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Performance et risque des entreprises appartenant à des groupes de PME

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  • Anaïs Hamelin

    () (Laboratoire de Recherche en Gestion et Economie, Institut d'Etudes Politiques, Strasbourg)

Abstract

Dans cet article nous analysons l’impact de l’appartenance à un groupe de PME sur la rentabilité et le risque individuel des entreprises. Nous observons que, contrairement aux grands groupes familiaux dans le monde, les groupes de PME à contrôle familial en France, ont majoritairement une structure simple et ne sont pas caractérisés par l’existence d’une divergence entre droit de vote et droit aux dividendes. Par ailleurs, nous observons que les entreprises appartenant à un groupe de PME ont une meilleure rentabilité opérationnelle que les entreprises indépendantes. Ces résultats semblent indiquer que la constitution de groupes de PME permet une meilleure allocation du capital. Enfin, il apparaît que l’appartenance à un groupe de PME a un impact ambigu sur le risque des entreprises.

Suggested Citation

  • Anaïs Hamelin, 2008. "Performance et risque des entreprises appartenant à des groupes de PME," Working Papers of LaRGE Research Center 2008-14, Laboratoire de Recherche en Gestion et Economie (LaRGE), Université de Strasbourg.
  • Handle: RePEc:lar:wpaper:2008-14
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    File URL: http://ifs.u-strasbg.fr/large/publications/2008/2008-14.pdf
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    References listed on IDEAS

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    1. 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.
    2. repec:hrv:faseco:30747162 is not listed on IDEAS
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    5. 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.
    6. 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.
    7. Khanna, Tarun, 2000. "Business groups and social welfare in emerging markets: Existing evidence and unanswered questions," European Economic Review, Elsevier, vol. 44(4-6), pages 748-761, May.
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    More about this item

    Keywords

    Groupes de PME; Performance; Risque; Structure Pyramidale; Contrôle familial.;

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