La trésorerie des entreprises françaises : tentative d'explication par la démarche d'engagement crédible

Abstract : Why do French companies hold so much more cash than they used to two decades ago? We targeted the period 1989-1993 in order to study the emergence of the phenomenon of cash holdings. Using a logistic function to analyse both qualitative and quantitative French firm data from the Central Bank of the « Banque de France », we find that marketable securities are related to the credible commitment hypothesis shown in transaction cost theory, agency theory and the literature on business strategy.
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Régis Coeurderoy, Henri Koulayom. La trésorerie des entreprises françaises : tentative d'explication par la démarche d'engagement crédible. 2007. ⟨hal-01133764⟩

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