Enterprises Performance and Financial Structure in a Context of Non-Financial Market: The Case of Cameroon

Abstract

The aim of this study is to appreciate the discriminate character of the financial market of organizations behavior in expressions of funding. The theoretical model of (Modigliani- Miller, the theory of Trade–Off and Pecking- Order} and then the empirical work on the structure of property (including proponents of the thesis of non-neutrality) recognize that the stock market performance points (he structure of Sharpe, the ratio of Maris and then Tobin Q,) are only sensitive for financial structures and possessions. In adjunction, obligation discipline a leader by the financial market has therefore becomes a variable of indirect action used by shareholders to suitable cost. In the context of without financial markets such as Cameroon, it revolved out that, total performance which is mainly focused on shareholders is independent of the financial structure, and the in height condensation of capital through a positive marginal effect on the overall value of the companies. This result approves the assumption of neutrality of accounting performance indicators, and strengthening the inequitable type of the financial market in the behavior of companies in expressions of funding. The nonattendance of this market concerning minus debt, more condensation of capital for an internally verification system, in accordance to forecasts of the concepts of the agency, the privileges of ownership and indications

Keywords: Cameroon, Enterprise, Financial structure, Performance, Non-financial market