La théorie financière moderne de l'entreprise suggère l'existence d'une hiérarchie de financement de l'investissement à cause de coûts de faillite, de coûts d'agence, ou de relations entre l'entreprise et ses créanciers. Dans cette étude, nous tentons de vérifier l'existence d'une hiérarchie de financement au niveau des investissements des petites et moyennes entreprises sénégalaises au moyen de données agrégées et individuelles sur la période 1992-1999. Les résultats de l'analyse descriptive de l'échantillon montrent que l'autofinancement n'est pas utilisé en préférence. Le recours à l'endettement est aussi important que celui de l'autofinancement dans le financement des investissements de la PME sénégalaise. Le recours à une augmentation de capital est quasi-nul. On peut noter, par ailleurs que, plus la PME est de grande taille, plus la moyenne des financements par endettement est élevée. Nous présentons également les caractéristiques des sources de financement des entreprises étudiées, qui confirment l'existence d'une structure de financement particulière des Petites et Moyennes Entreprises.
Developing countries tend to have weak institutional structures and contracting environments. More specifically, the concentration of ownership would be a response to weak investor protection (Klapper & Love, 2004; La Porta, Lopez-de-Silanes, Shleifer, & Vishny, 2000). However, in India, despite the improved degree of investors protection, share ownership remains concentrated (Altaf & Shah, 2018). This means that the concentration of share ownership is not always dictated by the level of investor protection. The objective of this paper is to determine the effect of minority investor protection on the corporate governance practices adopted by multinationals listed on the regional stock exchange. We used dynamic panel estimator to obtain significative results. The results show that when the protection of minority investors improves, the functions of Manager and chairman of the board of directors tend to be separated; the corporate governance tends towards a bicameral type of model, share ownership tends to be less concentrated, policies and remuneration standards are put in place and compensation of the Chairman and the members of the Board of Directors published in the annual reports and CSR practices and adherence to the code of ethics and norms tend to be a reality. The results of this study plead for policies consisting in improving the level of protection of the investors, especially the level of protection of the minority investors
The objective of this paper is to analyse the corporate governance practices in Senegalese microfinance institutions (MFIs), in order to judge their effectiveness. The question is whether in this microfinance setting, governance structures are well implemented and function as well as in conventional firms. In the MFI's literature and specifically in an African environment, there are not too much studies assessing the state of corporate governance practices. This paper aims to provide insights, using the Senegalese MFIs' setting. To reach this end, a survey is conducted over a sample of 99 MFIs. The exploratory factor analysis is used to measure our constructs, from a sand of items collected through a questionnaire. Once the constructs are built, a factorization is performed, and the Cronbach's Alpha (α) allows us the judge the effectiveness of the axes obtained. The results indicate that: -Board of directors (BODs) in Senegalese MFIs are characterized by a plurality of roles. These include a disciplinary, as well as an advisory role. -The composition of BODs in Senegalese MFIs and their mode of operation meet the optimality requirements. -Finally, the BODs in Senegalese MFIs display traits of competency, through two dimensions which are the general competence and the knowledge of the external environment. The practical implications of our results is that Senegalese MFIs have well-functioning BODs. Then being MFIs does not prevent adherence to the best corporate governance practices. The existence of well-functioning BODs should translate into improved financial and social performances.
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