Contraintes Financieres Et Comportement D’Investissement: Cas Des Entreprises Tunisiennes

Abstract

The investment is a need for the perennially and the prosperity of the companies. The behavior of investment of the companies was the object of a large number of theoretical and empirical work. The goal is to identify the determinants of the investment of the companies.

The objective of our study is double; on the one hand to give an outline on the determinants of the investment within the framework of the perfect market of capital and in the presence of financial constraints due to asymmetries of information and on the other hand to test, in the context of the Tunisian companies, the importance of the financial constraints in the explanation of the behavior of investment. For this purpose we carried out an empirical analysis on a sample of 17 companies belonging to the various sectors of the Tunisian economy lasting the period going from 2000 to 2007 and this by using the methodology of the data of panel. The empirical tests show that the Tunisian companies (smallest and those with which the banks do not have close relationships) know an environment with strong asymmetry of information between lenders and borrowers; they are also forced in their accesses to the external debt because of the celling of debt.