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首页> 外文期刊>Asia Pacific Journal of Innovation and Entrepreneurship >Investigation of the association between entrepreneurship life cycle, ownership structure and market timing theory
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Investigation of the association between entrepreneurship life cycle, ownership structure and market timing theory

机译：企业家生命周期，所有权结构与市场时机理论之间的关联研究

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Purpose The purpose of this study is to explore at what stage of a company’s life cycle the theory of market timing has explained debt. Drawing on a unified conceptual framework of market timing theory, the authors scrutinize the impact of life cycle and ownership structure on the market condition. Design/methodology/approach Based on a sample of 24 Tunisian companies listed on the stock exchange and 100 French firms listed on the CAC All-Tradable on a 10-year period, this paper grounded the market timing theory and attempted to clear the relation between ownership structure, life cycle of the firm and market timing theory by statistical analysis. Findings The findings of panel data modeling indicate that when the life cycle was used as an explanatory variable, it was found that the variable reflecting the market timing is not significant in either context; it means that no significant support is found in the theory of market timing in both countries. Whereas when the life cycle was used as a dummy variable, it was found that the life cycle has an impact on debt only in the Tunisian context. Practical implications This study has several important implications for researchers and practitioners. The findings reported here clarify the strength of the impact of life cycle on the market timing, when it explains the debt in the two contexts and the impact of ownership structure such as the managerial ownership and concentration of capital on debt. Originality/value This study contributes to examine the theory of debt in different phases of life cycle. Focused on the case of Tunisian and French firms, this study is unique and valuable.
机译：目的这项研究的目的是探索市场时机理论在公司生命周期的哪个阶段解释了债务。作者基于市场时机理论的统一概念框架，研究了生命周期和所有权结构对市场状况的影响。设计/方法/方法在十年的时间里，以24家在证券交易所上市的突尼斯公司和100家在CAC All-Tradable上市的法国公司为样本，本文建立了市场时机理论，并试图阐明两者之间的关系。所有权结构，企业生命周期和市场时机理论的统计分析。调查结果面板数据建模的调查结果表明，将生命周期用作解释变量时，发现反映市场时机的变量在这两种情况下都不重要。这意味着在这两个国家的市场时机理论中都找不到重要的支持。而将生命周期用作虚拟变量时，发现生命周期仅在突尼斯语境中对债务有影响。实际意义本研究对研究人员和从业人员有几个重要意义。此处报告的调查结果阐明了生命周期对市场时机的影响的强度，当它解释了两种情况下的债务以及所有权结构（如管理所有权和资本集中度对债务）的影响时。原创性/价值这项研究有助于考察生命周期不同阶段的债务理论。重点研究突尼斯和法国公司的案例，这项研究是独特而有价值的。

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