It is possible to study companies according to their methods of gaining access to finance, and in particular the stock market. Two approaches are possible. The first looks at the organisation of such access through the relationships built up by the company with suppliers of capital, enabling the...

Cette article se propose d'identifier des comportements économiques spécifiques et de les mettre en rapport avec les décisions d'investissement, en particulier immatériel, opérés par les entreprises. Il est tout d'abord nécessaire de définir la compétitivité et de proposer un...

Der vorliegende Beitrag fasst die Ergebnisse einer im Jahr 1997 getätigten schriftlichen Befragung deutscher Banken zu ihrer Kreditvergabe an kleine und mittelständische Unternehmen zusammen. Befragt wurden 1200 Firmenkundenbetreuer privater Großbanken, Sparkassen und Genossenschaftsbanken zu...

After publishing its first report in September 1997, the Own Funds Working Group, in agreement with the European Committee of Central Balance Sheet Offices, decided to continue its work in order to gain a better understanding of the differences in financing structures between countries. To this...

Comment offrir à aux entreprises, en particulier les petites, une évaluation individualisée de leur qualité, leur permettant, d’une part, de mieux gérer leurs projets et leur développement et, d’autre part, de signaler leur qualité aux tiers, dont les banques. Le problème...

This article studies how equity ownership and corporate control were separated in the United States. Initially, railroads and industrial firms were tightly controlled by a few shareholders; this situation was altered in the 1890s by massive mergers and reorganizations, which allowed private...

In this article, we provide an interpretation for the voluntary independence requirements contained in the Italian Corporate Governance Code (Preda Code) checking them against a proxy for international best practice, the independence criteria provided in the EC Recommendation on non-executive...

Many interest rates are as volatile as exchange rates and thus represent an equally important source of risk for corporations. While this is true not only for financial institutions, but for other corporations as well, little is known about the interest rate exposure of nonfinancial firms....

Dans un article d’octobre 2001, Jensen souligne les limites opérationnelles de la théorie de la maximisation de la valeur et de la théorie des parties prenantes (Stakeholder theory). La complémentarité entre ces théories vient de l’affirmation que le bien être collectif n’est...

We examine firm managers' incentives to commit fraud in a model where firms seek funding from investors and investors can monitor firms at a cost in order to get more precise information about firm prospects. We show that fraud incentives are highest when business conditions are good, but not...