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Access to Finance for French Firms: Do boardroom attributes matter?

Author

Listed:
  • Ramzi Benkraiem

    (Audencia Business School)

  • Amal Hamrouni

    (CRM La Rochelle Business School & CEREGE University of Poitiers)

  • Anthony Miloudi

    (CRM La Rochelle Business School & CRIEF University of Poitiers)

  • Ali Uyar

    (CRM La Rochelle Business School)

Abstract

This article aims at studying the influence of boardroom attributes on access to leverage in the French context. The empirical findings lead to several interesting results. They reveal a negative relation between the number of female directors on the board and the total and long-term leverage ratios. Due likely to the risk aversion of women, firms with more gender-diverse boards appear to use less levels of debt. This is consistent with the pecking order theory. The results also show that the size of the board, the frequency of its meetings and the average age of its independent directors positively affect the leverage ratios. They are coherent with the disciplinary role of the board stipulated by the agency theory.

Suggested Citation

  • Ramzi Benkraiem & Amal Hamrouni & Anthony Miloudi & Ali Uyar, 2018. "Access to Finance for French Firms: Do boardroom attributes matter?," Economics Bulletin, AccessEcon, vol. 38(3), pages 1267-1278.
    • Handle: RePEc:ebl:ecbull:eb-18-00319
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    Cited by:

    1. Pornsit Jiraporn & Mondher Bouattour & Amal Hamrouni & Ali Uyar, 2019. "Does board gender diversity influence dividend policy? Evidence from France," Economics Bulletin, AccessEcon, vol. 39(4), pages 2942-2954.
    2. Khaoula Aliani & Fadhila Hamza & Noha Alessa & Hela Borgi & Khaldoon Albitar, 2024. "ESG disclosure in G7 countries: Do board cultural diversity and structure policy matter?," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(4), pages 3031-3042, July.

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    More about this item

    Keywords

    Financing policy; boardroom attributes; leverage; France.;
    All these keywords.

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance

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