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Communication dans un congrès

Leverage financing and the risk taking behavior of small business managers: what happened after the crisis?

Abstract : The relationship between leverage and the risk-taking behavior has been largely investigated. However, little attention has been attributed to the link between these two variables for small and medium-sized enterprises (SMEs), especially during and after the global crisis in continental Europe. Consequently, this paper tries to fill this gap by examining the impact of leverage on the risk-taking behavior of small business managers in France. Using a sample of 1403 French listed SME-observations over the period 2008 to 2016, the empirical findings show that corporate leverage is positively and significantly related to the risk-taking behavior of corporate managers. This relationship is more striking and robust after than during the global crisis, especially for low growth firms. Thus, credit institutions seem to favor a high restriction a debt during the crisis and to limit their monitoring scope after the crisis particularly for firms with low conflict of interests in order to limit the related costs.
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Communication dans un congrès
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https://hal.univ-angers.fr/hal-02538932
Contributeur : Okina Université d'Angers <>
Soumis le : jeudi 9 avril 2020 - 16:51:32
Dernière modification le : lundi 6 juillet 2020 - 15:39:33

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  • HAL Id : hal-02538932, version 1
  • OKINA : ua18819

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Nour Khairallah, Ramzi Ben Kraien, Catherine Deffains-Crapsky. Leverage financing and the risk taking behavior of small business managers: what happened after the crisis?. 3rd Panorisk Conference : Risks, Markets and the Real Economy, 2018, Nantes, France. ⟨hal-02538932⟩

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