Un Test De La Théorie Du Financement Hiérarchisé Sur Données De Panel Françaises
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.
|Date of creation:||Jun 2006|
|Date of revision:|
|Publication status:||Published in 23ème Conférence Internationale de l'AFFI, Jun 2006, Poitiers, France|
|Note:||View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00515707|
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