Photo Nadine Levratto

NADINE LEVRATTO

DIRECTEUR(TRICE) DE RECHERCHE

Research interests

  • arrow_right Croissance des entreprises
  • arrow_right Faillites
  • arrow_right Politiques publiques territoriales
  • arrow_right Entreprises et organisations
  • arrow_right Economie géographique
  • arrow_right Défaillance et faillite d'entreprise
  • arrow_right Industrie
  • arrow_right Inégalités territoriales

Research group

    Transitions, Environnement, Énergie, Institutions, Territoires

Contact

2024-33

Suppression de la contribution sur la valeur ajoutée des entreprises et réindustrialisation de la France : une cohérence discutable

Nadine Levratto, Philippe Poinsot, Luc Tessier

SHOW DOWNLOAD
Abstract
This paper examines two recent industrial policies that are representative of the actions taken to support industry. The first is the abolition of the Contribution sur la Valeur Ajoutée des Entreprises (CVAE) as part of the reform of local taxation, and the second is the Territoires d'industrie initiative. Using individual company data covering 2019-2020, we show that while industry, SMEs and ETIs have benefited from the abolition of the CVAE, large companies and non-industrial sectors have benefited more. The territorial analysis shows that companies based in metropolitan areas have seen their tax burden reduced more than others. This weak effect on areas with a strong productive component is confirmed by the study of the overlap between the two measures, which shows that IT is only slightly affected by the reduction in local economic taxation. We conclude by stressing the importance of coherent public policies.
Mot(s) clé(s)
Local economic taxation, industry, distributional effects, reindustrialisation, windfall effects
2023-10

Territoires d’industrie : hétérogénéité et convergence ?

Mounir Amdaoud, Nadine Levratto

SHOW DOWNLOAD
Abstract
This article aims to explore the nature of employment dynamics in industrial territories in France from 2015 to 2020. Two complementary methods of investigation are deployed. The first rests upon the Markov chain model to analyse the relative growth of industrial areas and measure movements in the distribution of employment rates. The second, more recent, tests the hypothesis of convergence in clubs and completes the previous one by specifying and identifying each territory subject to mobility within the distribution. The results highlight the heterogeneity of growth processes, show the existence of several clubs of industry territories evolving at different rates and conclude the absence of an industry trap. They plead in favour of implementing policies to support the economy at the territorial level.
Mot(s) clé(s)
Industrial areas, employment growth, territorial heterogeneity, convergence clubs, Markov chains
2021-34

Innovation Performance and the Signal Effect: Evidence from a European Program

Nadine Levratto, Aurélien Quignon

SHOW DOWNLOAD
Abstract
This paper seeks to estimate the effect of a European policy that subsidizes innovation investments. By carefully selecting observables, we compare recipients of the program with non-recipient firms to overcome the endogeneity of R&D grants. We conduct a difference-in-differences design on the universe of a unique firm-level dataset of European SMEs between 2008 and 2017. We find a significant effect of proof of concept grants, which implies an increase in the number of patent applications and the probability of patenting. There are positive impacts on credit financing, which suggest a signal effect to investors about the project quality of young firms.
Mot(s) clé(s)
R&D subsidies, Innovation, Patent, Financing constraints, H2020
2020-4

Covid-19 : analyse spatiale de l’influence des facteurs socio-économiques sur la prévalence et les conséquences de l’épidémie dans les départements français

Mounir Amdaoud, Giuseppe Arcuri, Nadine Levratto

SHOW DOWNLOAD
Abstract
This paper analyses the socio-economic determinants of hospitalizations and death rates related to Covid-19 on the one hand, and the excess mortality observed this year compared to previous ones, on the other. It proposes a territorial approach to these questions thanks to the use of data calculated at the French departments level. The exploratory spatial analysis carried out reveals the heterogeneity and spatial autocorrelation of the disease and its consequences. The use of spatial econometric models, then, allows us to highlight the influence of demographic density, social inequalities, part of blue-collars in the active population and emergency services on the studied phenomena.
Mot(s) clé(s)
Covid-19, local variables, spatial analysis
2020-5

Are business angel-backed companies truly different? a comparative analysis of the financial structure

Nadine Levratto, Julien Salin

SHOW DOWNLOAD
Abstract
Through a new eye on corporate finance theories of small firms and of business angel financing determinants, this paper reconsiders the impact of Business Angels on financial structure of backed firms using matching method and a unique individual dataset of French companies over the 2009-2015 period. It shows that the signal effect of Business angel investment, improving access to external finance from another investor is limited. This paper contributes to the corporate finance literature by investigating on the validity of principal corporate finance theories. It also brings insight to the understanding of value added of BA on backed firms.
Mot(s) clé(s)
Keywords: Business angels, Financial Structure, Informal venture capital, Matching techniques
2019-10

Firm soundness and knowledge externalities: a comparative regional analysis

Lara Abdel Fattah, Giuseppe Arcuri, Aziza Garsaa, Nadine Levratto

SHOW DOWNLOAD
Abstract
This paper investigates the role of regional context with regard to human capital and knowledge spillover effects in SMEs’ financial soundness. Our empirical setting is based on the multilevel analysis for panel data, which better allows for the treatment of hierarchical data. It is applied to firms belonging to the industrial sector and operating in four European countries over the 2010–2015 period. We find that a combination of individual- and regional-level characteristics explain firm soundness more accurately than individual features alone. Furthermore, we find that a higher local educational level and knowledge spillover improve the firm soundness.
Mot(s) clé(s)
Entreprise et territoire, capital humain, robustesse financière de l'entreprise, modèle multiniveau
2018-46

Exportations et exonérations, les deux vont-elles de pair ? Analyse empirique sur données individuelles d’entreprises françaises

Aziza Garsaa, Nadine Levratto

SHOW DOWNLOAD
Abstract
Exemptions from employers' social security contributions are by far the most important item of business subsidies. Although their direct influence on job creation, which is their primary objective, has been the subject of numerous evaluations, few researches propose to estimate their influence on competitiveness. This article sheds light on the subject by addressing the issue considering the ability of firms to access external markets through exports. To this end, this article proposes an empirical analysis of the determinants of the probability of exporting, the frequency of exports and their intensity resting on micro data for a sample French manufacturing companies over the 2004-2011 period. Our results highlight a negative effect of the exemptions on companies' export commitment. It is confirmed regardless of the indicator, period and sector selected.
Mot(s) clé(s)
Firm competitiveness, Export, Exemptions of social security contributions, Microdata, France
2017-37

Institutions and firms' internationalization: an empirical analysis on three Middle East countries.

Nadine Levratto, Clarisse Nguedam Ntouko, Maarouf Ramadan

SHOW DOWNLOAD
Abstract
À partir d’une définition extensive de l’internationalisation des entreprises qui permet d’en cerner les différentes facettes, ce papier propose d’étudier ce phénomène sur la base d’un modèle en deux étapes permettant d’abord d’estimer les déterminants de l’engagement à l’international, puis les facteurs expliquant les différentes modalités d’internationalisation. L’analyse empirique repose sur des données d’entreprises couvrant trois pays (Jordanie, Liban et Turquie) pour l’année 2013. Nous montrons que la probabilité d’être internationalisé et le mode d’internationalisation dépendent de caractéristiques intrinsèques des entreprises, de l’accès aux financements et du climat institutionnel. La combinaison des facteurs déterminant l’engagement à l’international et le nombre de formes d’internationalisation adoptées varient selon la taille et le secteur d’activité dans lesquelles elles opèrent.
Mot(s) clé(s)
Internationalisation des entreprises, Climat des affaires, Moyen-Orient et Afrique du Nord (MENA).
2017-36

Analysis of the job creation process in metropolitan areas: A spatial perspective

Marc Brunetto, Nadine Levratto

SHOW DOWNLOAD
Abstract
This paper seeks to challenge the view that metropolitan areas are characterized by a general positive trend in the job creation process. It rests upon an empirical analysis of the 13 French metropolitan areas over the 2004-2010 period. The estimations of employment growth run using spatial econometrics modeling techniques show that spatial spillover effects intervene in the growth process of the areas under review and that density matters in determining the employment growth rate. We have been unable to identify a unique model of metropolitan dynamics. Indeed, each metropolitan area is characterized by a specific combination of explanatory variables which, finally, attests of the variety of the metropolitan frameworks.
Mot(s) clé(s)
Metropolitan areas; agglomeration effects; spatial econometrics; spillover effects.
2017-31

New firms’ bankruptcy: does local banking market matter?

Giuseppe Arcuri, Nadine Levratto

SHOW DOWNLOAD
Abstract
This paper investigates the role of local context, with regard to the effect of local financial development and banking concentration, on a new firm’s probability of bankruptcy. Our empirical setting is based on the Logit Multilevel Model that better allows the treatment of data referring to different levels of aggregation (firm and local variables) applied to new firms located in Italian provinces. We find that a higher level of financial development in a province decreases the likelihood of a new firm’s bankruptcy. This result is robust considering a 2SLS regression in which we use instruments for the local financial development and for the concentration of bank branches. In addition, our estimations suggest that the effect of local financial development and bank concentration is shaped by size. Local financial development is particularly significant for small start-ups, which traditionally suffer from great difficulty in accessing credit, whereas local banking concentration reduces the probability of bankruptcy for large, new firms.
Mot(s) clé(s)
Probability of bankruptcy, new firms, multilevel model, local banking structure.
2017-1

Les business angels, révélateurs, plus que moteurs, de l’engagement des entreprises dans l’innovation

Nadine Levratto, Maarouf Ramadan, Luc Tessier

SHOW DOWNLOAD
Abstract
Whereas the funding of the first years of the life cycle of companies is presented as a key condition for their survival and growth, the attention given to business angels (BA noted below) by academics have been growing steadily during the past years. This article proposes to discuss the extent, which they contribute to innovation from a unique database of 432 French companies financed by one of the members of the network France Angels (French Federation of Business Angels networks) during the period 2004-2011. We compare it to a test group constituted of 2,160 similar companies. We specify an econometric model specifying the determinants of innovation approximated by the share of non-financial intangible assets in total assets explained by the presence or absence of a BA and control variables. The use of the estimation method using a Fixed Effects Vector Decomposition method shows the positive effect of BA on innovation. Elements of explanation of these results are provided from a qualitative survey of BA members of France Angels and from a subset of companies extracted from the population of 432 ones backed by BA. They illustrate how the specific behavior of BA at the time of selection of companies and their attitude during the accompaniment period explains these different trajectories.
Mot(s) clé(s)
Business Angels, Innovation, Entrepreneuriat, Start-ups, France
2016-22

Post-reorganization survival: a semi-parametric and non-parametric analysis of firm characteristics

Lara Abdel Fattah, Sylvain Barthelemy, Nadine Levratto, Benjamin Trempont

SHOW DOWNLOAD
Abstract
This paper aims at bringing evidence on firm survival after bankruptcy. Instead of considering survival as a binary variable we take into account the duration of the reorganization procedure. We follow a sample of French firms throughout their restructuring process and document factors influencing the reorganization outcome. Based on the existing theoretical and empirical literature on the link between firm ownership structure and performance, we particularly focus on the influence of firm affiliation to a business group and business groups’ characteristics. Using a Cox proportional hazards model and a Random Forests model, we find that firm structural and financial characteristics have a strong power to explain survival at different time horizons, however, very few of firm financial characteristics used previously for bankruptcy prediction are useful for predicting the final outcome of reorganization once a reorganization plan is voted. In addition, we show that firm ownership structure proxied by firm affiliation to a business group and business group characteristics has no significant influence on the outcome and duration of reorganization.
Mot(s) clé(s)
Reorganization; bankruptcy; survival; business groups; Cox model; Random Forests
2014-49

Is job creation dependent on the local context? An analysis of French industrial establishments over the period 2004-2010.

Aziza Garsaa, Nadine Levratto

SHOW DOWNLOAD
Abstract
This paper seeks to shed some light on the relationship between individual performance and local context. We empirically address this question focusing on the
employment growth rate of French manufacturing establishments geo-referenced at the employment area level, an economically consistent territorial division. Using an unbalanced panel of 149,929 plants over the period 2004-2010, we estimate different growth models including local specific variables controlled with company specific ones. The results confirm that the firm growth rate is influenced by the local context and that some features such as unemployment, agglomeration effects or skills matter significantly. The robustness checks performed on subsamples, however, show that the profile of the areas or the market (local or larger) may significantly affect the intensity of the link between a firm and its environment.
Mot(s) clé(s)
firm growth, geographical location, manufacturing industry, panel data.
2014-48

La croissance des PME est-elle favorisée par les Business Angels ? Une analyse à partir du cas français en 2008 et 2009

Nadine Levratto, Luc Tessier

SHOW DOWNLOAD
Abstract
Research on the contribution of the Businesses Angels (BA) to the economic growth are still recent and rare, particularly in France. In order to compare the dynamics of
companies backed by BA with companies which are not, we perform an empirical analysis consisting in considering multivariate models assessing the influence of the intervention of BA on various indicators. Our analysis rests on a single database made up of 300 French companies financed by business angels. The results obtained make it possible to determine to what extent the intervention of a BA influence firm growth path. It exerts an ambiguous effect on job creation, an almost null effect on the turnover but obviously supports the realization of productive investments. These results are robust insofar as they do not depend on the reference sample retained. They also remain valid under various specifications of the models obtained thanks to the introduction of various explained variables.
Mot(s) clé(s)
Business Angels, SMEs growth, financing, France
2014-45

Regional dynamics and start-ups: Evidence from French departments in 2011

Denis Carré, Nadine Levratto

SHOW DOWNLOAD
Abstract
This paper seeks to determine the exact role played by regional dynamics in the creation of companies. The notion that territorial dynamics influence entrepreneurial activity seems to be backed up, first of all, by the fact that it is at the regional level that the direct influence of the ecosystem of wealth and of material, human and organizational resources is strengthened through agglomeration effects. We empirically address this question considering the case of French departments in 2011. In order to take into account the role played by the neighbourhood and the resulting spatial dependence, we estimate the sensitivity of both the overall entry rate and the entry rate in the manufacturing industry using spatial econometric estimation techniques, an approach which enables us to control the effect of spatial autocorrelation. Our results show that the creation of companies highly depends on local factors and that the source of local dependence differs according to the entry rate used as an explained variable. Whereas a spatial lag applies at the overall level, the creation of companies in the manufacturing industry is more oriented by exogenous shocks so that a spatial error model is more appropriate.
Mot(s) clé(s)
entrepreneurship, entry rate, spatial dependence, French departments
2013-20

La Corse est-elle soluble dans le modèle méditerranéen ? Une analyse à partir d’une régression quantile sur données d’entreprises en panel entre 2004 et 2010.

Aziza Garsaa, Nadine Levratto, Luc Tessier

SHOW DOWNLOAD
Abstract
This text aims at proposing a comparative analysis of the trajectories of companies located in Corsica, and in similar departments of the Mediterranean coast. Through this study we raise the question of the specificity of an island economy compared to a continental territory considered as its closer neighbour. It also deals with the analysis of the way local specificities can influence the firms’ growth. From quantile regressions on panel data performed over the period 2004-2010, our results show the strongest sensitivity of the Corsican companies to the financial structure and the superior importance of trade debts in their growth process. On the opposite, whereas the companies located in island economies are supposed primarily oriented towards the local market, we bring some evidence about the sensitivity of the firms’ growth to the local factors and how they differ in Corsican compared to Mediterranean companies.
Mot(s) clé(s)
firm growth, islands economies, location, quantile regression
2013-18

Dynamique des territoires et création d’entreprises : une analyse des départements français en 2008. Local dynamics and firms creation: an analysis of French departments in 2008.

Denis Carré, Nadine Levratto, Messaoud Zouikri

SHOW DOWNLOAD
Abstract
This paper seeks to determine if and to what extent the territory can be considered as an explanatory factor of the firms’ creation. This possibility is backed up by the fact that the territory is first of all support of infrastructures, resources and organizations. It is also the place where more invisible elements and an entrepreneurial atmosphere take place and also influence new business dynamics. The novelty of the approach lies in the comparison between the explanatory power of these various elements taken separately and the geographical effect resulting from the use of the shift-share analysis. The approach is applied to the creation of new companies in the French departments. It shows that beside the usual factors related to the characteristics of the population and the structures, the intrinsic dynamics of the territory is an explanatory factor of the entrepreneurial performance and that its influence varies according to the activity of the entering companies.
Mot(s) clé(s)
firm creation, French departments, invisible factors, shift-share
2013-15

To what extent do exemptions from social security contributions affect firm growth? New evidence using quantile estimations on panel data

Aziza Garsaa, Nadine Levratto, Luc Tessier

SHOW DOWNLOAD
Abstract
Targeted reductions in employers' social security contributions are conceived as a key policy instrument used to facilitate job creation when labour cost is so high that it may deter companies from hiring new employees. Among the different measures implemented in France, the set of instruments implemented in the West Indian departements (or administrative regions) is the most accomplished form as the rates of exemption as well as the base and scope of these measures have reached their maximum there. This paper seeks to determine to what extent these instruments contribute to job creation looking at the growth rate in the number of employees through the use of a balanced panel of business entities with at least one employee, drawn from a matching between several administrative data sources from 2004 to 2011. We studied the differentiated effects of the payroll tax using a quantile regression for panel data estimation technique. We show that the impact of the exemption rate and of the intensity of use of the various measures on changes in the number of employees differ according to the establishment growth rate. They tend to be negative on the left side of the distribution and positive on the right side. However,these effects may signifficantly differ according to the size class and the industry in which the business operates. Large ones tend to be advantaged compared to the ones whose total number of employees is fewer than eleven, whereas the estimated correlation between growth and exemption rate is higher for most of the entities in the manufacturing industry but only for a small part of those in business services
Mot(s) clé(s)
firm growth, job creation, reduced social security contributions, labour cost, quantile estimations on panel data
2011-36

Small, alone and poor: a merciless portrait of insolvent French firms, 2007-2010

Nadine Levratto, Luc Tessier, Messaoud Zouikri

SHOW DOWNLOAD
Abstract
This empirical paper investigates the path to bankruptcy for a sample of French firms in default, in particular the decision to file a petition for bankruptcy, the arbitrage between rescuing and liquidation and the effective survival. The procedure is depicted as a sequence of three steps in which judges play a crucial role as they decide whether a company is insolvent or not and determine whether an insolvent company deserves to be rescued or, on the contrary, should be liquidated, the market having the last word since the effective success depends on the capability of the firm to recover from the judicial proceedings. We test different hypotheses about the variables influencing each possibility which include i) the role of the market in the firm's health, ii) the influence of financial structures, iii) the importance of corporate governance and iv) the inherent corporate factors of probable survival. Using three linked LOGIT models, our first finding is that the probability to default depends mainly on the market. Secondly the probability to be rescued depends essentially on the financial structure. Finally, the probability for the firm to remain in business in the long term is largely influenced by the market and profitability. Our results also support the idea that governance, size and resources are the main determinants of exit from the market or success of any company.
Mot(s) clé(s)
Insolvency, bankruptcy, firm default, financial indicators, size, logit models.
2011-6

Become Independent! The Paradoxical Constraints of France’s Auto-Entrepreneur Regime

Nadine Levratto, Evelyne Serverin

SHOW DOWNLOAD
Abstract
The Law on Economic Modernization of 4 August 2008 introduced a new form of individual entrepreneur, the auto-entrepreneur, the goal being to enhance the competitiveness of the French economy by promoting the entrepreneurial spirit. This paper proposes to discuss the auto-entrepreneur model with reference to the fundamentals of the theory of the firm and the legal variants of the auto-entrepreneur. The argument will be structured around the criterion of independence, and its various interpretations, which will be used to put the auto-entrepreneur model to the test. Three forms of autonomy are given precedence: productive (Section 1), concerning the availability of sufficient financing and material to provide professional services; managerial (Section 2), which measures the ability to assume the risks inherent to business, regarding both interested and third parties; and financial (Section 3), or the chances of earning enough money to subsist upon. The result, underscored in the conclusion to this article, is that the auto-entrepreneur regime appears best adapted as a means of supplementing income from another, unrelated activity or in retirement, which is contrary to every approach to business and enterprise.
Mot(s) clé(s)
auto-entrepreneur; theory of the firm; combining activities; employment contract; entrepreneurship
2010-28

The determinants of growth for SMEs. A longitudinal study from French manufacturing firms

Nadine Levratto, Luc Tessier, Messaoud Zouikri

SHOW DOWNLOAD
Abstract
This paper investigates the structural and strategic determinants of firm growth using a unique data set for French firms employing between 10 and 250 employees in 1997 and active over the period 1997-2007. Starting from the idea that firm growth is not only a random process but that some regularities may be emphasized, we consider a growth model that combines different elements presented as determinant in the firm’s growth path. Results based on two families of multinomial logit model do not confirm the conclusions about the exclusive role played by the previous size. In addition, thanks to the references to legal structure, market share and localization, one observes these variables shape strongly the individual growth path. However environment and structural elements are not the only elements to focus on in order to provide an explanation of the employment growth rate at the firm level. Strategic factors matter too. In particular we demonstrate the crucial role of labor costs and financial structure as explanatory variables of firm growth.
Mot(s) clé(s)
Firm growth; SMEs; Gibrat’s law; French manufacturing; multinomial logistic regression
2010-11

Analyse comparée de la productivité des firmes européennes à partir de données comptables: L'effet pays en cause

Denis Carré, Nadine Levratto, Messaoud Zouikri

SHOW DOWNLOAD
Abstract
This paper aims at measuring the productivity gap between firms located in six European countries over the period 1996-2007 and to provide some explanations of the observed differences. Our approach is original for two reasons. Firstly the value added and the productivity are valued from the BACH database that proposes harmonized balance sheets. Secondly, we take into account the influence of environment and institutional factors on the firms' performance thanks to the use of a fixed effects panel data model that allows to assess the unobserved heterogeneity in a sample. This analysis is made at the national level for the whole economy, for three industries (manufacturing industry, construction and services) and for three groups of size (small, medium and large). The results allow to highlight the existence of different productive configurations attested by the different levels of firms' productivity according to size or industry. They also point out a «country effect» that embeds a set of organizational and institutional elements besides production factors.
Mot(s) clé(s)
productivity, BACH database, country effects
2009-20

Être entrepreneur de soi-même après la loi du 4 août 2008: les impasses d'un modèle productif individuel

Nadine Levratto, Evelyne Serverin

SHOW DOWNLOAD
Abstract
The modernization of the economy Act voted in August 4th, 2008 aimed at introducing a new statute of self-entrepreneur, the auto-entrepreneur in French, in order to support an economic policy combining fight against unemployment, search for points of growth and improvement of the purchasing power. The matter of this article is to open the debate about the model of the self-entrepreneur embedded in this new law, by adopting a double point of view: legal as far as the labor is concerned and economic too since it deals with the model of the firm supported by this view. The first section discusses the proclamation of independence of the self-entrepreneur, by highlighting the existence of multiple legal dependences, within the framework of a plurality of jobs on the one hand, and within the exercise of the productive activity itself on the other hand. The second section deals with the contradictions that exist between the legal conception of self-employer on one side, and the growth expectations of the companies, and the entrepreneurship theories on the other.
Mot(s) clé(s)
Self-employment, firm theory, labor contract, multiple jobs
2008-39

Politique Industrielle et PME : Nouvelle Politique et Nouveaux Outils ?

Denis Carré, Nadine Levratto

SHOW DOWNLOAD
Abstract
After having sought to reduce production costs, economic policies dedicated to SMEs tend to promote cooperation and to become more and more systemic. These sorts of policies refer to different underlying models in which firms and technology play different roles. This paper aims at studying the evolution observed in the implementation of SMEs policies. It rests upon a typology built thanks a twofold opposition. One concerns the target of the public action which can be either individual or collective, whereas the second one refers to the impact supposed to be mechanic and structural on one hand or determined by the reaction that takes place within the firm or the group of firms on the other. We examine thirty years of public action referring to this framework what will lead us to insist mainly upon the new systemic policies that promotes spillover, clusters and other poles of competitiveness.
Putting some emphasis on the degree and the nature of the commitment of any individual firm in these networks, we conclude shedding some light on the debated questions surrounding the evaluation of public policies and the best practices to promote.
Mot(s) clé(s)
SME, industrial policy, systemic policy, clusters
2008-7

Petites et grandes entreprises face à la faillite au XIXème siècle en France : du droit à la pratique

Pierre-Cyrille Hautcoeur, Nadine Levratto

SHOW DOWNLOAD
Abstract
Economic literature studies bankruptcy as a homogenous phenomenon. Insolvency concerns all kind of firms and judgements are made without any reference to the firm's size. We consider this assumption does not hold and we try to consider the alternative one, i.e. judges take into account the judicial form and the size. We test it over the 19th century whereas the bankruptcy law evolves towards its modern design. This period also present another great advantage: the limited liabilities companies are created in the second part of the 19th century and, at the same time legislator authorizes the free creation of public societies. It is thus appropriate to see whether judges applied the law indifferently or if they considered differently individual merchants and companies. The first part of the paper describes bankruptcy law and its changes over the period; the second section shows the global changes in the courts activity using national data. The data specially collected in the archives of commercial court of Paris allow us to introduce the legal status and the firms' size as discriminating factors.
Mot(s) clé(s)
bankruptcy law, commercial courts, law and economics, firms default
2007-35

Legal vs economic explanations of the rise in bankruptcies in XIXth century France

Pierre-Cyrille Hautcoeur, Nadine Levratto

SHOW DOWNLOAD
Abstract
This paper aims at giving an explanation of the changes in the number of bankruptcies
during the second part of the 19th century and the beginning of the 20th. We firstly study the
evolution of the French insolvency law and then we introduce some regional aspects. We indeed
observe that the court of the District of the Seine is more tolerant than the others; however this kind
of use of the law will spread in the other courts until the reform in 1889 that creates the judicial
liquidation. The special analysis permits us to show that the changes in the law do not explain the
total variations of the total amount of bankruptcies. The local practices and, thus, the way the
judicial agents act are also essential in the explanation.
Mot(s) clé(s)
Bankruptcy, Code de commerce, 19th century
load Please wait ...