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Equity And Rate Of Return: Are Small Manufacturing Firms Handicapped By Their Own Success?

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Author Info

  • Bernard Paranque

    (Banque de France)

Abstract

From a french pannel of manufacturing firm, this article aims to show that the terms of the debate on the capitalization of small manufacturing firms ought to be clarified. These firms are often said to be undercapitalized, because in relative terms their capital spending is often similar, or even greater, than that of their larger competitors. This means that their earnings are depleted by the higher depreciation charges for maintaining their fixed assets. Undercapitalization is also due to the fact that firms in this category have poor access to capital markets.

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File URL: http://128.118.178.162/eps/fin/papers/9508/9508002.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Finance with number 9508002.

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Length: 8 pages
Date of creation: 18 Aug 1995
Date of revision: 20 Oct 1996
Handle: RePEc:wpa:wuwpfi:9508002

Note: 8 pages, pdf
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Web page: http://128.118.178.162

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Keywords: equity; rate of retrurn; accumulation; sme's;

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