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Structures of Corporate Finance in Germany and France. A Comparative Analysis for West German and French Incorporated Enterprises / Strukturen der Unternehmensfinanzierung in Deutschland und Frankreich. Eine vergleichende Analyse für westdeutsche und französische Kapitalgesellschaften

Author

Listed:
  • Friderichs Hans

    (Deutsche Bundesbank, Postfach 10 06 02, D-60006 Frankfurt/Main)

  • Paranque Bernard

    (Ministère de l’Economie des Finances et de l’lndustrie, Direction des Entreprises Commerciales Artisanales et de Services, Bureau du Financement des Entreprises, 3–5 rue Barbet de Jouy, F-75007 Paris, France)

Abstract

The study examines the balance sheet structures of both French and west German incorporated firms in manufacturing and their evolution during the last business cycle in the late eighties and early nineties. The point of departure is to focus op the relative importance of the different financing sources used by the incorporated enterprises in the two countries. A deeper examination of the observed differences suggests that country-specific legal and institutional factors seem to play an important role in determining corporate finance structures. Finally this evidence is considered in the context of capital structure theory with particular reference to the architecture and functioning mechanisms of the corporate financing systems in Germany and France.

Suggested Citation

  • Friderichs Hans & Paranque Bernard, 2001. "Structures of Corporate Finance in Germany and France. A Comparative Analysis for West German and French Incorporated Enterprises / Strukturen der Unternehmensfinanzierung in Deutschland und Frankreic," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 221(5-6), pages 648-671, October.
    • Handle: RePEc:jns:jbstat:v:221:y:2001:i:5-6:p:648-671
    DOI: 10.1515/jbnst-2001-5-611
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    References listed on IDEAS

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    Cited by:

    1. Peter Gibbard & Ibrahim Stevens, 2011. "Corporate debt and financial balance sheet adjustment: a comparison of the United States, the United Kingdom, France and Germany," Annals of Finance, Springer, vol. 7(1), pages 95-118, February.
    2. Rahman, Asheq & Yammeesri, Jira & Perera, Hector, 2010. "Financial reporting quality in international settings: A comparative study of the USA, Japan, Thailand, France and Germany," The International Journal of Accounting, Elsevier, vol. 45(1), pages 1-34, March.

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