Le financement des entreprises industrielles par leurs actionnaires : étude empirique d’un corpus de sociétés lyonnaises (1921-1953)

Abstract : What do shareholders contribute to the financing of an enterprise? What is the ratio between the dividends distributed and the subscriptions of shares in cash? What do public offerings and quotations on the stock exchange change? A systematic study of the subscriptions of joint stock companies operating 150 industrial firms having their registered offices in the district of Lyon during the period 1921 and 1953 provides new answers to these questions. The results are strongly dependent from the economic trend: public offerings are only possible in booming phases and are then, like in the 1920s, able to contribute to the spectacular growing of some enterprises. The ensuing flotation on the stock exchange is mostly dedicated more to increasing the liquidity of the capital for the new shareholders than it is to bringing in new capital.
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https://halshs.archives-ouvertes.fr/halshs-01801990
Contributor : Hervé Joly <>
Submitted on : Monday, May 28, 2018 - 8:55:00 PM
Last modification on : Wednesday, October 31, 2018 - 12:24:19 PM

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Hervé Joly. Le financement des entreprises industrielles par leurs actionnaires : étude empirique d’un corpus de sociétés lyonnaises (1921-1953). Revue d'économie industrielle , Éd. techniques et économiques ; De Boeck Université, 2017, pp.85-106. ⟨10.4000/rei.6656⟩. ⟨halshs-01801990⟩

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