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La validité de la théorie du financement hiérarchique : le cas des entreprises françaises et libanaises

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  • Virginie Nahas

    (CRIEF [Poitiers] - Centre de recherche sur l'intégration économique et financière - UP - Université de Poitiers = University of Poitiers)

Abstract

We present the assumptions related to the pecking order theory formulated by Myers and Majluf (1984) in order to examine their validity on French and Lebanese SMEs. This article will put into perspective the principal-agent relationship as well as the imperfections related to corporate finance: corporate behavior, agency costs and asymmetric information. We will precede this study with a description of the different forms of information asymmetry in corporate finance. Then, through the credit rationing mechanism, we will present the consequences of this information asymmetry on the choice of financing methods and the devices adopted by the banks to protect themselves on the credit market. We will discuss later the signal theory used by business leaders as a tool for communicating the solvency of their projects. In terms of methodology, prior studies about this subject will be presented. We will focus our study on the contributions and limits of the researches done on the pecking order theory. Finally, a discussion will expound the orientation considered for this work, which is expected to be supplemented later, by companies' accounting and financial data, collected through field surveys. The cultural dimension and its impact on the principal-agent relationship will be an important point of the study.

Suggested Citation

  • Virginie Nahas, 2017. "La validité de la théorie du financement hiérarchique : le cas des entreprises françaises et libanaises," Post-Print hal-01718696, HAL.
    • Handle: RePEc:hal:journl:hal-01718696
    Note: View the original document on HAL open archive server: https://hal.science/hal-01718696
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    References listed on IDEAS

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    1. 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.
    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. Oriana Bandiera & Luigi Guiso & Andrea Prat & Raffaella Sadun, 2011. "What Do CEOs Do?," EIEF Working Papers Series 1101, Einaudi Institute for Economics and Finance (EIEF), revised Oct 2010.
    4. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    5. Stephen A. Ross, 1977. "The Determination of Financial Structure: The Incentive-Signalling Approach," Bell Journal of Economics, The RAND Corporation, vol. 8(1), pages 23-40, Spring.
    6. Ross, Stephen A, 1973. "The Economic Theory of Agency: The Principal's Problem," American Economic Review, American Economic Association, vol. 63(2), pages 134-139, May.
    7. Jean Tirole, 2006. "The Theory of Corporate Finance," Post-Print hal-00173191, HAL.
    8. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
    9. Myers, Stewart C., 1984. "Capital structure puzzle," Working papers 1548-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    10. Myers, Stewart C, 1984. "The Capital Structure Puzzle," Journal of Finance, American Finance Association, vol. 39(3), pages 575-592, July.
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