La structure financière des entreprises familiales : une analyse fondée sur la théorie du Pecking Order
DOI :
https://doi.org/10.59051/joaf.v7i2.71Mots-clés :
Entreprises familiales - Théorie du financement hiérarchique – déficit de financementRésumé
Cet article a pour objectif d'analyser dans quelle mesure la théorie du financement hiérarchique (Pecking order theory) est d'une application pertinente pour les entreprises familiales. Pour cela, nous avons comparé deux séries d'entreprises familiales et d'entreprises non familiales non cotées dans le contexte français. Nos résultats indiquent que le comportement financier des entreprises familiales diffère en général de celui des entreprises non familiales. Les entreprises familiales privilégient le financement interne au détriment du financement externe et, en cas de recours à un financement externe, l’endettement est préféré à l’augmentation de capital. La théorie du Pecking order se justifie plutôt pour les entreprises familiales que pour les entreprises non familiales.
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Références
Allouche, J., and B. Amann. 2008. “Nature et Performances Des Entreprises Familiales.” Filemanagement, Fondements et Renouvellements, 223–232.
Ampenberger, Markus, Thomas Schmid, Ann-Kristin Achleitner, and Christoph Kaserer. 2013. “Capital Structure Decisions in Family Firms: Empirical Evidence from a Bank-Based Economy.” Review of Managerial Science 7 (3): 247–275.
Anderson, Ronald C., and David M. Reeb. 2003. “Founding-Family Ownership and Firm Performance: Evidence from the S&P 500.” The Journal of Finance 58 (3): 1301–27. doi:10.1111/1540-6261.00567.
Chibani-Ltaief, Faten, Jamel E Henchiri, and Jean-Guy Degos. 2016. “La Structure Financière Contrastée Des Entreprises Familiales Françaises : Une Approche Fondée Sur La Théorie Du Compromis.” La Revue Du Financier 38 (219): 30–50.
Daily, Catherine M., and Marc J. Dollinger. 1992. “An Empirical Examination of Ownership Structure in Family and Professionally Managed Firms.” Family Business Review 5 (2): 117–136.
Fama, Eugene F., and Kenneth R. French. 2002. “Testing Trade‐Off and Pecking Order Predictions About Dividends and Debt.” Review of Financial Studies 15 (1): 1–33. doi:10.1093/rfs/15.1.1.
Fama, Eugene F., and Michael C. Jensen. 1983. “Separation of Ownership and Control.” Journal of Law and Economics, 301–325.
Koropp, Christian, Dietmar Grichnik, and Franz Kellermanns. 2013. “Financial Attitudes in Family Firms: The Moderating Role of Family Commitment.” Journal of Small Business Management 51 (1): 114–137.
Leary, Mark T., and Michael R. Roberts. 2010. “The Pecking Order, Debt Capacity, and Information Asymmetry.” Journal of Financial Economics 95 (3): 332–55. doi:10.1016/j.jfineco.2009.10.009.
Mas-Colell, Andreu, Michael Dennis Whinston, Jerry R. Green, and others. 1995. Microeconomic Theory. Vol. 1. Oxford university press New York. http://www.hawkinqian.com/uploads/media/2014/09/Microeconomic_Theory.pdf.
McConaughy, Daniel L., Michael C. Walker, Glenn V. Henderson, and Chandra S. Mishra. 1998. “Founding Family Controlled Firms: Efficiency and Value.” Review of Financial Economics 7 (1): 1–19.
Modigliani, Franco, and Merton H. Miller. 1958. “The Cost of Capital, Corporation Finance and the Theory of Investment.” The American Economic Review 48 (3): 261–97.
———. 1963. “Corporate Income Taxes and the Cost of Capital: A Correction.” The American Economic Review, 433–443.
Myers, Stewart C., and Nicholas S. Majluf. 1984. “Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have.” Journal of Financial Economics 13 (2): 187–221. doi:10.1016/0304-405X(84)90023-0.
Rajan, Raghuram G., and Luigi Zingales. 1995. “What Do We Know about Capital Structure? Some Evidence from International Data.” The Journal of Finance 50 (5): 1421–1460.
Romano, Claudio A., George A. Tanewski, and Kosmas X. Smyrnios. 2001. “Capital Structure Decision Making: A Model for Family Business.” Journal of Business Venturing 16 (3): 285–310.
Schulze, William S., Michael H. Lubatkin, Richard N. Dino, and Ann K. Buchholtz. 2001. “Agency Relationships in Family Firms: Theory and Evidence.” Organization Science 12 (2): 99–116.
Seidler, John. 1974. “On Using Informants: A Technique for Collecting Quantitative Data and Controlling Measurement Error in Organization Analysis.” American Sociological Review, 816–831.
Serrasqueiro, Zélia, Paulo Maçãs Nunes, and Jacinto Vidigal da Silva. 2012. “Are Financing Decisions of Family-Owned SMEs Different? Empirical Evidence Using Panel Data.” Journal of Management & Organization 18 (03): 363–382. doi:10.1017/S1833367200000857.
Shyam-Sunder, Lakshmi, and Stewart C. Myers. 1999. “Testing Static Tradeoff against Pecking Order Models of Capital structure1.” Journal of Financial Economics 51 (2): 219–44. doi:10.1016/S0304-405X(98)00051-8.
Stiglitz, J. E. 2000. “The Contributions of the Economics of Information to Twentieth Century Economics.” The Quarterly Journal of Economics 115 (4): 1441–78. doi:10.1162/003355300555015.
Titman, Sheridan, and Roberto Wessels. 1988. “The Determinants of Capital Structure Choice.” The Journal of Finance 43 (1): 1–19.
Ward, John L. 2011. Keeping the Family Business Healthy: How to Plan for Continuing Growth, Profitability, and Family Leadership. Palgrave Macmillan. https://books.google.fr/books?hl=fr&lr=&id=uVnuBQAAQBAJ&oi=fnd&pg=PP1&dq=Ward+JL+(1987).+Keeping+the+family+business+healthy:+How+to+plan+for+continuing+growth,+profitability+and+family+leadership,+Jossey-+Bass,San+Francisco.&ots=F0qNCNtv0N&sig=aJKlV09ZH9f40kzelG0_sbC-H7c.
Ampenberger, Markus, Thomas Schmid, Ann-Kristin Achleitner, and Christoph Kaserer. 2013. “Capital Structure Decisions in Family Firms: Empirical Evidence from a Bank-Based Economy.” Review of Managerial Science 7 (3): 247–275.
Anderson, Ronald C., and David M. Reeb. 2003. “Founding-Family Ownership and Firm Performance: Evidence from the S&P 500.” The Journal of Finance 58 (3): 1301–27. doi:10.1111/1540-6261.00567.
Chibani-Ltaief, Faten, Jamel E Henchiri, and Jean-Guy Degos. 2016. “La Structure Financière Contrastée Des Entreprises Familiales Françaises : Une Approche Fondée Sur La Théorie Du Compromis.” La Revue Du Financier 38 (219): 30–50.
Daily, Catherine M., and Marc J. Dollinger. 1992. “An Empirical Examination of Ownership Structure in Family and Professionally Managed Firms.” Family Business Review 5 (2): 117–136.
Fama, Eugene F., and Kenneth R. French. 2002. “Testing Trade‐Off and Pecking Order Predictions About Dividends and Debt.” Review of Financial Studies 15 (1): 1–33. doi:10.1093/rfs/15.1.1.
Fama, Eugene F., and Michael C. Jensen. 1983. “Separation of Ownership and Control.” Journal of Law and Economics, 301–325.
Koropp, Christian, Dietmar Grichnik, and Franz Kellermanns. 2013. “Financial Attitudes in Family Firms: The Moderating Role of Family Commitment.” Journal of Small Business Management 51 (1): 114–137.
Leary, Mark T., and Michael R. Roberts. 2010. “The Pecking Order, Debt Capacity, and Information Asymmetry.” Journal of Financial Economics 95 (3): 332–55. doi:10.1016/j.jfineco.2009.10.009.
Mas-Colell, Andreu, Michael Dennis Whinston, Jerry R. Green, and others. 1995. Microeconomic Theory. Vol. 1. Oxford university press New York. http://www.hawkinqian.com/uploads/media/2014/09/Microeconomic_Theory.pdf.
McConaughy, Daniel L., Michael C. Walker, Glenn V. Henderson, and Chandra S. Mishra. 1998. “Founding Family Controlled Firms: Efficiency and Value.” Review of Financial Economics 7 (1): 1–19.
Modigliani, Franco, and Merton H. Miller. 1958. “The Cost of Capital, Corporation Finance and the Theory of Investment.” The American Economic Review 48 (3): 261–97.
———. 1963. “Corporate Income Taxes and the Cost of Capital: A Correction.” The American Economic Review, 433–443.
Myers, Stewart C., and Nicholas S. Majluf. 1984. “Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have.” Journal of Financial Economics 13 (2): 187–221. doi:10.1016/0304-405X(84)90023-0.
Rajan, Raghuram G., and Luigi Zingales. 1995. “What Do We Know about Capital Structure? Some Evidence from International Data.” The Journal of Finance 50 (5): 1421–1460.
Romano, Claudio A., George A. Tanewski, and Kosmas X. Smyrnios. 2001. “Capital Structure Decision Making: A Model for Family Business.” Journal of Business Venturing 16 (3): 285–310.
Schulze, William S., Michael H. Lubatkin, Richard N. Dino, and Ann K. Buchholtz. 2001. “Agency Relationships in Family Firms: Theory and Evidence.” Organization Science 12 (2): 99–116.
Seidler, John. 1974. “On Using Informants: A Technique for Collecting Quantitative Data and Controlling Measurement Error in Organization Analysis.” American Sociological Review, 816–831.
Serrasqueiro, Zélia, Paulo Maçãs Nunes, and Jacinto Vidigal da Silva. 2012. “Are Financing Decisions of Family-Owned SMEs Different? Empirical Evidence Using Panel Data.” Journal of Management & Organization 18 (03): 363–382. doi:10.1017/S1833367200000857.
Shyam-Sunder, Lakshmi, and Stewart C. Myers. 1999. “Testing Static Tradeoff against Pecking Order Models of Capital structure1.” Journal of Financial Economics 51 (2): 219–44. doi:10.1016/S0304-405X(98)00051-8.
Stiglitz, J. E. 2000. “The Contributions of the Economics of Information to Twentieth Century Economics.” The Quarterly Journal of Economics 115 (4): 1441–78. doi:10.1162/003355300555015.
Titman, Sheridan, and Roberto Wessels. 1988. “The Determinants of Capital Structure Choice.” The Journal of Finance 43 (1): 1–19.
Ward, John L. 2011. Keeping the Family Business Healthy: How to Plan for Continuing Growth, Profitability, and Family Leadership. Palgrave Macmillan. https://books.google.fr/books?hl=fr&lr=&id=uVnuBQAAQBAJ&oi=fnd&pg=PP1&dq=Ward+JL+(1987).+Keeping+the+family+business+healthy:+How+to+plan+for+continuing+growth,+profitability+and+family+leadership,+Jossey-+Bass,San+Francisco.&ots=F0qNCNtv0N&sig=aJKlV09ZH9f40kzelG0_sbC-H7c.
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Publié-e
2016-11-17
Comment citer
CHIBANI LTAIEF, faten, & HENCHIRI, jamel E. (2016). La structure financière des entreprises familiales : une analyse fondée sur la théorie du Pecking Order. Journal of Academic Finance, 7(2), 84–97. https://doi.org/10.59051/joaf.v7i2.71
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