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Recentrage stratégique et politique de financement:le cas des firmes cotées en Europe (1987-2003)

  • Jean-Étienne Palard

    ()

    (Université Bordeaux IV Montesquieu)

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    (VF)La transformation du périmètre d’activité des groupes, caractérisée depuis vingt ans par un mouvement en faveur du recentrage stratégique, a-t-elle contribué à modifier leur politique de financement? Cet article vise à analyser et à tester l’influence de la diversité stratégique sur l’évolution de la structure financière des 250 principales firmes cotées en Europe. À partir d’analyses univariées et multivariées sur données de panel, nous observons que les entreprises spécialisées ou en phase de recentrage sont significativement moins endettées et à moins long terme que les firmes diversifiées. Par ailleurs, le mouvement de recentrage stratégique observé en Europe est positivement corrélé à la réduction du niveau d’endettement.(VA)Do corporate refocusing strategies reduce the debt ratio of firms? In this paper, we try to analyze and to test empirically the effect of corporate focus on financial structure among a sample of 250 listed European firms. From univariate and multivariate analysis with dynamic panel data, we show that (1) more focused firms carry a significantly lower level of debt than diversified companies and (2) the movement of corporate refocusing is positively correlated with a decrease in debt levels.

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    Article provided by revues.org in its journal Revue Finance Contrôle Stratégie.

    Volume (Year): 10 (2007)
    Issue (Month): 3 (September)
    Pages: 111-137

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    Handle: RePEc:dij:revfcs:v:10:y:2007:i:q3:p:111-137
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