Indebtedness for young companies: effects on survival

Djoutsa Wamba, Léopold (FSEG , University of Dschang , Cameroon) ; Hikkerova, Lubica (IPAG Business School, Paris , France) ; Sahut, Jean-Michel (School of Management Fribourg, HES-SO // University of Applied Sciences Western Switzerland) ; Braune, Eric (INSEEC, Lyon, France)

Based on data from 7 , 350 Cameroonian companies created between 19 90 and 2008, we study the link between the characteristics of indebtedness for young companies during their creation and survival period of up to three years, from three to five years , and beyond five years. We complement our quantitative analysis with semi - dire ctive interviews of Cameroonian entrepreneurs to deepen our study. Our results are manifold . We show that access to bank loan s during the creation phase , as well as the volume of loan s or, to some exten t , the debt ratio improve the probability of survival during the early years , but this effect fades away rapidly . The i nterviews shed light on the motivations of entrepreneurs , particularly o f those with very small businesses. Finally , our work reveal s the antecedent role of their social capital t hat facilitates their access to bank loan s , and , therefore , the probability of company survival.


Mots-clés:
Type d'article:
scientifique
Faculté:
Economie et Services
Ecole:
HEG FR Haute école de gestion de Fribourg
Classification:
Economie/gestion
Date:
2017
Pagination:
35 p.
Titre du document hôte:
Entrepreneurship & regional development
Numérotation (vol. no.):
2017, vol. 29, no 1-2, pp. 174-196
DOI:
ISSN:
0898-5626
Date d'embargo:
2018-07-01
Le document apparaît dans:

Note: The file is under embargo until: 2018-07-01


 Notice créée le 2017-09-11, modifiée le 2018-02-15

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