Do crises impact capital structure? A study of French micro-enterprises.

Research
Corporate and Market Finance

268 vues

Micro-enterprises have an important place in the French economy with a share of 9% in the GDP. The management of their capital structure is a central element to guarantee their activity and development. This article proposes to study the determining factors of the capital structure of a sample of more than 4000 French micro-enterprises over the period from 2003 to 2013, with a focus on the impact of the 2007-2008 crisis. Our results show that micro-enterprises favor internal financing over external financing. During the crisis, micro-enterprises rely more on short-term debt to secure operational growth while limiting long-term debt to finance investments in tangible assets.

Liens et ressources

Mots clés

capital, crise, croissance, financement, investissement, TPE

Auteur.e(s)

HOANG HILLARD Thi Hong Van
Professor
MONTPELLIER Business School

Institution(s)

Vidéos de la même institution

03:52

What is product value perceptions?

La valeur perçue du produit décrit l'évaluation globale d'un produit par les consommateurs. Elle prend en compte la mesure dans laquelle un produit répond aux besoins et aux attentes d'un consommateur. Elle prend en compte la mesure dans laquelle un produit répond aux besoins et aux attentes d'un consommateur. La perception de la valeur d'un produit peut être considérée comme un compromis entre la qualité et le prix. Toutefois, des définitions plus nuancées tiennent compte de la nature complexe de la valeur perçue des produits et font référence à ses dimensions : émotionnelle (sentiments générés), sociale (amélioration de l'image sociale de soi), qualité/performance (attentes en matière de qualité et de performance) et prix/valeur de l'argent (utilité et coût du produit).

OSBURG Victoria-Sophie - MONTPELLIER Business School |

Management Dictionary
Marketing, Sales and Communication

04:24

Do Wealth Managers Understand Codes of Conduct and Their Ethical Dilemmas?

inscrites dans les codes de conduite des banques, et comment font-ils face aux dilemmes éthiques ? Pour répondre à ces questions, nous avons mené une enquête en ligne non incitative auprès d'employés de gestion de patrimoine de l'entité juridique suisse d'une grande banque multinationale. Nous avons utilisé des questions de jugement situationnel pour estimer la compréhension et le niveau d'adhésion attendu aux principes du CdC. Nous montrons que le fait de formuler les questions sous l'étiquette "sécurité financière" augmente la précision des réponses et que l'honnêteté des employés aide à orienter leur décisions vers l'intégrité dans les dilemmes éthiques. Ainsi, outre la validation d'une méthode permettant de tester le niveau de compréhension de le Code.

LOMBARD Ewa - MONTPELLIER Business School |

Research
Accounting and editing, Governance, Management Control

05:27

The role of multiple large shareholders in the choice of debt source

In this video, Wael Rouatbi presents his paper entitled "The role of multiple large shareholders in the choice of debt source", co-authored with Sabri Boubaker and Walid Saffar, and published in Financial Management in 2017. Using a large sample of French listed companies, this study shows that companies with multiple controlling shareholders tend to resort to bank debt financing.

ROUATBI Wael - MONTPELLIER Business School |

Research
Corporate and Market Finance

05:18

Is family support good for work family balance and subjective well-being of small business owners

Based on resource conservation theory (RCT), we examine the role of two types of family support - emotional and instrumental support - in the work-family balance and subjective well-being of small and medium-sized enterprise (SME) owners.

MUKERJEE Jinia - MONTPELLIER Business School |

Research
Entrepreneurship

Vidéos de la même thématique

What is the Initial Coin Offering?

An Initial Coin Offering (ICO) is a modern fundraising method for start-ups, similar to crowdfunding but using digital tokens instead of traditional cash or rewards. Investors purchase these tokens, which they can later use to buy the product or resell for potential profit. ICOs provide entrepreneurs with a global financing opportunity while offering investors early access to innovative projects. Overall, ICOs connect entrepreneurship, finance, and blockchain technology, making them a revolutionary tool for start-up funding.

DELL’ERA Michele - EDC Business School |

Management Dictionary
Corporate and Market Finance, Entrepreneurship

Environmental Tax Policies in Emerging Markets: Does Confidence in Political Institutions Matter?

The goal of this study is to examine how environmental taxes influence the comparative advantage in environmental products and carbon emissions within emerging economies. To gain a better understanding, we examine whether this impact changes depending on the level of government integrity. The results indicate that increased environmental taxes mitigate the comparative advantage in environmental goods for emerging markets. However, for countries with high levels of government integrity, higher environmental taxes enhance their competitive edge in environmental goods. Additionally, our findings show that although a rise in environmental taxes is associated with higher carbon emissions, raising such taxes results in a reduction in carbon emissions for emerging economies with solid government integrity. These findings suggest that robust political institutions are crucial in promoting the comparative advantage of emerging markets in environmental goods and mitigating climate change. In the absence of substantial confidence in political or governmental institutions, the efficient implementation of climate taxes poses considerable challenges. Furthermore, we observe that an increase in the comparative advantage of environmental goods results in a decrease in carbon emissions.

KOCAARSLAN Baris - EDC Business School |

Research
Corporate and Market Finance

In Machine Learning We Trust: A Bankruptcy Prediction Application

Recently, ensemble-based machine learning models have been widely adopted and have demonstrated their effectiveness in bankruptcy prediction. However, these algorithms often function as black boxes, making it difficult to understand how they generate forecasts. This lack of transparency has led to growing interest in interpretability methods within artificial intelligence research. In this paper, we assess the predictive performance of Random Forest, LightGBM, XGBoost, and NGBoost (Natural Gradient Boosting for probabilistic prediction) on French firms across various industries, with a forecasting horizon of one to five years. We then apply Shapley Additive Explanations (SHAP), a model-agnostic interpretability technique, to explain XGBoost, one of the best-performing models in our study. SHAP highlights the contribution of each feature to the model’s predictions, enabling a clearer understanding of how financial and macroeconomic factors influence bankruptcy risk. Moreover, it allows for the explanation of individual predictions, making black-box models more applicable in credit risk management.

NGUYEN Hoang Hiep - EM Normandie |

Research
Corporate and Market Finance

Algorithmic trading, what if it is just an illusion?

We experimentally investigate whether and how the potential presence of algorithmic trading (AT) in human-only asset markets can influence humans’ price forecasts, trading activities and price dynamics. Two trading strategies commonly employed by high-frequency traders, spoofing (SP) – associated with market manipulation – and market making (MM) – seen as liquidity provision – are considered.

JACOB-LEAL Sandrine - FNEGE |

Research
Corporate and Market Finance

Corporate and Market Finance

Do crises impact capital structure? A study of French micro-enterprises.

Auteur.e(s)

Institution(s)

Vidéos de la même institution

Vidéos de la même thématique

S'abonner aux vidéos FNEGE MEDIAS