Jean Belin

ABSTRACT This article offers a dynamic analysis of the debt ratio of a broad panel of French firms , incorporating R & D activity and using the system GMM estimation method. The results show that R & D intensity (ratio of R & D expenditures to sales) has a negative influence on the ratios of bank debt to total resources and to total debt. Profitability also has a negative impact on these ratios, even as small businesses and listed firms have a higher proportion of bank debt. Lastly, these effects prove robust to the introduction of additional explanatory variables, several of which are found to be significant. For instance, the use of bank debt increases with loan guarantees and decreases with financing by the enterprise group.

ABSTRACT [fre] Evolution des stocks et facteurs financiers. Une étude sur données d'entreprises françaises. . Ce travail met en évidence le rôle des imperfections du marché des capitaux en France au cours des années 1990. Dans ce but, nous étudions le comportement de stockage de 835 entreprises françaises suivies sur la période 1987-1995. Les estimations réalisées montrent que les petites entreprises sont plus sensibles aux conditions financières (prix, volume, accessibilité) que les grandes entreprises et que cette sensibilité s'amplifie lors de chocs conjoncturels. Les résultats obtenus confirmeraient alors la présence d'un accélérateur financier et permettraient d'interpréter les évolutions particulières du PIB, des stocks et des crédits au cours de cette période. [eng] Inventories and financial factors: an empirical study on a french panel data set. . This paper examines inventory investment of 835 french firms from 1987 to 1995. The estimates indicate that small firms are more sensitive than large firms to financial factors. Moreover, this sensitivity is amplified during shocks. Thus, results obtained would confirm the existence of a "financial accelerator" and would explain the fluctuations in output, inventories and credits over this period.

Many recent papers deal with exploring and explaining the determinants of eco-innovations for different countries supporting the formulation of efficient policy measures to trigger eco-innovation activities of firms. Unfortunately, there is still a lack of cross-country analyses allowing recognizing “international” stylized facts, but also regional characteristics of eco-innovations. Based on data from the fourth Community Innovation Survey (CIS) for France

This paper provides evidence on the determinants of firm financial structure. We suggest that innovation is a key factor in firm debt financing. Using French panel data, we propose a dynamic analysis of firm debt ratios by applying GMM system estimator. Our results show that an increase in the R&D-to-sales ratio is associated with a decrease of the use of bank debt. Moreover, bank debt ratios depend positively and significantly on their own past realizations. We also confirm the negative impact of profitability and the positive impact of collaterals on bank debt; these findings are consistent with most of the standard empirical evidence on debt ratio. Finally, we show that the negative impact of R&D on bank debt use is mainly due to internal R&D and basic research activities. Acknowledgments: We would like to thank participants to the 27 th JMA conference in Dijon and to the AFSE thematic meeting "Firms, Markets and Innovation" in Sophia Antipolis for helpful comments.

ABSTRACT This article offers a dynamic analysis of the debt ratio of a broad panel of French firms , incorporating R & D activity and using the system GMM estimation method. The results show that R & D intensity (ratio of R & D expenditures to sales) has a negative influence on the ratios of bank debt to total resources and to total debt. Profitability also has a negative impact on these ratios, even as small businesses and listed firms have a higher proportion of bank debt. Lastly, these effects prove robust to the introduction of additional explanatory variables, several of which are found to be significant. For instance, the use of bank debt increases with loan guarantees and decreases with financing by the enterprise group.

ABSTRACT Cet article montre qu’en réponse aux mutations des activités aéronautiques apparaissent au sein de la supply chain des firmes pivots de rang 1, comprises comme des architectes intégrateurs pour des composants majeurs. Selon l’approche Relational-Based, cette position de pivot devrait leur permettre d’obtenir une surperformance. L’analyse statistique, réalisée entre 2000 et 2007 à partir des entreprises sous-traitantes du secteur aéronautique localisées en Aquitaine et Midi-Pyrénées, a permis d’identifier l’impact sur les comptes des grandes caractéristiques organisationnelles des firmes pivots : il apparaît que ces dernières sont au contraire sous-performantes. L’analyse économétrique confirme que les firmes pivots connaissent une performance financière à la fois moins forte et moins persistante que les autres entreprises de notre échantillon. Afin d’expliquer ces résultats qui contredisent l’hypothèse de la formation d’une rente relationnelle dans l’industrie aéronautique, nous avons mis à jour des facteurs contingents. Captation de la rente par les architectes intégrateurs, durée du cycle d’investissement et capitalisme familial expliquent la sous-performance des firmes pivots appartenant à cette industrie.

ABSTRACT We study the financing of R&D and innovation expenditures of French defence firms at the end of a period characterised by a decline of defence purchasing. Our results provide some support for the hypothesis of a dependence of these firms on public aid. However, large groups receive most of this aid and small independent firms are more dependent on bank loans. Improving their financing may induce an increasing of their R&D and innovation expenditures. JEL: L60, L64, G32, O3

ABSTRACT The financing of innovation and R& D in French investments The purpose of this paper is to analyse all the available French data on the financing of innovation and R& D investments. Firstly, we study the financial structure of innovative projects. We show the importance of internal finance and to a lesser extent of public aid. In addition a high degree of heterogeneity seems to characterise firms in particular with regard to projects financial structure. Secondly, we analyse the financing of R& D investments. This allows us to highlight potential financial problems of R& D projects, specially for small independent firms. Finally, we compare the financial structure of firms engaged in R& D activities, innovating firms and non-innovating firms. Our results exhibit a hierarchy between these different types of firms : the financial structure of innovating firms appears to be more favourable than that of non-innovating firms while the financial structure of R& D firms is in-between. JEL classification : D8, D21, D43, E22, E44, E50

European defence firms are progressively being privatized and the recourse to private finance in the defence sector is increasing. We use data on French firms to examine at the firm level the impact of defence dependence on firms' financial structure at the end of a period characterised by a decline of defence purchasing. In terms of leverage and financial ratios, we find many significant differences between defence and non-defence firms but also between different categories of defence firms. The results provide some support for the hypothesis of a relationship between defence dependence and financial structure.