Initial Public Offering and External Growth of French SMEs

Vivien LEFEBVRE * Enseignant-chercheur, LaRGE, EM Strasbourg Business School.Contact : viv.lefebvre@orange.fr.
Anaïs HAMELIN ** Professeur des Universités, LaRGE, EM Strasbourg Business School, Université de Strasbourg. Contact : anais.hamelin@unistra.fr.


The initial public offering is a key step in a firm's growth process. However, few studies investigate the relationship between initial public offerings and firm's external growth strategy. Our results highlight that many French SMEs implement an external growth strategy after their listing, even if they don't have a previous acquisition experience, hereby suggesting a two-step growth strategy. Thus, financial and strategic decisions appear to be intermingled in the initial public offering context.


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Footnotes

1   97 % des PME françaises sont des microentreprises (sources : rapport PME France 2017 ; BPI France).

2   Anciennement Alternext.

3   Une PME est une entreprise de moins de 250 salariés et respectant de plus l'une des conditions suivantes : chiffre d'affaires inférieur à 50 M€ ou total de bilan inférieur à 43 M€.


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