert E. Carpenter & Steven M. Fazzari & Bruce C. Petersen, 1994. "Inventory Investment, Internal-Finance Fluctuation, and the Business Cycle," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 25(2), pages 75-138.
  5. Douglas Holtz-Eakin & David Joulfaian & Harvey S. Rosen, 1993. "Entrepreneurial Decisions and Liquidity Constraints," NBER Working Papers 4526, National Bureau of Economic Research, Inc.
  6. Jan Bouckaert & Hans Degryse, 2004. "Softening Competition by Inducing Switching in Credit Markets," Journal of Industrial Economics, Wiley Blackwell, vol. 52(1), pages 27-52, 03.
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