Volume 15, Issue 2, April 2016, Pages 395–405
Abdelaziz MESSAOUDI1 and Mohamed BINKKOUR2
1 Faculté des sciences juridiques, économiques et sociales Université Ibn Zohr, Agadir, Maroc
2 Faculté des sciences juridiques, économiques et sociales Université Ibn Zohr, Agadir, Maroc
Original language: French
Copyright © 2016 ISSR Journals. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Why and how do companies get indebted? This is the main issue that this work aims to investigate. In fact, through this study we look forward to humbly to the heated debate on the small and medium sized enterprises (S.M.E.) behavior of indebtedness. We have integrated the financial characteristics of SME. This research focuses on three axes of research: Financial theory, the field of S.M.E and the intersection on these too. Based on the literature, three hypothesis have been deduced: they are based first to the financial characteristics of S.M.E, second to the owner manager profile and finally to the characteristics of the external environment. To test the validity of these hypotheses, we have conducted a survey among 30 Moroccan S.M.E working in the industrial sector. The results of this survey have shown that S.M.E present small levels of indebtedness. This indebtedness is basically a short time one. The explanations have revealed the correlation of indebtedness successively with benefit, growth opportunities, and the owner-manager profile. In sum, our study is both descriptive and explanatory of the indebtedness behavior among the national S.M.E.
Author Keywords: small and medium sized enterprises, behavior of indebtedness, decision, Financial theory, management.
Abdelaziz MESSAOUDI1 and Mohamed BINKKOUR2
1 Faculté des sciences juridiques, économiques et sociales Université Ibn Zohr, Agadir, Maroc
2 Faculté des sciences juridiques, économiques et sociales Université Ibn Zohr, Agadir, Maroc
Original language: French
Copyright © 2016 ISSR Journals. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Abstract
Why and how do companies get indebted? This is the main issue that this work aims to investigate. In fact, through this study we look forward to humbly to the heated debate on the small and medium sized enterprises (S.M.E.) behavior of indebtedness. We have integrated the financial characteristics of SME. This research focuses on three axes of research: Financial theory, the field of S.M.E and the intersection on these too. Based on the literature, three hypothesis have been deduced: they are based first to the financial characteristics of S.M.E, second to the owner manager profile and finally to the characteristics of the external environment. To test the validity of these hypotheses, we have conducted a survey among 30 Moroccan S.M.E working in the industrial sector. The results of this survey have shown that S.M.E present small levels of indebtedness. This indebtedness is basically a short time one. The explanations have revealed the correlation of indebtedness successively with benefit, growth opportunities, and the owner-manager profile. In sum, our study is both descriptive and explanatory of the indebtedness behavior among the national S.M.E.
Author Keywords: small and medium sized enterprises, behavior of indebtedness, decision, Financial theory, management.
Abstract: (french)
Pourquoi et comment les entreprises s’endettent ? Telle est la question qui nous a guidés tout au long de cette recherche. En effet, ce recueil a pour objet de contribuer modestement à un débat sur le comportement d’endettement des petites et moyennes entreprises en intégrant dans notre analyse les spécificités financières de ces dernières. Ainsi, pour construire l’état de l’art approprié à cet objet, il nous a fallu emprunter trois voies d’investigation : la théorie financière, le domaine de la P.M.E, et la fécondation croisée de ces deux domaines. Sur la base de cette littérature, trois blocs d’hypothèses explicatives ont été déduits : ils sont relatifs aux caractéristiques financières des P.M.E, au profil du propriétaire-dirigeant et aux caractéristiques de l’environnement externe. Pour tester ces hypothèses, une enquête a été menée auprès de 30 P.M.E marocaines opérant dans le secteur industriel. L’analyse des résultats de l’enquête a montré que les P.M.E présentent des niveaux d’endettement assez faibles. Cet endettement a la particularité d’être essentiellement à court terme. Quant aux facteurs explicatifs, ils ont révélé la corrélation de l’endettement successivement avec la rentabilité, les opportunités de croissance et le profil du propriétaire-dirigeant. Bref notre analyse se veut avant tout descriptive puis explicative du comportement d’endettement des P.M.E nationales.
Author Keywords: PME, le comportement d’endettement, décision, théories financières, management.
How to Cite this Article
Abdelaziz MESSAOUDI and Mohamed BINKKOUR, “Comportement d'endettement des PME au Maroc : Etat des lieux et facteurs explicatifs,” International Journal of Innovation and Applied Studies, vol. 15, no. 2, pp. 395–405, April 2016.
