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Finance d’Entreprise et Finance de Marché
Finance d’Entreprise et Finance de Marché
Risque de chute des cours et coût de la dette
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Risque de chute des cours et coût de la dette

L’objectif de cet article est d’étudier l’effet du risque de chute du cours d’action sur le coût d’endettement des sociétés françaises cotées. Nos résultats montrent que les chutes du cours d’action augmentent le coût d’endettement, ce qui suggère que les créanciers considèrent ces chutes comme un facteur important du risque de crédit. Cet effet est plus prononcé en présence d’un risque systématique élevé et d’une forte asymétrie d’information. Nous montrons également que l’effet des chutes du cours sur le coût de l’endettement est plus faible dans les entreprises dirigées par leur propriétaire et dans les entreprises familiales.


Mots clés
  • Asymétrie d’information, Contrôle familial, Contrôle managérial, Coût d’endettement, Risque d’entreprise, Risque de chute du cours d’action

Auteur.e(s)

DEPOERS Florence
Professeur
FNEGE
LAKHAL Fathen
Enseignant-Chercheur
EMLV

Institution(s)

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