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Un Test De La Théorie Du Financement Hiérarchisé Sur Données De Panel Françaises

  • Eric Molay


    (CRIFP (EA1195) - UNS - Université Nice Sophia Antipolis)

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    The French firms at the Paris stock exchange seem to adopt a financing hierarchy by privileging internal resources to external resources. When using external financing, debt is preferred to eq-uity. The validation of the pecking order theory is based on the existence of asymmetric informa-tion involving adverse selection problems. This study confirms the role of asymmetric informa-tion on the choice of financing of the French firms. The firms most sensitive to asymmetric in-formation prefer debt financing. On the contrary, the firms less affected by adverse selection problems prefer equity financing.

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    Paper provided by HAL in its series Post-Print with number halshs-00515707.

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    Date of creation: Jun 2006
    Date of revision:
    Publication status: Published in 23ème Conférence Internationale de l'AFFI, Jun 2006, Poitiers, France
    Handle: RePEc:hal:journl:halshs-00515707
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    1. Frank, Murray Z. & Goyal, Vidhan K., 2003. "Testing the pecking order theory of capital structure," Journal of Financial Economics, Elsevier, vol. 67(2), pages 217-248, February.
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