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La consolidation dans un secteur atomisé : un contexte propice aux financements par capitaux propres

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  • Ludivine Chalençon
  • Alain Marion

Abstract

External growth is one of the strategies for rapidly reaching a critical size. We study 108 French SMEs in the medical laboratory sector that have made external growth investments. We show that reaching a critical size thanks to external growth generates economies of scale that improve the operating margin rate. We then note that external growth requires turning to equity financing, given that, in a sector that is consolidating, payments made with shares play a significant role that is complementary to fund-raising. JEL Classification: G32.

Suggested Citation

  • Ludivine Chalençon & Alain Marion, 2023. "La consolidation dans un secteur atomisé : un contexte propice aux financements par capitaux propres," Revue d'économie financière, Association d'économie financière, vol. 0(2), pages 113-129.
    • Handle: RePEc:cai:refaef:ecofi_150_0113
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    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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