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L’influence de la taille sur l’endettement des entreprises industrielles grecques

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  • Kapetanakis Sifakis, Catherine

    (M.I.A.G., Université 1, Grenoble)

Abstract

This article analyses results of an empirical study on the effect of size on financial structure of Greek industrial firms. It also makes systematical comparison of the obtained results with those of other studies on the same subject in Greece and abroad. It provides evidence that financial structure of large-sized Greek firms presents some stable characteristics which differenciate them from large firms in countries of superior level of development. These characteristics are the high debt ratios, considerably higher than those of firms of other sizes, in particular as regards financial institutions. The determinants of characteristics of the financial structure of large Greek firms have been saught in the simultaneous influence of two factors: the family-owned character of the majority of them and the banking structures. The former has an influence on the financial structure of firms by raising the cost of equity and by encouraging withdrawal of corporate funds and diversification towards other presumably less risky activities. The Greek banking structures, on the other hand, determine a credit policy which encourages the over-indebtedness of large-sized firms. Cet article analyse les résultats d’une étude empirique sur l’effet de la taille sur la structure financière des entreprises industrielles grecques. Il fait également une comparaison systématique des résultats obtenus avec ceux d’autres études réalisées sur le même thème en Grèce et à l’étranger. On démontre que la structure financière des entreprises industrielles grecques de grande taille présente certaines caractéristiques stables qui les différencient nettement des grandes entreprises de pays d’un niveau de développement supérieur. Ces caractéristiques sont les taux d’endettement très élevés, sensiblement plus élevés que ceux des entreprises des autres tailles, en particulier vis-à-vis des institutions de crédit. Les déterminants de ces particularités sont recherchés dans l’influence simultanée de deux facteurs : du caractère familial de la majorité d’entre elles et des structures bancaires. Le premier facteur influe au niveau de la structure financière des entreprises en augmentant le coût de financement par émission d’actions et en encourageant une politique de distribution de bénéfices. Les structures bancaires grecques déterminent des pratiques au niveau de la politique de crédit, qui encouragent le surendettement des entreprises de grande taille en diminuant le risque d’endettement.

Suggested Citation

  • Kapetanakis Sifakis, Catherine, 1987. "L’influence de la taille sur l’endettement des entreprises industrielles grecques," L'Actualité Economique, Société Canadienne de Science Economique, vol. 63(4), pages 357-372, décembre.
    • Handle: RePEc:ris:actuec:v:63:y:1987:i:4:p:357-372
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    1. Gupta, Manak C, 1969. "The Effect of Size, Growth, and Industry on the Financial Structure of Manufacturing Companies," Journal of Finance, American Finance Association, vol. 24(3), pages 517-529, June.
    2. Ferri, Michael G & Jones, Wesley H, 1979. "Determinants of Financial Structure: A New Methodological Approach," Journal of Finance, American Finance Association, vol. 34(3), pages 631-644, June.
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