Importance of the mode of financing in the sustainability of Algerian family businesses
DOI:
https://doi.org/10.59051/joaf.v9i1.137Keywords:
governance, sustainability, family businesses, financing, sociocultural capital.Abstract
We propose a sketch on the relationship between the method of financing chosen by the family business and its sustainability. Firstly, and through a review of the literature, we try to take stock of the factors that determine the choice of the financing model for family businesses and secondly, we analyze the relationship between the mode of financing and the sustainability of the family business which is distinguished by the territorialized nature of its functions and in particular that relating to the mode of financing. The socio-cultural anchoring of these companies promotes trust with the various territorial partners and in particular the banks. The last part of this paper focus on the results of an empirical research on two case studies of Algerian family SMEs.
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References
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Belghithi H. (2006) « Les déterminants de la structure du capital : application pour les entreprises canadiennes et américaines de 1995 à 2005 », mémoire présenté comme exigence partielle de la maîtrise en administration des affaires, Décembre 2006, P8.
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Calof J. (1985), « Analysis of small business owner’s financial preferences », Journal of Small Business and Entrepreneurship, 3(3), pp. 39-44.
Casson M. (1999), « The economics of the family firm », Scandinavian Economic History Review, n° 47, pp. 10-23.
Chibani-Ltaief, F., Henchiri, J. E., & Degos, J. G. (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.
Davis P. (1983), « Realizing the Potential of the Family Business », Organizational Dynamics, 12 (1), P. 47-56.
DeAngelo et Deongelo (1985), Managerial ownership of Voting nights: A study of public Corporations with dual class of Common stock. Journal of Financial Economics14 (1): 33-69.
Fama, E.F. et K.F. French,(1997) Dividends, Debt, Investment, and Earnings, Graduate School of Business, University of Chicago and Yale University, School of Management, 1997.
Gallo et Vilaseca (1996), Finance in family business. Family Business review 9 (4): 287- 305.
Gallo M. et A. Vilaseca (1996), « Finance in family business », Family Business Review, Vol. 9, n°4, pp. 387-405
Hirigoyen G. (1982), « Le comportement financier des moyennes entreprises industrielles familiales », Banques, n°417, pp. 588-593.
Hirigoyen G. , (2009), concilier finance et management dans les entreprises familiales.
Mishra et Mc Conaughy (1999), Founding family Control and capital structure: The risk of loss of control and the aversion to debt. Entrepreneurship Theory and Practice 23(4) : 53-64.
Mignon, S. (2000), « La pérennité des entreprises familiales : Un modèle alternatif à la création de valeur pour l’actionnaire ». Finance, Contrôle, Stratégie 3(1): 169- 96.
Mc Conaughy, D.L., C.H. Matthews, et A.S. fialko (2001) Founding Family Controlled firms: Performance, risk and value. Journal of Small Business Management. 39 (1): 31-49.
Myers S. C. et N. S. Majluf (1984) «Corporate Financing and Investment Decisions when Firms have information that Investors do not have ». Journal of Financial Economies, Vol. 13, p. 187-221.
Remolona, E.M. (1990), «Understanding International Differences in Leverage Trends», FRBNY Quarterly Review, Spring 1990, 31-42
Ward J. (1988), « The special role of strategic planning for family business », Family Business Review, 1 (2), 105-117.
Wtterwulghen R., F. Janssen, S. Mertens S et F. Olivier (1994), « Le financement de croissance des entreprises moyennes belges par le recours au capital à risque », Louvain-La-Neuve, IAG.
Agrawal et Narajan (1990) Corporate capital, agency costs, and Ownership Control: The case of all-equity firms. Journal of Finance 45 (4): 1325-31.
Beckhard R., Dyer W. (1983), « Managing Change in the Family Firm-Issues and Strategies », Sloan Management Review, 24, P. 59-65.
Belghithi H. (2006) « Les déterminants de la structure du capital : application pour les entreprises canadiennes et américaines de 1995 à 2005 », mémoire présenté comme exigence partielle de la maîtrise en administration des affaires, Décembre 2006, P8.
Benbayer H. Trari-medjaoui (2009) « Le développement des sources de financement des PME en Algérie : émergence de la finance islamique », Université d’Oran.P.3.
Ben Jemaa. S. (2005), « La structure financière des entreprises familiales tunisiennes », Actes de Colloque.
Benmostefa. F. (2015) « La transmission des entreprises familiales en Tunisie », Thèse de Doctorat, Université de Bordeaux, Soutenue le 30 Novembre 2015.
Annuaire statistique de la wilaya de Tizi-Ouzou, 2016 (Algérie).
Calof J. (1985), « Analysis of small business owner’s financial preferences », Journal of Small Business and Entrepreneurship, 3(3), pp. 39-44.
Casson M. (1999), « The economics of the family firm », Scandinavian Economic History Review, n° 47, pp. 10-23.
Chibani-Ltaief, F., Henchiri, J. E., & Degos, J. G. (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.
Davis P. (1983), « Realizing the Potential of the Family Business », Organizational Dynamics, 12 (1), P. 47-56.
DeAngelo et Deongelo (1985), Managerial ownership of Voting nights: A study of public Corporations with dual class of Common stock. Journal of Financial Economics14 (1): 33-69.
Fama, E.F. et K.F. French,(1997) Dividends, Debt, Investment, and Earnings, Graduate School of Business, University of Chicago and Yale University, School of Management, 1997.
Gallo et Vilaseca (1996), Finance in family business. Family Business review 9 (4): 287- 305.
Gallo M. et A. Vilaseca (1996), « Finance in family business », Family Business Review, Vol. 9, n°4, pp. 387-405
Hirigoyen G. (1982), « Le comportement financier des moyennes entreprises industrielles familiales », Banques, n°417, pp. 588-593.
Hirigoyen G. , (2009), concilier finance et management dans les entreprises familiales.
Mishra et Mc Conaughy (1999), Founding family Control and capital structure: The risk of loss of control and the aversion to debt. Entrepreneurship Theory and Practice 23(4) : 53-64.
Mignon, S. (2000), « La pérennité des entreprises familiales : Un modèle alternatif à la création de valeur pour l’actionnaire ». Finance, Contrôle, Stratégie 3(1): 169- 96.
Mc Conaughy, D.L., C.H. Matthews, et A.S. fialko (2001) Founding Family Controlled firms: Performance, risk and value. Journal of Small Business Management. 39 (1): 31-49.
Myers S. C. et N. S. Majluf (1984) «Corporate Financing and Investment Decisions when Firms have information that Investors do not have ». Journal of Financial Economies, Vol. 13, p. 187-221.
Remolona, E.M. (1990), «Understanding International Differences in Leverage Trends», FRBNY Quarterly Review, Spring 1990, 31-42
Ward J. (1988), « The special role of strategic planning for family business », Family Business Review, 1 (2), 105-117.
Wtterwulghen R., F. Janssen, S. Mertens S et F. Olivier (1994), « Le financement de croissance des entreprises moyennes belges par le recours au capital à risque », Louvain-La-Neuve, IAG.
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Published
2018-06-13
How to Cite
RASSOUL, nadia. (2018). Importance of the mode of financing in the sustainability of Algerian family businesses. Journal of Academic Finance, 9(1), 91–103. https://doi.org/10.59051/joaf.v9i1.137
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