title: Essais sur l'incidence de l'environnement institutionnel sur les décisions financières des firmes
text: )'7 =+ $ N S NF (. () $ N S NF ( OP E'.1F! ) )@ ($$( ( E +BF A 5 ) E # ( (# # ( E 1F! ( ( - ( ) )) ( E6 ) F! ) eB ( ( - ( ( ( = $e0 N! OL A!! # = $! Fj! # ) Fj - * 0TE # # # ( = $ ( F - ( # $ 4 < EKQQNF! N! # N. # (! (.. ( * ( N ( K!MN! # -!! ( ( ($ 0T# #. ON OP )@ ( )! # ) ' (#! # ( U # )@! OL ( ( ( ( ENTTMF #( = Q ( ( ( N KKR 04'6;?N[ N M N K?)) ( ) A E N R4 )) $ NF ( ( ) EA+ 3 ^ ( ( '6<F ) 3 )@! ) # (#( V ENTTPF! ( ) $) ) # E 1F ( # )) $ # ( ( # ))( (! # ( ( ( (( #( ( D (! ) # (! # ) # ) A 5! E6 VV ( ) ) F 6! ( ( E'.F ( )! ) # (# U '%?#?! # # )@ E +BF! (! *$ N R4 N KN4F $ ( )) ( E #! #! E ( ( ( ( ( #) # F ) EĮPF # E )@ (! N R4) ($ ( ) F * ( ( ( ( ( )) ( # E )! # ) ( (. ) ( ( A+ (. V ( 3. ). 3K!RNVK!KNbT!OF )@ S! S W EĮ Į')b T! TMR^T! TKRhT! OF # 5 (. ) ( (EA+(. V. F ( # ( K!SW KKQ 04'6;?N[ '! ( )( # 5 F3! (! ( ) ( (# E ( '6< A+ '6< 5 $) ( $ ( ) EbT!NNF )@ - ( )) ( #. ) V # V )) ( ( # ( ( ( ( %! * ) ( )! #! # # # ) # ; NP[ NP[6 ( =. + ) = $ $) ( ( 3h $) )KTWhh $) )SWhhh $) ) K W # ( ($ ( # E$F A.. ) U )) )) ( ( ( E) NR4 ( ( F - 2 1 6 = eB eB +B +BhA+ +BhA+ /SDEON /SDEO ') /LQWHUILU /LQWHUILU ') )@ 16 16 16 16 16 # ( 16 2 )@ hA( + /UDWLRGHVGHWWHVIRXUQLVVHXUV /UDW LRGHVGHWWHVIRXUQLVVHXUV 'pYHORSSHPHQW)LQ /UDW LRGHVGHWWHVFRPPHUFLD OHVQHWWHV /UDW LRGHVGHWWHVFRPPHUFLD OHVQHWWHV 'pYHORSSHPHQW)LQ # ( (# # ( 1 2 ( 361 61 16 1 hA+ # ( (# hA( + NMNN?))! N Q4 ( )) ) +Bh4;6+!! ( ( #. ) ) J)) ($ ) $) ) +Bh6YF # # E4;6+F ( ( ) E ( ( '6<36YF ( )@ (. ) * ( E ( A $7VB %1 EKQQRF # KNT 04'6;?N[ ($ # (. ! # # ( (! ( ) OS $) ( +Bh<! E<F )) ( # )@ ) (! G EKQQRF ) ) ( ( ( (# #. ('# # ( ( ) ( $$ # ( U ( ( ) % # (?)! # ) (( ( ( # ( '! +Bh40E40 $ ( 3 ( )) ($ ) # # ( ( F ( ) #. ( % #!# $) # KT W OM ( 4!! # )) $! ))( ( ) ( # ( $(( # (!!# * ( ENTTNF! (! ( ( ( ( ( ) $. ) ; # <! ENTTQF ( # (. )!? ))! # # ) ) ) ) )? # ( #.! ( ) +B )) # E ( ) $(( ( ) 320AF $) ". ( ( (! D # ( ) ) OS - # ( ( (! VV #. ( ( '6< OM '! ) # # ( V..! ( )@( T!TPL T!TLK KNK 04'6;?N[?! E-<BF )7 $)! # (( (#() ( # $g $ )) ($ E +Bh-<BF $$ #. ( $ ( )! ) ( - (!! ENTTRF # # ) ( ) # ) # )! ( # ) 6 5! )! # ))! ( ; NLV NLV6 ( #. ) ) = $ $) ( ( 3h $) )KTWhh $) )SWhhh $) ) K W # ( ($ ( # E$F A.. ) U )) )) ( ( ( E) NQ4 ( N ( F 2 ( 361 - 2 4 % ( 6 ( + ) 1 6 = eB eB +B +Bh40 )@ h 2 E^Fhhh E^Fhhh E^Fhhh E^Fh E^Fhhh E^Fhhh E^Fhhh E^Fhhh E^Fhhh E^Fhhh E^Fhhh E^Fhhh )@. E^Fhhh E^Fh E^Fhh -= E^Fhh E^Fhhh EVFh -= EVFhh ) +Bh< +Bh< )@ h +Bh6Y +Bh6Y )@ h ( ( +Bh )@ h) $(( -= +Bh4;6+ )@ h4 ( 6 EVFhh +Bh1 +Bh1 )@ h <1 EVFhhh E^Fhhh E^Fhhh E^Fhhh E^Fhhh E^Fhhh E^Fhhh ) NMNP?)) 4 $ ( )). ) ( ( #. )! ( ( # )) ( ( (# )) )!! # KNN 04'6;?N[ $. ( ( ( ( () # ( ( ( * ( (( E+B=+; +B=+A(?# F ) (. 3 )) # 5 ( ( N S ( # ((( $) S W 6 ) #!! ( ) # ))( ) ( ))( ( ( ( ( # ) < 1 ENTTS NTTMF!. ( ( # $ $ E ) F (!. ) V ( ( )! ( ( # ( * ( KNP 04'6;?N[ ; NSV NSV6. ) ) = $ $) ( ( 3h $) )KTWhh $) )SWhhh $) ) K W # ( ($ ( # E$F A.. ) U )) )) ( ( ( E) NKT4 N ( ( F 2 ( 3 2 1 6 = eB eB +B +Bh40 +Bh40h, +Bh< +Bh< +Bh<h, +Bh6Y +Bh6Y +Bh6Yh, +Bh4;6+ +Bh4;6+ 2 E61 61 F F 4 % ( ) 6 ( + E^Fhhh E^Fhhh E^Fhhh E^Fhhh E^Fhhh E^Fhhh E^Fhhh E^Fhhh E^Fhhh E^Fhhh E^Fhhh E^Fhh -= E^Fhhh E^Fhhh E^Fhhh E^Fh -= EVFhh E^Fhh -= -= EVFhh E^Fhh EVFhh E^Fh EVFhh E^Fh EVFh E^Fhhh E^Fhhh E^Fhhh E^Fhhh E^Fhhh -= E^Fhhh )@ )@h4. ) VVVVVVVVVVVVVVVVVVh VVVVVVVVVVVVVVVVVVh; )@ h VVVVVVVVVVVVh; )@ h ( ( VVVVVVVVVh; )@ h4 ( 6 ) +Bh4;6+h, +Bh1 +Bh1 +Bh1h, +Bh +Bh h, VVVVVh VVVVVh; )@ h <1 VVVVVh VVVVVh; )@ h) $(( VVVVVh; VVVVV NMNL?)) ( ) ($ )) ) ($ N M (. - ) (. ( #. ($( 5 )! )) 3! (#! ))! )! D ) - ( #. (. ($ ( ( E'%F# )) U ( (E ( # ( ) ( ( 8F )) ( )@ E +Bh'% $) )F '!(! KNL 04'6;?N[ E='F)) $) ( 3 ( ( ($ ( ) 5 $ ) E ) ) 6 ( # ($ $ V F ( # ( $ ( ) ( $ ( E! ( ( ) ($ $ (! 8F ) () # ( $ $ ( # ( #? ))!!! ) ( ) # $$ ( ( U! )) ($ E! ) ( 6 ( (! U 6 ( ) < '!. E
  
  ( F ( )
  
  
  
  )
  
  OO
  
  % 5 # # (#
  
  #
  
  . ! # )) ( (F. #! ( ( # ))( ($ < ENTTL! NTTM NTTRF # ( ($( ( E ) F OO! ) # U ( () ( (! ) # # 4;6+ * ) KNS 04'6;?N[ ; N MV N MV6 ($ ) = $ $) ( ( 3h $) )KTWhh $) )SWhhh $) ) K W # ( ($ ( # E$F A.. ) U )) )) ( ( ( E ) N KK4 N ( ( F 2 ( 361 361 2 16 1 6 = eB eB +B )@ +Bh'% +Bh'% +Bh=' +Bh=' +Bh4 +Bh4 )@hh ($ ( ( 16 )@h ($ ( )@h ( <B 2 N M N S?)) * # N O (. ) ) ) )@ F )) $) ). # $ ( $ A; E +BhA;F $) # ( )@ ( 3 $ ) E # A; ( (! ( ($( F6 5 # $ ( ( ( E ( ( ) E?/! A6-+! A;F ( # ( E6-2'=F! ( ( -! ((!( )(# ( ( ) ( (# Ell] T!LTF6 # ( #. * # # ) )) ($ ) $) )SW # # ( +Bh4Z ) ( E4ZF($ )) KNM 04'6;?N[ $) ) %! ) ( ( ( '6< E b T! OOF 4! ( ( ( 3 ( ( (# ). * # 5 # ($ (( ( EbT!RF?)! ($ ( $. * # ((( (? (# ()(. ) 7! ( ( =2 )) ($ ) E ( )! (F (. * # A!! )). $V 5 ( ( #. ! V5 ( ( #. $ #!! # ((!) (. $ # # S. PP ( $) E! # ) $ F =2 4! " # ( ) % 5 ( $. * # $ ($! U * #. ( 5 # ( A @ ) #.! ( (. # @ ( KNO 04'6;?N[ ; NOV NOV6 ( #. * # ) = $ $) ( ( 3h $) )KTWhh $) )SWhhh $) ) K W # ( ($ ( # E$F A.. ) U )) )) ( ( ( E) NKN4 N ( ( F 9DULDEOHVH[SOLFDWLYHV /LNUDWL R 6DOHV. /&). /&). /(* /
  
  UDWLR,QYHVWLVVHPHQW 5
  
  DW
  
  LRGHV9HQWHV 
  
  /
  
  UDW LRGHVFDVKIORZ 
  
  /
  
  UDW LRGHVFDVKIORZ 
  
  /
  
  &). & 5',1)2 /UDW LRGHVFDVKIORZ 9DULDEOHGpSHQGDQWH,NUDWLR 16 16 3URWHFWLRQFUpGLWHXUV 3URWHFWLRQFUpGLWHXUV /&). & 5'7 /UDW LRGHVFDVKIORZ $FFqVDXFUpGLW /&). &RUUXSWLRQ /UDW LRGHVFDVKIORZ LQWpJULWp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