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Le recours au crédit-bail permet-il d'identifier des entreprises à l'origine du canal du crédit ?


  • Jean-Bernard Chatelain
  • Jean-Christophe Teurlai


This paper analyzes the effect of financial constraints on the investment behaviour of French industrial firms testing Euler equations on various sub-samples over the period 1993-1996. More precisely, we test the model with an increasing cost of borrowing as leverage increases including an agency premium parameter. First of all, the agency premium parameter is not significant for the full sample and for subsamples by sizes of firms and by the extent of use of leasing as a means of finance. But when splitting the sample by leasing and the increase of debt, it turns out that the agency premium parameter is significant for firms with a relatively high increase of debt and a high level of leasing. Classification JEL?: C23, D21, D92

Suggested Citation

  • Jean-Bernard Chatelain & Jean-Christophe Teurlai, 2003. "Le recours au crédit-bail permet-il d'identifier des entreprises à l'origine du canal du crédit ?," Revue économique, Presses de Sciences-Po, vol. 54(4), pages 811-833.
  • Handle: RePEc:cai:recosp:reco_544_0811

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    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • D92 - Microeconomics - - Micro-Based Behavioral Economics - - - Intertemporal Firm Choice, Investment, Capacity, and Financing


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