Capital humain du dirigeant-entrepreneur et faillite des entreprises financées par ECF

• Autores: Karima Bouaiss, Carine Girard
• Localización: Revue française de gestion, ISSN 0338-4551, ISSN-e 1777-5663, Vol. 47, Nº. 299, 2021, págs. 95-115
• Idioma: francés
• DOI: 10.3166/rfg.2021.00556
• Títulos paralelos:
  • Human capital of the entrepreneur-CEO and bankruptcy of equity crowdfunded firms
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• Resumen
  • English

    The entrepreneur-CEO is the central actor in the firm's financing trajectory. Based on signal theory, we assume that his or her human capital emits signals that may affect the probability of the firm going bankrupt. Using data on 277 entrepreneurs-CEOs financed by equity crowdfunding in France between 2010 and 2018, we show show that firms led by PhDs have a lower probability of bankruptcy while it is higher for those led by former managers.

  • français

    Le dirigeant-entrepreneur est l’acteur central dans la trajectoire de financement de l’entreprise. À partir de la théorie du signal, les auteures supposent que le capital humain de celui-ci émet des signaux pouvant affecter la probabilité de faillite de l’entreprise. Par l’étude de données portant sur 277 dirigeants-entrepreneurs financés par equity crowdfunding en France entre 2010 et 2018, elles montrent que les entreprises dirigées par des docteurs ont une probabilité de faire faillite plus faible alors qu’elle est plus élevée pour celles dirigées par d’anciens dirigeants.

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