Les facteurs de succès ou d'échec des Jeunes Entreprises Innovantes françaises selon leurs modes de financement et de gouvernance

Abstract : The main objective of this study is to expose the underlying causes of success for hightechnology start-ups, in particular those operating under the regime "Jeunes Entreprises Innovantes" (JEI) in the French context. We narrow down the factors to those related to financing and governance. We surveyed 488 technology firms created between 1996 and 1998. We use as a proxy the features of the JEI law enacted in 2004. Technically speaking, our sample is not part of the JEI cohorts so we back tested databases to extract firms meeting the conditions of the law. We call this sample the simulated JEI. We retain a two-step approach. To discriminate our sample, we first use survival - firms operating as an ongoing concern - as a proxy for success. Results show that at the end of the period six companies were acquired by a larger company, less than a third of these companies went bankrupt but more than half survived. Second, we have recourse to a technique of automatic classification called taxonomy. To that end, we start assessing economic and financial performances of the companies still alive over the period. This second approach yields two separate groups. Overall, the performances of these firms are at best mixed. Although almost all of the simulated JEI are capable of sustaining themselves financially, only about a quarter of them are profitable. Identifying factors of success or failure factors requires an econometric approach centered on binomial and multinomial logistic regressions. The most important findings are the following. First, the fact that employees own shares of their firms has a positive influence on performance, except for those backed by venture capital. Second, high levels of debt at the inception impact positively the outcome of the firm. Finally, the results shed a positive light on the controversial payroll tax exemptions. Our models show that they are keys to early success of the simulated JEI. [...]However, these results should be interpreted in the light of evident limitations. We were constrained by the lack of reliable data, having lots of missing values for some of key indicators. We also face a survival bias since the identification of efficient firms can only be applied to existing concerns in our sample. Likewise, we can't reject the hypothesis that the historical context might play a role since the period of our analysis covers the bust of the ICT (Information Technology and Communication) bubble occurring in 2001. Last limitation concerns the conditions of the simulation of our sample. Obviously, the simulated JEI firms had not benefited as much as the real ones from the substantial tax allowances brought up by the legislation. So we consider this study as a first step towards a better understanding of the factors of success of French High Tech Start-ups. [...]
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Diane Saty Kouamé. Les facteurs de succès ou d'échec des Jeunes Entreprises Innovantes françaises selon leurs modes de financement et de gouvernance. Gestion et management. Université de Lorraine, 2012. Français. ⟨NNT : 2012LORR0047⟩. ⟨tel-01749181⟩

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