Search results for: Eliane Giraud

Authors: Safa Boudhaouia, Mohamed Amen Gahbiche, Eliane Giraud, Wacef Ben Salem, Philippe Dal Santo

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Multi-point forming (MPF) and asymmetric incremental forming (ISF) are two flexible processes for sheet metal manufacturing. To take advantages of these two techniques, a hybrid process has been developed: The Multipoint Incremental Forming (MPIF). This process accumulates at once the advantages of each of these last mentioned forming techniques, which makes it a very interesting and particularly an efficient process for single, small, and medium series production. In this paper, an experimental and a numerical investigation of this technique are presented. To highlight the flexibility of this process and its capacity to manufacture standard and complex shapes, several pieces were produced by using MPIF. The forming experiments are performed on a 3-axis CNC machine. Moreover, a numerical model of the MPIF process has been implemented in ABAQUS and the analysis showed a good agreement with experimental results in terms of deformed shape. Furthermore, the use of an elastomeric interpolator allows avoiding classical local defaults like dimples, which are generally caused by the asymmetric contact and also improves the distribution of residual strain. Future works will apply this approach to other alloys used in aeronautic or automotive applications.

Keywords: incremental forming, numerical simulation, MPIF, multipoint forming

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Authors: Veronica Sorgato, Jeremy Belhassen, Philippe Chartier, Roddy Sihanath, Nicolas Docquiere, Jean-Yves Giraud

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We analyzed the image-guided radiotherapy method used by the TomoTherapy® System (Accuray Corp.) for patient repositioning in clinical routine. The TomoTherapy® System computes X, Y, Z and roll displacements to match the reference CT, on which the dosimetry has been performed, with the pre-treatment MV CT. The accuracy of the repositioning method has been studied according to the treatment localization. For this, a database of 18774 treatment sessions, performed during 2 consecutive years (2016-2017 period) has been used. The database includes the X, Y, Z and roll displacements proposed by TomoTherapy® System as well as the manual correction of these proposals applied by the radiation therapist. This manual correction aims to further improve the repositioning based on the clinical situation and depends on the structures surrounding the target tumor tissue. The statistical analysis performed on the database aims to define repositioning limits to be used as security and guiding tool for the manual adjustment implemented by the radiation therapist. This tool will participate not only to notify potential repositioning errors but also to further improve patient positioning for optimal treatment.

Keywords: accuracy, IGRT MVCT, image-guided radiotherapy megavoltage computed tomography, statistical analysis, tomotherapy, localization

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Authors: Eliane Abdo

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Small and medium sized firms “SMEs” play essential role in the countries’ economic development mainly in terms of production, employment and equitable distribution of income. For innovative SMEs, the investment in the human capital and in research and development are crucial to survive in a competitive environment. In this paper we perform a literature review to underline the financing difficulties and constraints which innovative SMEs face while investing in intangible assets: not only when defining amount of the investments but also while choosing its financing methods. Literature review revealed that in order to finance their intangible assets, SMEs rely in first on their internal financing: the availability of internal cash flows can then determine their investment’s decision. Moreover SMEs face difficulties to finance their intangibles by financial debts due to the uncertainty of future cash flow and the absence of physical guarantees; they will therefore go for the issuance of new shares as a second choice, since innovative companies have high opportunity of growth that attract new shareholders.

Keywords: small and medium sized firms, capital structure, intangible investment, financial constraints

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Authors: Ahmad Ghanem, Mohamad Yasin, Mona Abdel Rehim, Fabrice Gouanve, Eliane Espuche

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Biodegradable polymers are of great interest, especially for biomedical and packaging applications. Current research efforts are focused on the development of biopolymers with the purpose of reducing the plastic pollution induced by the widely used in biodegradable polyolefins. The main challenge is focused on the elaboration of biopolymers having properties competitive to those of polyolefins. On the other hand, graphene oxide (GO), a graphene derivative, is characterized by the presence of several functional groups on the surface such as carboxylic, hydroxyl and epoxide. This feature enables modification of GO surface with different modifiers to obtain versatile surface properties and overcome the problem of graphene sheets aggregations during inclusion in a polymer matrix. In this context, poly (butylene succinate) (PBS) as promising biopolyester is modified through blending with different ratios of functionalized (GO) to improve its barrier properties. Modification of GO has been carried out using different hyperbranched polymeric structures in order to increase miscibility of the nanosheets in the hosting polymeric matrix. Films have been prepared from the modified PBS and their mechanical, thermal and gas barrier properties were investigated. The results reveal enhancement in the thermal and mechanical properties beside observed improvement of the barrier properties for the films prepared from the modified PBS. This improvement is related to the strong dependence on tortuosity effects of dispersion, exfoliation levels of fillers into the polymer matrix and interactions between the fillers and the polymer matrix.

Keywords: gas barrier properties, graphene oxide, food packaging, transport properties

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Authors: Clotilde Guyon, Nada Jmari, Yen-Chin Li, Jean Denoyel, Noriyuki Fujikado, Christophe Blanchet, David Root, Matthieu Giraud

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Aire induces ectopic expression of a large repertoire of tissue-specific antigen (TSA) genes in thymic medullary epithelial cells (MECs), driving immunological self-tolerance in maturing T cells. Although important mechanisms of Aire-induced transcription have recently been disclosed through the identification and the study of Aire’s partners, the fine transcriptional functions underlied by a number of them and conferred to Aire are still unknown. Alternative cleavage and polyadenylation (APA) is an essential mRNA processing step regulated by the termination complex consisting of 85 proteins, 10 of them have been related to Aire. We evaluated APA in MECs in vivo by microarray analysis with mRNA-spanning probes and RNA deep sequencing. We uncovered the preference of Aire-dependent transcripts for short-3’UTR isoforms and for proximal poly(A) site selection marked by the increased binding of the cleavage factor Cstf-64. RNA interference of the 10 Aire-related proteins revealed that Clp1, a member of the core termination complex, exerts a profound effect on short 3’UTR isoform preference. Clp1 is also significantly upregulated in the MECs compared to 25 mouse tissues in which we found that TSA expression is associated with longer 3’UTR isoforms. Aire-dependent transcripts escape a global 3’UTR lengthening associated with MEC differentiation, thereby potentiating the repressive effect of microRNAs that are globally upregulated in mature MECs. Consistent with these findings, RNA deep sequencing of actinomycinD-treated MECs revealed the increased stability of short 3’UTR Aire-induced transcripts, resulting in TSA transcripts accumulation and contributing for their enrichment in the MECs.

Keywords: Aire, central tolerance, miRNAs, transcription termination

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Authors: Q. Giraud, J. Gonçalvès, B. Paris

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Remediation of dense non-aqueous phase liquids (DNAPLs) represents a challenging issue because of their persistent behaviour in the environment. This pilot-scale study investigates, by means of in situ experiments and numerical modelling, the feasibility of the pulsed pumping process of a large amount of a DNAPL in an alluvial aquifer. The main compound of the DNAPL is hexachlorobutadiene, an emerging organic pollutant. A low-permeability keyed enclosure was built at the location of the DNAPL source zone in order to isolate a finite undisturbed volume of soil, and a 3-month pulsed pumping process was applied inside the enclosure to exclusively extract the DNAPL. The water/DNAPL interface elevation at both the pumping and observation wells and the cumulated pumped volume of DNAPL were also recorded. A total volume of about 20m³ of purely DNAPL was recovered since no water was extracted during the process. The three-dimensional and multiphase flow simulator TMVOC was used, and a conceptual model was elaborated and generated with the pre/post-processing tool mView. Numerical model consisted of 10 layers of variable thickness and 5060 grid cells. Numerical simulations reproduce the pulsed pumping process and show an excellent match between simulated, and field data of DNAPL cumulated pumped volume and a reasonable agreement between modelled and observed data for the evolution of the water/DNAPL interface elevations at the two wells. This study offers a new perspective in remediation since DNAPL pumping system optimisation may be performed where a large amount of DNAPL is encountered.

Keywords: dense non-aqueous phase liquid (DNAPL), hexachlorobutadiene, in situ pulsed pumping, multiphase flow, numerical modelling, porous media

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Authors: Vania Helena Tonussi Vidal, Ester Eliane Jeunon

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This article aims to analyze the change processes of management related bureaucracy and learning organization model. The theoretical framework was based on Beer and Nohria (2001) model, identified as E and O Theory. Based on this theory the empirical research was conducted in connection with six key dimensions: goal, leadership, focus, process, reward systems and consulting. We used a case study of an educational Institution located in Barbacena, Minas Gerais. This traditional center of technical knowledge for long time adopted the bureaucratic way of management. After many changes in a business model, as the creation of graduate and undergraduate courses they decided to make a deep change in management model that is our research focus. The data were collected through semi-structured interviews with director, managers and courses supervisors. The analysis were processed by the procedures of Collective Subject Discourse (CSD) method, develop by Lefèvre & Lefèvre (2000), Results showed the incremental growing of management model toward a learning organization. Many impacts could be seeing. As negative factors we have: people resistance; poor information about the planning and implementation process; old politics inside the new model and so on. Positive impacts are: new procedures in human resources, mainly related to manager skills and empowerment; structure downsizing, open discussions channel; integrated information system. The process is still under construction and now great stimulus is done to managers and employee commitment in the process.

Keywords: bureaucracy, organizational learning, organizational change, E and O theory

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Authors: Manon Giraud, Francois-Damien Delapierre, Guenaelle Jasmin-Lebras, Cecile Feraudet-Tarisse, Stephanie Simon, Claude Fermon

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Early diagnosis or detection of harmful substances at low level is a growing field of high interest. The ideal test should be cheap, easy to use, quick, reliable, specific, and with very low detection limit. Combining the high specificity of antibodies-functionalized magnetic beads used to immune-capture biologic objects and the high sensitivity of a GMR-based sensors, it is possible to even detect these biologic objects one by one, such as a cancerous cell, a bacteria or a disease biomarker. The simplicity of the detection process makes its use possible even for untrained staff. Giant Magneto Resistance (GMR) is a recently discovered effect consisting in the electrical resistance modification of some conductive layers when exposed to a magnetic field. This effect allows the detection of very low variations of magnetic field (typically a few tens of nanoTesla). Magnetic nanobeads coated with antibodies targeting the analytes are mixed with a biological sample (blood, saliva) and incubated for 45 min. Then the mixture is injected in a very simple microfluidic chip and circulates above a GMR sensor that detects changes in the surrounding magnetic field. Magnetic particles do not create a field sufficient to be detected. Therefore, only the biological objects surrounded by several antibodies-functionalized magnetic beads (that have been captured by the complementary antigens) are detected when they move above the sensor. Proof of concept has been carried out on NS1 mouse cancerous cells diluted in PBS which have been bonded to magnetic 200nm particles. Signals were detected in cells-containing samples while none were recorded for negative controls. Binary response was hence assessed for this first biological model. The precise quantification of the analytes and its detection in highly diluted solution is the step now in progress.

Keywords: early diagnosis, giant magnetoresistance, lab-on-a-chip, submicron particle

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Authors: Jessica Pinheiro Silva, Brenda Rabello De Camargo, Daniel Gusmao De Morais, Eliane Ferreira Noronha

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The utilization of lignocellulosic biomass as source of polysaccharides for industrial applications requires an arsenal of enzymes with different mode of action able to hydrolyze its complex and recalcitrant structure. Clostridium thermocellum is gram-positive, thermophilic bacterium producing lignocellulosic hydrolyzing enzymes in the form of multi-enzyme complex, termed celulossomes. This complex has several hydrolytic enzymes attached to a large and enzymically inactive protein known as Cellulosome-integrating protein (CipA), which serves as a scaffolding protein for the complex produced. This attachment occurs through specific interactions between cohesin modules of CipA and dockerin modules in enzymes. The present work aims to construct celulosomes in vitro with the structural protein CipA, a xylanase called Xyn10D and a cellulose called CelJ from C.thermocellum. A mini-scafoldin was constructed from modules derived from CipA containing two cohesion modules. This was cloned and expressed in Escherichia coli. The other two genes were cloned under the control of the alcohol oxidase 1 promoter (AOX1) in the vector pPIC9 and integrated into the genome of the methylotrophic yeast Pichia pastoris GS115. Purification of each protein is being carried out. Further studies regarding enzymatic activity of the cellulosome is going to be evaluated. The cellulosome built in vitro and composed of mini-CipA, CelJ and Xyn10D, can be very interesting for application in industrial processes involving the degradation of plant biomass.

Keywords: cellulosome, CipA, Clostridium thermocellum, cohesin, dockerin, yeast

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Authors: Fátima Aparecida de Carvalho, Ester Eliane Jeunon

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This study addresses issues in the public service: motivation to work and organizational commitment. The goal of this research was to examine how it configures the motivation to work and organizational commitment of the technical and administrative effective staff of the School of Engineering at UFMG. For this purpose a descriptive research under a quantitative and qualitative approach has been performed. In the quantitative research it has been applied a questionnaire to all 146 technical and administrative institution effective staff, that configures a census research. This questionnaire was divided into three parts, the first one aimed at performing a socio-demographic survey of participants, the second one aimed to measure motivation and the third one aimed at measuring organizational commitment. The Bases Organizational Commitment Scale (EBACO) was used in the analysis of data obtained in the third part of the questionnaire. The qualitative research was conducted through interviews with 08 managers, with open-ended questions structured in an analysis category, thus contemplating the administrative structure of the School of Engineering. The results of the research revealed that there is no relevant difference between the hygiene and motivational indices, related to the staff´s gender and area of work. Nonetheless, it was observed higher motivational indices for staff with shorter duration of employment in the institution. Also, the results shown high organizational commitment of the staff with the institution, with a predominance of the component “Requirement for performance”, followed by commitments “Consistent line of activity”, “Affiliative” and “Affective”, which reached almost tge some average in this study. Finally the results showed that all commitment indices have positive moderated correlation to the motivational indices, except the “shortage of alternative” index.

Keywords: motivation to work, organizational commitment, public service, human resources

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Authors: Sílvia Pereira Mello, Eliane Rodrigues, Maria de Lourdes Andrade, Marcelo Pereira, Giselle Dias, Jose Seixas Filho

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Frog meat is a highly digestible food and its use is recommended in diets aimed at fighting cholesterol, obesity, and arterial hypertension, as well as for treating gastrointestinal disorders. In this study, the soups were developed with frog meat in addition to other ingredients which did not present allergenic potential. The carcasses of the thawed frogs went through bleaching and deboning, and other ingredients (vegetables and condiments) were then added to the separated meat. After the process of cooking, the soups were cooled and later on frozen at -40° C for 3 hours and then taken to the LS 3000 B lyophilizer for 24 hours. The soups were submitted to microbiological analysis: enumeration of total coliforms and Bacillus cereus; identification of coagulase positive Staphylococcus; isolation and identification of Salmonella spp.; and physical-chemical analysis; application of micro-Kjeldahl method for protein, Soxhlet method for lipids, use of a heating chamber at 105ºC for moisture, incineration method (500-550°C) for ash, and Decagon's Pawkit equipment for determining water activity. Acceptance test was performed with 50 elderly people, all between 60 and 85 years of age. The degree of acceptance was demonstrated using a seven points structured hedonic scale in which the taster expressed their impression towards the product. Results of the microbiological analysis showed that all samples met the standards established by the National Health Surveillance Agency of Brazil (ANVISA). Results of the acceptance test indicated that all the soups were accepted considering overall impression and intended consumption. In addition to its excellent nutritional quality, the dehydrated soups made with frog meat are presented as a solution for consumers due to convenience in preparation, consumption and storage.

Keywords: bacteriological quality, lithobates catesbeianus, instant soup, proximate composition, sensory analysis

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Authors: Eliane Ferreira da Silva

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This paper aims to mobilize and sensitize public administration leaders to good practices and encourage investment in the PV system in Brazil. It presents a case study methodology for dimensioning the PV system in the roofs of the public buildings of the Esplanade of the Ministries, Brasilia, capital of the country, with predefined resources, starting with the Sustainable Esplanade Project (SEP), of the exponential growth of photovoltaic solar energy in the world and making a comparison with the solar power plant of the Ministry of Mines and Energy (MME), active since: 6/10/2016. In order to do so, it was necessary to evaluate the energy efficiency of the buildings in the period from January 2016 to April 2017, (16 months) identifying the opportunities to reduce electric energy expenses, through the adjustment of contracted demand, the tariff framework and correction of existing active energy. The instrument used to collect data on electric bills was the e-SIC citizen information system. The study considered in addition to the technical and operational aspects, the historical, cultural, architectural and climatic aspects, involved by several actors. Identifying the reductions of expenses, the study directed to the following aspects: Case 1) economic feasibility for exchanges of common lamps, for LED lamps, and, Case 2) economic feasibility for the implementation of photovoltaic solar system connected to the grid. For the case 2, PV*SOL Premium Software was used to simulate several possibilities of photovoltaic panels, analyzing the best performance, according to local characteristics, such as solar orientation, latitude, annual average solar radiation. A simulation of an ideal photovoltaic solar system was made, with due calculations of its yield, to provide a compensation of the energy expenditure of the building - or part of it - through the use of the alternative source in question. The study develops a methodology for public administration, as a major consumer of electricity, to act in a responsible, fiscalizing and incentive way in reducing energy waste, and consequently reducing greenhouse gases.

Keywords: energy efficiency, esplanade of ministries, photovoltaic solar energy, public buildings, sustainable building

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Authors: Eliane Cristina De Carvalho Mendoza Meza

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The Brazilian Federal Constitution from 1988 innovated with decentralized management, sharing the decision process among the federal government, states, and municipality (federalism). This innovation gave the opportunity to the civil society participates in the public policy agenda, including the municipal one; the state recognized that new actors were needed now it has been one more actor and not the only one. It was in this context that the woman’s Policy Secretaries were created in the three levels of government: federal, state and municipal. It intend to reduce the historical and social differences between men and women, especially in the poorest municipalities, working in a network basis with other secretaries, governmental institutions and non-governmental organizations to promote actions that can result in benefits and empowerment for women. In addition, they promote actions to protect them from domestic violence and to help them to learn how generate income. It was not a calm process, women have been fighting for their rights since the 1970s and despite the gender equality was recognized in the Federal Constitution of 1988, just in 2013 it was possible to see a real growth in the creation of municipal Women’s Policy Secretary. In 2009, just 6.5% of the cities in Brazil had implemented the Secretary; in 2013, it was 11%. The municipality realized that the gender issue was in reality a public problem, so the municipal agenda incorporated it and transformed in public policy, creating the municipal Women’s Policy Secretary. The introduction of a gender policy in Brazilian municipalities shows us that the female citizens are treated as political subjects and it is the first step to try to compensate inequality between men and women in the local level. It becomes more important when the Brazilian federalism is analyzed. In Brazil, the federal government controls the municipalities’ budgets to implement federal public policies and others federal interests, so having a public policy of gender approved by the actors in the local government with so little freedom to manage is something very important. It is necessary mark some points: taking a gender policy to the poorest cities is a form to protect all citizens with no distinction, men and women, as recommended in the Federal Constitution; not all problems in a city center in the municipal agenda, this only happens when a problem is perceived as an issue, it means the women situation was perceived as important, so that it became a public policy; at least, the gender public policy intend to emancipate and contemplate the empowerment of women.

Keywords: federalism, gender, municipal agenda, social participation

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Authors: Michelle Eliane Hernández-García, Angélica Lozano

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The traffic accidents study usually contemplates the relation between factors such as the type of vehicle, its operation, and the road infrastructure. Traffic accidents can be explained by different factors, which have a greater or lower relevance. Two zones are studied, a mixed industrial zone and the extended zone of it. The first zone has mainly residential (57%), and industrial (23%) land uses. Trucks are mainly on the roads where industries are located. Four sensors give information about traffic and speed on the main roads. The extended zone (which includes the first zone) has mainly residential (47%) and mixed residential (43%) land use, and just 3% of industrial use. The traffic mix is composed mainly of non-trucks. 39 traffic and speed sensors are located on main roads. The traffic mix in a mixed land use zone, could be related to traffic accidents. To understand this relation, it is required to identify the elements of the traffic mix which are linked to traffic accidents. Models that attempt to explain what factors are related to traffic accidents have faced multiple methodological problems for obtaining robust databases. Poisson regression models are used to explain the accidents. The objective of the Poisson analysis is to estimate a vector to provide an estimate of the natural logarithm of the mean number of accidents per period; this estimate is achieved by standard maximum likelihood procedures. For the estimation of the relation between traffic accidents and the traffic mix, the database is integrated of eight variables, with 17,520 observations and six vectors. In the model, the dependent variable is the occurrence or non-occurrence of accidents, and the vectors that seek to explain it, correspond to the vehicle classes: C1, C2, C3, C4, C5, and C6, respectively, standing for car, microbus, and van, bus, unitary trucks (2 to 6 axles), articulated trucks (3 to 6 axles) and bi-articulated trucks (5 to 9 axles); in addition, there is a vector for the average speed of the traffic mix. A Poisson model is applied, using a logarithmic link function and a Poisson family. For the first zone, the Poisson model shows a positive relation among traffic accidents and C6, average speed, C3, C2, and C1 (in a decreasing order). The analysis of the coefficient shows a high relation with bi-articulated truck and bus (C6 and the C3), indicating an important participation of freight trucks. For the expanded zone, the Poisson model shows a positive relation among traffic accidents and speed average, biarticulated truck (C6), and microbus and vans (C2). The coefficients obtained in both Poisson models shows a higher relation among freight trucks and traffic accidents in the first industrial zone than in the expanded zone.

Keywords: freight transport, industrial zone, traffic accidents, traffic mix, trucks

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Authors: Eliane G. Tótoli, Hérida Regina N. Salgado

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Daptomycin is an important antimicrobial agent used in clinical practice nowadays, since it is very active against some Gram-positive bacteria that are particularly challenges for the medicine, such as methicillin-resistant Staphylococcus aureus (MRSA) and vancomycin-resistant Enterococci (VRE). The importance of environmental preservation has receiving special attention since last years. Considering the evident need to protect the natural environment and the introduction of strict quality requirements regarding analytical procedures used in pharmaceutical analysis, the industries must seek environmentally friendly alternatives in relation to the analytical methods and other processes that they follow in their routine. In view of these factors, green analytical chemistry is prevalent and encouraged nowadays. In this context, infrared spectroscopy stands out. This is a method that does not use organic solvents and, although it is formally accepted for the identification of individual compounds, also allows the quantitation of substances. Considering that there are few green analytical methods described in literature for the analysis of daptomycin, the aim of this work was the development and validation of a green analytical method for the quantification of this drug in lyophilized powder for injectable solution, by Fourier-transform infrared spectroscopy (FT-IR). Method: Translucent potassium bromide pellets containing predetermined amounts of the drug were prepared and subjected to spectrophotometric analysis in the mid-infrared region. After obtaining the infrared spectrum and with the assistance of the IR Solution software, quantitative analysis was carried out in the spectral region between 1575 and 1700 cm-1, related to a carbonyl band of the daptomycin molecule, and this band had its height analyzed in terms of absorbance. The method was validated according to ICH guidelines regarding linearity, precision (repeatability and intermediate precision), accuracy and robustness. Results and discussion: The method showed to be linear (r = 0.9999), precise (RSD% < 2.0), accurate and robust, over a concentration range from 0.2 to 0.6 mg/pellet. In addition, this technique does not use organic solvents, which is one great advantage over the most common analytical methods. This fact contributes to minimize the generation of organic solvent waste by the industry and thereby reduces the impact of its activities on the environment. Conclusion: The validated method proved to be adequate to quantify daptomycin in lyophilized powder for injectable solution and can be used for its routine analysis in quality control. In addition, the proposed method is environmentally friendly, which is in line with the global trend.

Keywords: daptomycin, Fourier-transform infrared spectroscopy, green analytical chemistry, quality control, spectrometry in IR region

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Authors: Eliane Abdo, Olivier Colot

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SMEs are always considered as a national priority due to their contribution to job creation, innovation and growth. Once the start-up phase is crossed with encouraging results, the company enters the phase of growth. In order to improve its competitiveness, maintain and increase its market share, the company is in the necessity even the obligation to develop its tangible and intangible investments. SMEs are generally closed companies with special and critical financial situation, limited resources and difficulty to access the capital markets; their shareholders are always living in a conflict between their independence and their need to increase capital that leads to the entry of new shareholder. The capital structure was always considered the core of research in corporate finance; moreover, the financial crisis and its repercussions on the credit’s availability, especially for SMEs make SME financing a hot topic. On the other hand, financial theories do not provide answers to capital structure’s questions; they offer tools and mode of financing that are more accessible to larger companies. Yet, SME’s capital structure can’t be independent of their governance structure. The classic financial theory supposes independence between the investment decision and the financing decision. Thus, investment determines the volume of funding, but not the split between internal or external funds. In this context, we find interesting to study the hypothesis that SMEs respond positively to the financial theories applied to large firms and to check if they are constrained by conventional solutions used by large companies. In this context, this research focuses on the analysis of the resource’s structure of SME in parallel with their investments’ structure, in order to highlight a link between their assets and liabilities structure. We founded our conceptual model based on two main theoretical frameworks: the Pecking order theory, and the Trade Off theory taking into consideration the SME’s characteristics. Our data were generated from DIANE database. Five hypotheses were tested via a panel regression to understand the type of dependence between the financing methods of 3,244 French SMEs and the development of their investment over a period of 10 years (2007-2016). The results show dependence between equity and internal financing in case of intangible investments development. Moreover, this type of business is constraint to financial debts since the guarantees provided are not sufficient to meet the banks' requirements. However, for tangible investments development, SMEs count sequentially on internal financing, bank borrowing, and new shares issuance or hybrid financing. This is compliant to the Pecking Order Theory. We, therefore, conclude that unlisted SMEs incur more financial debts to finance their tangible investments more than their intangible. However, they always prefer internal financing as a first choice. This seems to be confirmed by the assumption that the profitability of the company is negatively related to the increase of the financial debt. Thus, the Pecking Order Theory predictions seem to be the most plausible. Consequently, SMEs primarily rely on self-financing and then go, into debt as a priority to finance their financial deficit.

Keywords: capital structure, investments, life cycle, pecking order theory, trade off theory

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