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Determinants of the choice leasing vs Bank Loan: evidence from the french sme by Kacm

  • Marie Christine Filareto-Deghaye

    (Université du Littoral. Dunkerque, France.)

  • Eric Severin.

    (Centre du LEM. Lille, France.)

Registered author(s):

    La cuestión del leasing como sustituto o complemento de un préstamo bancario todavía no se ha resuelto en la literatura financiera. Como continuación de estos argumentos, el objetivo de este artículo es, por una parte, determinar las características de las empresas que usan el leasing y por otra parte, comprender mejor la relación existente entre el leasing y las restricciones al crédito. En primer lugar, nuestros resultados sugieren que las PYMES utilizan más el leasing cuando son de reciente creación, están apalancadas y son menos solventes, aunque sean de menor tamaño y tengan más probabilidades de fracaso. Así pues, el leasing amplía los límites de la deuda bancaria en el caso de las empresas que no tienen acceso al mismo. En segundo lugar, nuestros resultados muestran una relación fuerte y significativa entre las restricciones al crédito y el uso del leasing. En este marco de trabajo, éste parece ser el último recurso financiero.

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    File URL: http://www.unagaliciamoderna.com/eawp/coldata/upload/Determinants%20of%20the%20choice%20leasing%20VS%20Bank...pdf
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    Article provided by Colexio de Economistas de A Coruña, Spain and Fundación Una Galicia Moderna in its journal Economic Analysis Working Papers (2002-2010). Atlantic Review of Economics (2011-2016).

    Volume (Year): 6 (2007)
    Issue (Month): (May)
    Pages: 1-11

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    Handle: RePEc:eac:articl:06/06
    Contact details of provider: Web page: http://www.economistascoruna.org/eawp/

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    1. Lewis, Craig M. & Schallheim, James S., 1992. "Are Debt and Leases Substitutes?," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 27(04), pages 497-511, December.
    2. Sharpe, Steven A. & Nguyen, Hien H., 1995. "Capital market imperfections and the incentive to lease," Journal of Financial Economics, Elsevier, vol. 39(2-3), pages 271-294.
    3. Ang, James & Peterson, Pamela P, 1984. " The Leasing Puzzle," Journal of Finance, American Finance Association, vol. 39(4), pages 1055-65, September.
    4. V. Sivarama Krishnan & R. Charles Moyer, 1994. "Bankruptcy Costs and the Financial Leasing Decision," Financial Management, Financial Management Association, vol. 23(2), Summer.
    5. Thomas J. Finucane, 1988. "Some Empirical Evidence On The Use Of Financial Leases," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 11(4), pages 321-333, December.
    6. Beattie, Vivien & Goodacre, Alan & Thomson, Sarah, 2000. "Operating leases and the assessment of lease-debt substitutability," Journal of Banking & Finance, Elsevier, vol. 24(3), pages 427-470, March.
    7. John R. Graham & Michael L. Lemmon & James S. Schallheim, 1998. "Debt, Leases, Taxes, and the Endogeneity of Corporate Tax Status," Journal of Finance, American Finance Association, vol. 53(1), pages 131-162, 02.
    8. DeAngelo, Harry & Masulis, Ronald W, 1980. " Leverage and Dividend Irrelevancy under Corporate and Personal Taxation," Journal of Finance, American Finance Association, vol. 35(2), pages 453-64, May.
    9. Mike Adams & Philip Hardwick, 1998. "Determinants of the leasing decision in United Kingdom listed companies," Applied Financial Economics, Taylor & Francis Journals, vol. 8(5), pages 487-494.
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