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

faten CHIBANI LTAIEF, jamel Eddine HENCHIRI

Résumé


Cet article a pour objectif d'analyser dans quelle mesure la théorie du financement hiérarchique (Pecking order theory) est d'une application pertinente pour les entreprises familiales. Pour cela, nous avons comparé deux séries d'entreprises familiales et d'entreprises non familiales non cotées dans le contexte français. Nos résultats indiquent que le comportement financier des entreprises familiales diffère en général de celui des entreprises non familiales. Les entreprises familiales privilégient le financement interne au détriment du financement externe et, en cas de recours à un financement externe, l’endettement est préféré à l’augmentation de capital. La théorie du Pecking order se justifie plutôt pour les entreprises familiales que pour les entreprises non familiales.


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