The improvement in the situation of SMEs in Europe was patchy in 2010. The disparities were greater than before the crisis and German SMEs consolidated their position. French SMEs remain in an intermediate position.

La situation des PME en Europe s’améliore de façon inégale en 2010. Les disparités sont plus fortes qu’avant la crise et les PME allemandes consolident leur position. Les PME françaises demeurent dans une situation intermédiaire.

In the context of the economic slowdown, payment incidents and company failures increased. Bank liabilities continued to rise, but less sharply than in 2007.

The pick-up in business in 2010 enabled SMEs to improve their profits and to build their equity, even if there were substantial disparities across companies. Increasing cash holdings and low investment are characteristic of cautious behaviour.

In 2012, disparities were observed among the financial positions of French firms. Activity slowed down, profits fell and the rise in equity was smaller than in 2011. Nevertheless, firms’ financial structures improved and their cash position reached a 15-year high.

Payemnt periods shortened in 2009. The decline is no longer due entirely to SMEs; it now concerns MTEs a well as large companies. It generates cash earnings, chiefly for SMEs.

In this short research note we investigate the role of diversification in the firm growth process. We build on Penrose’s (1959) Theory of the Growth of the Firm to formulate hypotheses about growth of employment, assets, and sales in the years before, during and after a new product...