Contribution de la cotation en Bourse à l’entrepreneuriat international

Funding by the Stock Exchange: Alternative or Decoy for Cameroonian’s Companies

“…This practice of reducing the tax base can be explained by the fact that companies do not sufficiently understand the importance of taxes in the functioning and development of a country. It justifies the reluctance to go public because stock market funding forces companies to be transparent and even to disclose strategic information [27,28]. This situation is a call on the public authorities to further explain the merits of taxation and to encourage companies to go public.…”

“…Moreover, stock market funding obliges companies to be transparent and to disclose strategic information [27,28]. It is also a means of controlling managers and directing their strategic conduct towards maximising shareholder value [29,28].…”

“…Therefore, for proponents of the behavioural model of timing and life cycle, the IPO should only occur when the company has reached a sufficiently advanced stage of maturity (in terms of size and age) and growth and a high level of available information [49,50,28] (Mac an Bhaird and Lucey, 2011). Indeed, this theory reveals that the order of financing for firms, especially small and medium-sized enterprises (SMEs), should be as follows: internal financing, business angels, venture capital, short-term bank or commercial debt, long-term debt to financial institutions and equity financing [49,28] (Mac an Bhaird and Lucey, 2011). As in the theory of hierarchical funding, the stock exchange market is presented here as the last resort for companies when all other sources of funding are exhausted.…”

“…Generally, like any medal, the IPO has its reverse side. This is certainly what makes some authors [51,52] say that going public is a risky decision that must be carefully thought out, especially for SMEs [28].…”