Munich Personal RePEc Archive

La structure financière des entreprises familiales : une analyse fondée sur la théorie du Pecking Order

Chibani Ltaief, Faten and Henchiri, jamel E. (2016): La structure financière des entreprises familiales : une analyse fondée sur la théorie du Pecking Order. Published in: Journal of Academic Finance No. 7, fall 2016 (December 2016): pp. 84-97.

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Abstract

This paper aims to analyze whether pecking order theory has a relevant application for family businesses. For this purpose, we compared two series of family and non-family unlisted firms in the French context. Our results indicate that generally the financial behavior of family businesses differs from non-family enterprises. Family business prefer internal financing to external financing and, in the case of external financing, debt is preferred to the capital increase. The Pecking order theory is more appropriate for family businesses than for non-family businesses.

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