Capital Structure Decisions of French Very Small Businesses (notice n° 166226)
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| 000 -LEADER | |
|---|---|
| fixed length control field | 01572cam a2200181 4500500 |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20250112034009.0 |
| 041 ## - LANGUAGE CODE | |
| Language code of text/sound track or separate title | fre |
| 042 ## - AUTHENTICATION CODE | |
| Authentication code | dc |
| 100 10 - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Aktas, Nihat |
| Relator term | author |
| 245 00 - TITLE STATEMENT | |
| Title | Capital Structure Decisions of French Very Small Businesses |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Date of publication, distribution, etc. | 2011.<br/> |
| 500 ## - GENERAL NOTE | |
| General note | 50 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | Very small businesses (VSB) experience financing constraints unlike those encountered by larger companies; however, they are rarely studied. Their unique characteristics, including the important information asymmetry they suffer and the predominant role of their shareholder-manager, may be well suited to a pecking order theory framework as a means to analyze their capital structure decisions. Specifically, VSB financing choices appear to follow a hierarchical order, such that they prefer internal to external financing and debt to stock issuance. Using a sample of 393,662 firm-year observations from 56,605 individual French VSB, this study shows that the pecking order theory can explain most of their financing decisions. In addition, a change in debt relates asymmetrically to financing deficit. Firms with a positive deficit rely almost entirely on debt for financing, whereas firms with a negative deficit (excess of financing) behave more conservatively and are less likely to repay their debts spontaneously in advance. |
| 700 10 - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Bellettre, Ingrid |
| Relator term | author |
| 700 10 - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Cousin, Jean-Gabriel |
| Relator term | author |
| 786 0# - DATA SOURCE ENTRY | |
| Note | Finance | 32 | 1 | 2011-06-01 | p. 43-73 | 0752-6180 |
| 856 41 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://shs.cairn.info/journal-finance-2011-1-page-43?lang=en">https://shs.cairn.info/journal-finance-2011-1-page-43?lang=en</a> |
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