Search results for "Capital"
showing 10 items of 1690 documents
Nullité facultative d'une saisie-attribution diligentée en période suspecte par un créancier social sur la fraction non libérée du capital social. Fa…
2017
International audience; (Civ. 2e, 12 mai 2016, n° 15-13.833, F-P+B, Sté Yara c/ Fondation Institut du Monde Arabe, D. 2016. 1088 ; Rev. sociétés 2016. 673, note A. Lecourt ; Bull. Joly 2016. 588, note F. Danos ; Act. proc. coll. 2016, comm. 158, obs. J.-M. Moulin)
N'est pas indépendant qui veut ! : Analyse des processus de fermeture dans l'accès à l'emploi
2010
Les notes de l'IREDU, n°10/01, mai 2010; Les analyses sociologiques ou économiques considèrent les professions indépendantes généralement au travers d'approches sectorielles (la santé, le droit, l'artisanat.) ou de travaux ethnographiques à partir d'une profession précise. Cette recherche propose un cadre théorique qui analyse de façon plus globale le marché de l'emploi des professions indépendantes. Elle s'intéresse plus précisément aux systèmes de légitimation qui permettent à une activité de s'exprimer dans un cadre professionnel, tout en minimisant les possibilités d'existence de formes alternatives concurrentes susceptibles d'affaiblir leur statut et les privilèges associés. Après avoi…
Analyse des processus de fermeture dans l'accès à l'emploi
2009
Les cahiers de l'IREDU, n°70, 182 p.; Les analyses sociologiques ou économiques considèrent les professions indépendantes généralement au travers d'approches sectorielles (la santé, le droit, l'artisanat.) ou de travaux ethnographiques à partir d'une profession précise. Cette recherche propose un cadre théorique qui analyse de façon plus globale le marché de l'emploi des professions indépendantes. Elle s'intéresse plus précisément aux systèmes de légitimation qui permettent à une activité de s'exprimer dans un cadre professionnel, tout en minimisant les possibilités d'existence de formes alternatives concurrentes susceptibles d'affaiblir leur statut et les privilèges associés. Après avoir p…
Transport infrastructures, spillover effects and regional growth: evidence of the Spanish case
2005
The impact of transport infrastructures on the economic growth of both regions and sectors, distinguishing among modes of transport, is analysed. An attempt is also made to capture the spillover effects associated with transport infrastructures. Two different methodologies are used: the first adopts an accounting approach based on a regression on indices of total factor productivity; the second uses econometric estimates of the production function. Very similar elasticities are obtained with both methodologies for the private sector of the economy, both for the aggregate capital stock of transport infrastructures and for the various types of infrastructure. However, the disaggregated result…
The importance of relation-specific investments in capital structure decision: the case of the biopharmaceutical industry
2012
According to capital structure literature, bilateral relationships with external partners have a strong impact on a firm’s financing decisions because they involve relation-specific investments that would lose most of their value in case of liquidation. By adjusting their capital structure firms can reduce liquidation risks and incentive their partners to undertake such investments. In this paper we extend these arguments to strategic alliances in the context of biotechnology industry, where bilateral relationships are formed to advance the commercialization of innovation and R-S investments are a primary issue. We investigate alliances heterogeneity and analyze whether partnerships possess…
The importance of alliances in firm capital structure decisions: evidence form biotechnology firms
2017
Building on finance research, we argue that the ex post hazards arising from alliance formation depend upon the firm’s financial condition. Financial distress jeopardizes the continuity of an alliance and the value of the investments involved. Thus, firms should reduce leverage to signal continued commitment and to induce investments from alliance partners. Accordingly, we find that a firm’s current alliance propensity predicts its subsequent capital structure decisions and that this relationship is most pronounced in the presence of other exchange hazards. Our paper contributes to alliance research and to the growing literature discussing the strategic consequences of capital structure.
Capital structure decisions in the biotechnology industry: the role of R&D collaborations with pharmaceutical incumbents
2011
This study focuses on the importance of collaborative R&D attitudes of biotech firms in the capital structure determination. Specifically, we investigate the short term impact of R&D agreements on financial leverage and we analyze whether this relationship depends on alliances’ features and the type and characteristics of the partners involved. Our results suggest that agreements with established pharmaceutical incumbents are followed by a reduction in the level of debt, while collaborations with biotech firms do not play a significant role, at least in the short term. However, different explanations are plausible. Our findings could be consistent with an “extension” of the pecking order th…
La Psicologga Financiera Y La Estructura De Capital De Las Pymes (The Financial Psychology and SME's Capital Structure)
2015
Spanish Abstract: El objetivo de este trabajo es estudiar las Teorias de la Estructura de Capital para detectar aquellas variables que pueden determinar el nivel de endeudamiento elegido por una empresa. Para ello se examina la naturaleza y dificultades financieras de las pymes, y se realiza una comparativa con la piramide de Maslow para mostrar la vertiente psicologica de la estructura de capital de las companias. Estos argumentos posteriormente son contrastados con un analisis empirico de las pymes de la Comunidad Valenciana, complementado con varias entrevistas a pymes valencianas para conocer la opinion y experiencia de las personas mas cercanas a estas. Entre otras cosas, se concluye q…
TRADE-OFF THEORY VS. PECKING ORDER THEORY – EMPIRICAL EVIDENCE FROM THE BALTIC COUNTRIES
2014
Capital structure is of particular importance in estimating the company value; an accurately estimated and selected equity and debt ratio can maximize the company value and minimizes the cost of capital; therefore, this issue is especially significant in the changing conditions of economic development. The main purpose of this study is to simultaneously evaluate the pecking order and trade-off theories of capital structure and determine which one performs better for a sample of companies from the Baltic states. Analysis is conducted on a sample of 75 listed companies (Baltic Stock Exchange) over the period from 1998 to 2011. The authors test theories using panel data and regression analysis…
La formation du capital et le financement de l'amortissement chez Walras et Keynes
1985
L'explication de la formation du capital dans les systèmes de Walras distingue les entrepreneurs des capitalistes. Les premiers organisent la production, les seconds épargnent une partie de leur revenu tiré de la rémunération des services producteurs. Walras distingue essentiellement trois facteurs de production, le travail, la terre et le capital. (...)