Impact du financement par business Angels sur la réussite entrepreneuriale : une revue systématique

Young enterprises have significant financing needs, especially in the start-up stage when bank financing is difficult to access due to information asymmetry and lack of guarantees. This situation has led to the emergence of various alternative financing methods such as crowdfunding, venture capital, incubators, gas pedals, business angels, etc. In this article, we focus on financing by Business Angels. These actors are now a key element in the financing of the seed phase of new companies. Research on this type of financing has focused on the pre-investment phase. However, accessing financial resources is not, in itself, an ultimate end, but the question of making the entrepreneurial project a success is the most important. Therefore, the objective of this work is to conduct a systematic review examining the consequences of business angel financing (post-investment phase).  The impact of this mode of financing for the success of the financed companies is not well explored in the literature but is beginning to gain interest in recent years. Using the Prisma Statement method, we analyzed in detail all the relevant scientific publications answering our research question. The results show a positive trend in the impact of business angel financing on the success of the financed company. This success is expressed and measured in different ways that often correspond to the vision and the specific context of each researcher. However, we did not find any publications related to the African or Arab context, which requires further exploration in this sense.       JEL Classification : G23 ; M13 ; L25  Paper type : Theoretical Research Les entreprises naissantes éprouvent des besoins importants en financement surtout en phase de démarrage où les financements bancaires sont difficilement accessibles à cause notamment de l’asymétrie d’information et l’absence de garanties. Cette situation a donné lieu à l’émergence de différents modes alternatifs de financement tels que le financement par crowdfunding, capital-risque, incubateurs, accélérateurs, Business Angels, etc. Nous nous intéressons dans cet article au financement par Business Angels. Ces acteurs constituent aujourd’hui un élément clé du financement de la phase d’amorçage des entreprises naissantes. Les recherches entamées sur ce mode de financement ont été concentrées sur la phase de pré-investissement. Toutefois, accéder à des ressources financières n’est pas, en lui-même, une fin ultime, mais la question de réussir le projet entrepreneurial est la plus importante. Pour ce, l’objectif de ce travail est de réaliser une revue systématique examinant les conséquences d’un financement par Business Angels (phase post-investissement). L’impact de ce mode de financement sur la réussite des entreprises financées n’est pas très bien exploré dans la littérature, mais commence à avoir de l’intérêt ces dernières années. En se basant sur la méthode Prisma Statement, nous avons analysé de manière détaillée l’ensemble des publications scientifiques pertinentes répondant à notre question de recherche. Les résultats ressortent une tendance positive de l’impact d’un financement par un Business Angel sur la réussite de l’entreprise financée. Cette réussite est exprimée et mesurée de différentes manières qui correspondent, souvent, à la vision et au contexte spécifique de chaque chercheur. Cependant, nous n’avons relevé aucune publication relative au contexte africain ou arabe, ce qui impose dea travaux d’exploration dans ce sens.     Classification JEL : G23 ; M13 ; L25  Type de l’article : Recherche Théorique &nbsp

Fuzzy chance-constrained goal programming model for multi-attribute financial portfolio selection

The aim of this paper is to propose a fuzzy chance constrained goal programming model for solving a multi-attribute financial portfolio selection problem under two types of uncertainty namely randomness and fuzziness. The chance-constrained goals are considered as random variables. The obtained portfolio through this model is the portfolio of the best compromise where the financial decision-maker was asked to make tradeoffs among conflicting and incommensurable attributes such as the expected return, risk and the earning price ratio. The proposed model has been applied to the Tunisian stock exchange market for the period July 2003 to December 2007.Scopu

Cytotoxic, antioxidant and antimicrobial activities of Nerium oleander collected in Morocco

Objective: To investigate the cytotoxic, antioxidant and antibacterial activities of ethanolic and aqueous crude extracts of Nerium oleander (N. oleander) leaves. Methods: Cytotoxic activities were evaluated by WST-1 bioassay on two human cancer cell lines, namely human colon adenocarcinoma cell line HT-29 and human breast cancer cell line MDA-MB-231. The antioxidant property of N. oleander extracts was assessed by DPPH scavenging and β -carotene bleaching tests. The agar disc diffusion method was used for the determination of antimicrobial activity against different strains. Results: Using cell viability indices, the WST-1 test revealed that both extracts reduced cell viability in both cell lines. Our results also showed that aqueous extract was more active than ethanolic extract, with IC50 values of (1.67±0.22) μg/mL and (2.36±0.44) μg/mL on MDA-MB-231 cells, and (2.89±0.35) μg/mL and (5.09±0.52) μg/mL on HT29 cells, respectively. The study of the antioxidant activity showed that N. oleander extracts had a considerable scavenging capacity and exerted a significant preventive effect against the oxidation of β -carotene by the peroxide radicals. However, the antibacterial test showed that both ethanolic and aqueous extracts of N. oleander had a moderate antibacterial effect limited only to Gram-positive bacteria. Conclusions: Our results shows that N. oleander aqueous and ethanolic extracts have significant cytotoxic activities against tumor cell lines and possesses a strong antioxidant capacity, suggesting the presence of active compounds in N. oleander leaves that could be a potential source of phytochemicals with high medicinal value to be used in cancer treatment and prevention

Cytotoxicity of the Aqueous Extract and Organic Fractions from Origanum majorana on Human Breast Cell Line MDA-MB-231 and Human Colon Cell Line HT-29

The toxicity of the aqueous extract of Origanum majorana was tested (5 and 10 g/kg) in albino mice. No symptoms of toxicity or mortality were observed. The mice survived being active and healthy during all 14 days of observation. In addition, the weight measurement of the left and right kidneys, heart, and liver shows no significant difference between the control, 5 g/kg, and 10 g/kg. All extracts (aqueous, petroleum ether, dichloromethane, ethyl acetate, methanolic, and depleted aqueous extracts) of Origanum majorana tested against both types of cancer cells showed a more pronounced cytotoxic effect against breast cell line MDA-MB-231 than colon cells line HT-29 cells. The most marked effect is that of the ethyl acetate extract with IC50 30.90 ± 1.39 and 50.11 ± 1.44 (µg/ml), respectively. HPLC analysis of extracts from Origanum majorana showed that this plant contained polyphenols and flavonoids, which may be responsible for the biological activities found

Citrullus colocynthis (L.) Schrad: Chemical characterization, scavenging and cytotoxic activities

Citrullus colocynthis (L.) Schrad (C. colocynthis) called colocynth is a wild species that belongs to the family cucurbitaceae. The present research work aimed to study the phytochemical composition, cytotoxic and antioxidant activities of C. colocynthis seed extract. The chemical characterization of C. colocynthis seeds was effectuated using a gas chromatograph coupled to a mass spectrometer (GC-MS). The cytotoxic activity of C. colocynthis seed extract against breast cancer cell lines (MDA-MB-231) and colon cancer cell lines (HT-29) was assessed using the WST-1 bioassay. The antioxidant power was evaluated by the DPPH assay. The phytochemical characterization of C. colocynthis seed extract showed the richness of C. colocynthis seed extract in several families of bioactive compounds. Regarding the cytotoxic activity, the IC50 (the half-maximal inhibitory concentration) of C. colocynthis seed extract in inhibiting MDA-MB-231 and HT-29 were 170.34 and 132.31 µg/mL, respectively. The cancerous cell lines MDA-MB-231 seem to be more sensitive to C. colocynthis seed extract than HT-29 cell lines. C. colocynthis seed extract exhibited a strong antioxidant power with an IC50 value of 1.37 mg/mL. Insight into the results obtained, C. colocynthis seed extract may be used as a promising weapon to fight against cancer and free radicals’ damage