|
on Corporate Finance |
| By: | A. Lazos (Audencia Business School); R. Shneor |
| Abstract: | While immigrant entrepreneurs contribute to economies by creating employment opportunities and innovative ventures, they often represent a marginalised group facing greater challenges in access to entrepreneurial finance. Crowdfunding may help remedy some of this challenge through more democratic access to finance and investment opportunities. This study examines the effects of the presence of immigrants in entrepreneurial teams on equity crowdfunding campaigns' success and on the ventures' survival. To answer these questions, we build on risk-attitude, cognitive resource diversity, and social capital theories. Our analysis uses data about UK-based firms behind 1, 171 equity crowdfunding offerings on three platforms (Crowdcube, Seeders and SynicateRoom). The results suggest a relation following an inverted U-shape between the share of immigrants in entrepreneurial teams and both the amount raised and number of investors. Furthermore, the campaign's goal sum mediates these associations. Interestingly, the higher the share of immigrants among entrepreneurial team members, the lower the likelihood of an equity crowdfunded venture's long-term survival. However, such effects may be overturned when fundraising by majority immigrant teams involve relatively high sums, while avoiding undercapitalisation |
| Keywords: | immigrant, equity crowdfunding, success, entrepreneurial teams |
| Date: | 2026–03 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05563834 |
| By: | Hattori, Keisuke |
| Abstract: | This paper shows that entry can raise each individual firm's profit---not merely industry profits---when Cournot oligopolists finance working capital through a contestable banking sector. Under average-cost pricing of loans, entry dilutes fixed banking costs across greater lending volume, lowering loan rates. Entry raises per-firm profits if and only if equilibrium output lies in an intermediate range where financing relief dominates intensified competition. Bank-side and firm-side frictions play opposing roles: firm-side frictions facilitate profit-increasing entry by amplifying cost relief as firms shrink, while bank-side frictions suppress it by raising funding costs as aggregate lending expands. |
| Keywords: | Profit-increasing entry, Cournot oligopoly, Contestable banking, Financial frictions |
| JEL: | D43 G21 G32 L13 |
| Date: | 2026–01–31 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:127926 |
| By: | Hege, Ulrich; Baranes, Edmond; Kim, Jin-Hyuk |
| Abstract: | We present a stylized model of three entrepreneurial financing methods based on two tradeoffs. First, token financing and crowdfunding reveal consumer-investors’ demand for the product prior to investment, but upfront purchase weakens the entrepreneur’s incentive to deliver. Second, token financing permits a bubble component in token value, but reduces consumer surplus because tokens are stored rather than consumed. We characterize the conditions under which entrepreneurs prefer each financing method. We show that token financing can fund socially efficient projects that cannot be funded through equity or crowdfunding, but leads to suboptimal consumption. Finally, we propose an implementable hurdle condition for regulators. |
| Keywords: | crowdfunding, entrepreneurial financing, initial coin offering, token regulation, ; utility token |
| JEL: | G32 G38 L26 |
| Date: | 2026–03 |
| URL: | https://d.repec.org/n?u=RePEc:tse:wpaper:131654 |
| By: | Koloma, Yaya |
| Abstract: | This study explores whether gender disparities exist in credit access among business owners in Côte d’Ivoire, utilizing data from the 2016 World Bank Enterprise Surveys. Through descriptive analysis and the Fairlie decomposition model, the research uncovers significant findings. Female-owned firms demonstrate higher proactivity in applying for credit, with 36.0% seeking loans compared to 23.5% of male-owned firms. Additionally, 32.6% of female-owned firms secure credit versus 21.7% of male-owned counterparts, resulting in a gender gap of 10.9%. The Fairlie decomposition attributes 51.4% of this gap to observable differences in endowments, while 48.6% is linked to unobservable factors. Contrary to traditional narratives, the results suggest that female entrepreneurs in Côte d’Ivoire are more engaged in the credit market and more successful in obtaining loans, potentially due to better preparation, supportive networks, and perceived lower risk by lenders. The study highlights the critical roles of both observable factors, such as business size and sector, and unobservable elements, including lender perceptions and gender-specific strategies. The findings call for nuanced policy interventions to support female entrepreneurship, including tailored financial products, enhanced business networks, and strategies to mitigate implicit biases in financial institutions while promoting gender equity in Côte d’Ivoire. |
| Keywords: | Gender, Business Ownership, Access to Finance, Côte d’Ivoire |
| JEL: | G21 G32 J16 L21 L26 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:esprep:339394 |
| By: | Lucille Collet; Jean-Baptiste Gossé; Frédéric Guével; Camille Jehle |
| Abstract: | Europe’s venture capital market is growing but remains much smaller than in the United States, holding back innovation. The gap is partly due to a lack of appetite among private European investors. A more integrated ecosystem, pan-European funds and measures to facilitate institutional investors’ access to venture capital are all key to boosting start-up financing. <p> Le capital-risque progresse en Europe mais reste très en deçà du modèle américain, ce qui constitue un frein à l’innovation. Ce retard tient à une faible mobilisation des investisseurs privés européens. Un écosystème plus intégré, des fonds paneuropéens et des mesures facilitant l’accès des investisseurs institutionnels au capital-risque sont clés pour renforcer le financement des start-up. |
| Date: | 2026–02–18 |
| URL: | https://d.repec.org/n?u=RePEc:bfr:econot:435 |
| By: | Afif Zineb (LEG - Laboratoire d'économie et de gestion (LEG), Faculté pluridisciplinaire de Khouribga (FPK), Université Sultan Moulay Slimane (USMS), Maroc); Mohamed Azeroual (LEG - Laboratoire d'économie et de gestion (LEG), Faculté pluridisciplinaire de Khouribga (FPK), Université Sultan Moulay Slimane (USMS), Maroc) |
| Abstract: | Small and medium-sized enterprises (SMEs) are a key driver of economic development through their contribution to job creation, innovation, and competitiveness. However, they face significant constraints related to access to finance. This study examines thefinancing methods used by SMEs in the Béni Mellal-Khénifra region through an exploratory quantitative approach. Data were collected via a questionnaire administered to 31 manufacturing firms. The findings reveal a strong reliance on self-financing and persistent difficulties in accessing bank credit, due to complex procedures, restrictive financial conditions, and stringent collateral requirements. Public financing schemes also appear to be underutilized, mainly because of limited information and unsuitable eligibility criteria. These results highlight the need to adapt financial instruments to the specific characteristics of SMEs in order to enhance their inclusion and strengthen their contribution to regional economic development. |
| Abstract: | Les petites et moyennes entreprises (PME) représentent un pilier fondamental du développement économique, notamment par leur rôle dans la création d'emplois, le renforcement de l'innovation et l'amélioration de la compétitivité. Néanmoins, elles demeurent confrontées à d'importantes contraintes en matière d'accès au financement. Cette étude a pour objectif d'analyser les mécanismes de financement mobilisés par les PME de la région Béni Mellal-Khénifra, en adoptant une approche quantitative exploratoire. Lesdonnées ont été recueillies au moyen d'un questionnaire administré auprès de 31 entreprises manufacturières. Les résultats mettent en évidence une forte dépendance à l'autofinancement ainsi que des obstacles majeurs à l'accès au crédit bancaire, liés à lacomplexité des procédures, à la rigidité des conditions financières et aux exigences élevées en matière de garanties. En outre, les dispositifs publics de financement apparaissent peu exploités, en raison d'un déficit d'information et de critères d'éligibilité jugés inadaptés. Ces constats soulignent la nécessité d'adapter les instruments financiers aux spécificités des PME afin de renforcer leur inclusion et leur contribution au développement économique régional. |
| Keywords: | PME, modes de financement, obstacles de financement, Béni Mellal-Khénifra SMEs, PME modes de financement obstacles de financement Béni Mellal-Khénifra |
| Date: | 2026–09–12 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05504312 |
| By: | Rahma Mzouri (Faculté des Sciences Juridiques, Economiques et Sociales - UM5 - Université Mohammed V de Rabat [Agdal]); Abdelkrim Kandrouch (Faculté des Sciences Juridiques, Economiques et Sociales - UM5 - Université Mohammed V de Rabat [Agdal]) |
| Abstract: | Corporate failure constitutes a major economic, legal, and social issue, particularly in emerging economies such as Morocco. This article provides a critical synthesis of the theoretical and empirical approaches to understanding and predicting corporate bankruptcy, through an examination of financial, structural, and institutional determinants. Drawing on the international literature and the specific characteristics of the Moroccan context, it addresses the multidimensional nature of financial distress, the costs associated with corporate failure, resolution mechanisms, and the principal predictive models. A critical discussion of these paradigms is conducted by assessing their statistical assumptions, respective predictive performance, and theoretical as well as practical limitations. The article adopts a comparative perspective to shed light on epistemological controversies related to the selection of indicators and the determination of the optimal cut-off threshold. It is argued that the evolution of the field does not stem from a mere technological substitution, but rather from a cumulative trajectory of increasing endogenization, in which technical approaches must be articulated with economic and legal interpretative frameworks. Finally, this synthesis opens a discussion on prospects for multi-model integration, algorithmic transparency, and interpretative sovereignty in the context of the accelerating digitalization of finance. Keywords: Corporate failure, financial distress, Morocco, capital structure, predictive models, liquidation, governance, forecasting. JEL Classification: C53, G32 Type of paper: Theoretical research. |
| Abstract: | La défaillance d'entreprise représente un enjeu économique, juridique et social majeur, notamment dans les économies émergentes comme le Maroc. Cet article propose une synthèse critique des approches de compréhension et de prévision de la faillite d'entreprise à travers une analyse des déterminants financiers, structurels et institutionnels. En s'appuyant sur la littérature internationale et sur les spécificités du contexte marocain, il aborde la nature multidimensionnelle de la difficulté financière, les coûts associés à la défaillance, les mécanismes de résolution, ainsi que les principaux modèles prédictifs. Nous procédons à une discussion critique de ces paradigmes, en examinant leurs hypothèses statistiques, leur pouvoir prédictif respectif, ainsi que leurs limites théoriques et pratiques. L'article adopte une perspective comparative afin de mettre en lumière les controverses épistémologiques sur le choix des indicateurs et la mesure du cut-off optimal. Il est suggéré que l'évolution du champ ne procède pas d'une simple substitution technologique, mais bien d'une trajectoire cumulative d'endogénéisation croissante, dans laquelle les approches techniques doivent être articulées aux régimes d'interprétation économique et juridique. Cette synthèse ouvre enfin sur une discussion des perspectives d'intégration multi-modèle, de transparence algorithmique et de souveraineté interprétative dans le cadre de la digitalisation croissante de la finance. |
| Keywords: | financial distress, predictive models, capital structure, Morocco, governance, gouvernance, liquidation, modèles prédictifs, structure financière, Maroc, détresse financière, Défaillance d'entreprise, Défaillance d'entreprise détresse financière Maroc structure financière modèles prédictifs liquidation gouvernance prévision. |
| Date: | 2026–02–23 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05527901 |
| By: | Abderraouf Ben Ahmed Mtiraoui (MOFID-Université de Sousse); Ben Ayed (USO - جامعة سوسة = Université de Sousse = University of Sousse) |
| Abstract: | In recent years, corporate governance has attracted increasing attention, especially in the banking sector, due to its crucial role in improving financial performance, stock market value, and information transparency. This study aims to conceptualize the importance of corporate governance in relation to the financial performance and stock market value of banking institutions in the Gulf region. By analyzing the financial statements of these institutions for the period 2010-2020, the study employed econometric models to assess the relationships between corporate governance, financial performance, and stock market value. The results show a significant positive correlation between the quality of governance and financial performance, which indirectly influences the stock market value of firms. The analysis used linear regression tests and statistical significance tests to establish the coefficients and measure the robustness of the observed relationships. The findings suggest that improving corporate governance could be a key lever to improve bank performance, with implications for banking regulation. Key recommendations include strengthening bank governance regulations, suspending companies that fail to comply with governance standards and providing ongoing training for employees on governance practices and securities regulations |
| Keywords: | Banking Governance, Financial Performance, Company Performance, Market Value of Shares, Corporate Governance |
| Date: | 2026–03–09 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05544442 |
| By: | Brunella Bruno (Bocconi University); Imma Marino (University of Naples Federico II and CSEF) |
| Abstract: | We examine how banks adjust credit allocation when hidden credit risk is revealed. Using supervisory risk disclosure data from the European Central Bank’s 2014 Asset Quality Review, we find that banks experiencing larger increases in non-performing loans and provisions significantly reduce risk-weighted exposures while keeping total credit volumes largely unchanged. This suggests that de-risking primarily occurs through portfolio reallocation-particularly within portfolios-rather than through credit contraction. We document heterogeneous responses depending on the rating approach used to measure credit risk and we show that capital constraints amplify, but are not the sole driversof, de-risking. Finally, we provide evidence that supervisory risk disclosure plays a key role in shaping banks’ risk-taking behavior, even in the absence of observable adjustments in their financial statements. |
| Keywords: | Transparency, Bank Supervision, Credit risk, Non-performing loans |
| JEL: | G21 G28 M48 |
| Date: | 2026–03–17 |
| URL: | https://d.repec.org/n?u=RePEc:sef:csefwp:773 |