Titre : |
Analysis of the zero-leverage behavior among french firms: Is it a strategic decision or an involuntary one ? |
Type de document : |
Mémoire |
Auteurs : |
Amal AIT DAOUI, Auteur |
Année de publication : |
2020 |
Importance : |
29 p. |
Note générale : |
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Langues : |
Anglais (eng) |
Mots-clés : |
Management FINANCE D'ENTREPRISE ; SECTEUR PUBLIC
|
Résumé : |
The main objective behind this study is to investigate the zero-‐leverage phenomenon among French non-‐financial public firms over the last 10 years. Several studies on this subject were conducted on the past and proved its existence at an international scale. Various motives have been put forward to explain this behavior, therefore we chose to rely on two of them. We wanted to determine each of the impact of the financial constraints and the financial flexibility variables on the financing decision of our sample which is the book leverage. Through our empirical analysis, we found strong support for our financial flexibility hypothesis due to the fact that smaller firms with high cash ratio, high growth opportunities, moderate profitability were most likely to become debt-‐free as a strategic decision. The financial constraints variables were not robust enough to validate entirely our assumption but showed that a small portion of our sample was leaning towards adopting a zero-‐leverage behavior. |
Programme : |
PGE-Rouen |
Spécialisation : |
Finance d’Entreprise - Corporate Finance |
Permalink : |
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