Determinants of the French local community borrowing : an empirical study over the period 1985-1995
The aim of the article is to show that financial intermediation theory can bring about a new explanation to the local community borrowing, especially the choice between bank loans and directly placed debts. The aims of the model presented here are :
- to explain the advantages which local communities can expect from a long term relationship with a bank ;
- to know when and according to which criteria local communities should diversify their sources of borrowing - by choosing to borrow directly - in order to curb the power of banks.
The empirical research shows that, due to high flotation costs, only large borrowers can obtain finance directly. Moreover, local communities choose their source of borrowing by comparing the expected benefit of an eventual renegociation and the very high cost of borrowing from a bank. Subsequently, the choice depends on the quality of the local communities themselves.
Abstract:Aerospace product development and manufacturing are key components of the air transport system. At national levels in developed countries, the aerospace industry is considered as a highly strategic sector. A solid national aerospace industry is therefore a symbol of strength. Countries are pragmatic: the positive impact of a well-developed transportation network on economic growth is indubitable and civil aircraft production is a key element of this network. Countries may also assert their sovereignty by being recognized players in the defence segment of aerospace. This paper will look at the cases of France and Quebec where local governments have invested significant public funding in poles of competitiveness (in the case of France) and clusters (in the case of Quebec). While our examination of the France and Quebec aerospace scenes reveals a surprisingly large number of groupings, it does not indicate that all their members, large and small, equally benefit from participating in them. In this thick institutional environment, aerospace clusters and poles of competitiveness may compete against each other and become self-serving rather than representing and promoting their members.
Differentiated stock options policy : analysis of the interests conflicts and their ways of resolution : case of Alcatel
We propose in this paper to show, thanks to the conceptual framework of governance enterprise, that a differenciated stock options policy can involve in an enterprise internal conflicts between the different actors (social mandatories, wage earners, shareholders...) that can have a negative impact on creating value. The analysis of these potential internal conflicts set by the actors are the subject of an empirical research based on the case of Alcatel.
JEL classifications : G34, M52
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.