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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
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    References listed on IDEAS

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    1. Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc.
    2. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
    3. Größl, Ingrid & Stahlecker, Peter & Wohlers, Eckhardt, 1999. "Finanzierungsverhalten im Unternehmensbereich als gesamtwirtschaftlicher Risikofaktor," Wirtschaftsdienst – Zeitschrift für Wirtschaftspolitik (1949 - 2007), ZBW – German National Library of Economics / Leibniz Information Centre for Economics, vol. 79(4), pages 252-258.
    4. Perkins, J.O.N., 1992. "Public Finance and Macroeconomic Policy," Economic Analysis and Policy, Elsevier, vol. 22(1), pages 1-19.
    5. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November.
    6. Myers, Stewart C. & Majluf, Nicolás S., 1945-, 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Working papers 1523-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    7. Myers, Stewart C., 1984. "Capital structure puzzle," Working papers 1548-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    8. Myers, Stewart C, 1984. " The Capital Structure Puzzle," Journal of Finance, American Finance Association, vol. 39(3), pages 575-592, July.
    9. -, 1992. "El financiamiento de la pequeña y mediana industria," Sede de la CEPAL en Santiago (Estudios e Investigaciones) 30009, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    10. Stewart C. Myers, 1984. "Capital Structure Puzzle," NBER Working Papers 1393, National Bureau of Economic Research, Inc.
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    Citations

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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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