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

Abstract

The main objective of this study is to identify the factors that prevent Cameroonian companies from being listed on the Central African Stock Exchange (CASE), despite their difficulties in obtaining funding through bank loans. Based on semi-structured interviews conducted with six (06) managers of Cameroonian public companies, several factors blocking the listing of companies on the stock exchange were identified. Some of these factors are inherent to CASE itself and others are linked to the companies or public authorities. By identifying these different factors that inhibit the willingness of companies to go public, this study makes a scientific contribution to the debate on corporate finance. It also fills a gap by shedding light on the contrast between the need to finance investments and the lack of interest in the financial market, even though these companies are faced with insufficient financial resources. At the managerial level, the results obtained constitute a challenge for the Cameroonian public authorities, stock exchange authorities and business associations to work on supporting and encouraging companies to go public, but also to adapt the conditions of access to the stock exchange by taking into account local realities.