IDEAS home Printed from https://ideas.repec.org/a/jaf/journl/v14y2023i1n504.html
   My bibliography  Save this article

Spécificité des actifs et choix d'un mode de financement des entreprises manufacturières

Author

Listed:
  • Joseph Herman TIONA WAMBA
  • Thomas AMOUGOU OYONO
  • Frank Éric TCHANOU

Abstract

Objectif : Cet article a pour objectif d’analyser les effets de la détention des actifs spécifiques sur le choix des modes de financement des entreprises manufacturières Camerounaises.Méthode : Une étude exploratoire a permis de caractériser les actifs spécifiques des entités prospectées. La vérification des hypothèses émises a nécessité une enquête par questionnaire auprès d’entreprises industrielles. Les données collectées ont fait l’objet d’analyses de régressions linéaires multiples.Résultats : Les résultats montrent que la réputation a un impact positif et significatif sur l’augmentation du capital. En revanche, le capital humain et la recherche et développement impactent négativement le financement par endettement ; contrairement à la sous-traitance.Originalité/Pertinence : Le papier a l'originalité de traiter de la spécificité des actifs en contexte PME. Il met en exergue la réalité selon laquelle la spécificité de l'actif peut influer sur les sources de financement.

Suggested Citation

  • Joseph Herman TIONA WAMBA & Thomas AMOUGOU OYONO & Frank Éric TCHANOU, 2023. "Spécificité des actifs et choix d'un mode de financement des entreprises manufacturières," Journal of Academic Finance, RED research unit, university of Gabes, Tunisia, vol. 14(1), pages 46-63, June.
    • Handle: RePEc:jaf:journl:v:14:y:2023:i:1:n:504
    as

    Download full text from publisher

    File URL: http://34.195.102.181/journal/index.php/index/article/view/620
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Bertrand Quélin & Régis Coeurderoy, 1994. "L'économie des coûts de transaction, un bilan des études empiriques," Working Papers hal-00607664, HAL.
    2. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
    3. Alchian, Armen A & Demsetz, Harold, 1972. "Production , Information Costs, and Economic Organization," American Economic Review, American Economic Association, vol. 62(5), pages 777-795, December.
    4. Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc.
    5. de Miguel, Alberto & Pindado, Julio, 2001. "Determinants of capital structure: new evidence from Spanish panel data," Journal of Corporate Finance, Elsevier, vol. 7(1), pages 77-99, March.
    6. faten CHIBANI LTAIEF & jamel Eddine HENCHIRI, 2016. "structure financière des entreprises familiales : une analyse fondée sur la théorie du Pecking Order," Journal of Academic Finance, RED research unit, university of Gabes, Tunisia, vol. 7(2), pages 84-97, November.
    7. faten CHIBANI LTAIEF & jamel Eddine HENCHIRI, 2016. "La structure financière des entreprises familiales : une analyse fondée sur la théorie du Pecking Order," Journal of Academic Finance, RED research unit, university of Gabes, Tunisia, vol. 7(2), pages 84-97, November.
    8. Williamson, Oliver E, 1981. "The Modern Corporation: Origins, Evolution, Attributes," Journal of Economic Literature, American Economic Association, vol. 19(4), pages 1537-1568, December.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Eugene Nivorozhkin, 2004. "The Dynamics of Capital Structure in Transition Economies," Economic Change and Restructuring, Springer, vol. 37(1), pages 25-45, March.
    2. Romain FOGO PAWO, 2020. "les déterminants objectifs de l’endettement en contexte de rationnement du crédit," Journal of Academic Finance, RED research unit, university of Gabes, Tunisia, vol. 11(2), pages 280-292, December.
    3. ABDEL AZIZ ADAMA & Jules Roger FEUDJO, 2019. "effet famille : une explication du differentiel d’endettements des entreprises familiales et non familiales," Journal of Academic Finance, RED research unit, university of Gabes, Tunisia, vol. 10(1), pages 2-20, June.
    4. Romain FOGO PAWO, 2020. "déterminants objectifs de l’endettement en contexte de rationnement du crédit," Journal of Academic Finance, RED research unit, university of Gabes, Tunisia, vol. 11(2), pages 280-292, December.
    5. ABDEL AZIZ ADAMA & Jules Roger FEUDJO, 2019. "L' effet famille : une explication du differentiel d’endettements des entreprises familiales et non familiales," Journal of Academic Finance, RED research unit, university of Gabes, Tunisia, vol. 10(1), pages 2-20, June.
    6. Drobetz, Wolfgang & Pensa, Pascal & Wöhle, Claudia B., 2004. "Kapitalstrukturtheorie in Theorie und Praxis: Ergebnisse einer Fragebogenuntersuchung," Working papers 2004/09, Faculty of Business and Economics - University of Basel.
    7. Greene, William H. & Hornstein, Abigail S. & White, Lawrence J., 2009. "Multinationals do it better: Evidence on the efficiency of corporations' capital budgeting," Journal of Empirical Finance, Elsevier, vol. 16(5), pages 703-720, December.
    8. Imran Yousaf & Arshad Hassan, 2016. "Effect of Family Control on Corporate Financing Decisions: A Case of Pakistan," PIDE-Working Papers 2016:138, Pakistan Institute of Development Economics.
    9. Sjur Westgaard & Amund Eidet & Stein Frydenberg & Thor Christian Grosås, 2008. "Investigating the Capital Structure of UK Real Estate Companies," Journal of Property Research, Taylor & Francis Journals, vol. 25(1), pages 61-87, August.
    10. Kiplan Womack, 2012. "Real Estate Mergers: Corporate Control & Shareholder Wealth," The Journal of Real Estate Finance and Economics, Springer, vol. 44(4), pages 446-471, May.
    11. ElBannan, Mona A., 2017. "Stock market liquidity, family ownership, and capital structure choices in an emerging country," Emerging Markets Review, Elsevier, vol. 33(C), pages 201-231.
    12. Ameer, Rashid, 2014. "Financial constraints and corporate investment in Asian countries," Journal of Asian Economics, Elsevier, vol. 33(C), pages 44-55.
    13. Gabriela Brendea & Fanuta Pop & Loredana Mihalca, 2022. "Capital Structure and Firm Performance: The Case of Central and Eastern European Economies," Journal of Economics / Ekonomicky casopis, Institute of Economic Research, Slovak Academy of Sciences, vol. 70(5), pages 430-449, May.
    14. Francisco Sogorb- Mira, 2002. "How Sme Uniqueness Affects Capital Structure: Evidence From A 1994-1998 Spanish Data Panel," Working Papers. Serie EC 2002-18, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    15. Krivogorsky, Victoria & Joh, Gun-Ho & DeBoskey, D.G., 2018. "The influence of supply side factors on firm's borrowing decisions: European evidence," Global Finance Journal, Elsevier, vol. 35(C), pages 202-222.
    16. Miguel Acedo-Ramírez & Juan Ayala-Calvo & José Rodríguez-Osés, 2013. "Capital structure of small companies in the Spanish footwear sector: relevant factors," SERIEs: Journal of the Spanish Economic Association, Springer;Spanish Economic Association, vol. 4(2), pages 155-173, June.
    17. Eloisa Perez-de Toledo & Evandro Bocatto, 2013. "Quality of Governance and the Market Value of Cash: Evidence from Spain," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 7(2), pages 91-104.
    18. Julio Pindado & Luis Rodrigues & Chabela Torre, 2006. "How does Financial Distress Affect Small Firms’ Financial Structure?," Small Business Economics, Springer, vol. 26(4), pages 377-391, May.
    19. Clemente-Almendros, José A. & Sogorb-Mira, Francisco, 2018. "Costs of debt, tax benefits and a new measure of non-debt tax shields: examining debt conservatism in Spanish listed firms," Revista de Contabilidad - Spanish Accounting Review, Elsevier, vol. 21(2), pages 162-175.
    20. Rodríguez-García, Rafael & Budría, Santiago, 2019. "The impact of supply-side factors on corporate leverage," International Review of Financial Analysis, Elsevier, vol. 64(C), pages 262-272.

    More about this item

    Keywords

    Spécificité des actifs; Augmentation du capital; Dette financière; Réputation; Entreprises manufacturières; Specificity of assets; Private equity; Financial debt; Reputation; Manufacturing Companies;
    All these keywords.

    JEL classification:

    • M1 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration
    • N8 - Economic History - - Micro-Business History
    • G3 - Financial Economics - - Corporate Finance and Governance

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:jaf:journl:v:14:y:2023:i:1:n:504. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Oussama Quentin Kasseh (email available below). General contact details of provider: https://edirc.repec.org/data/urredtn.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.