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The purpose of this article is to study the manner in which firms promote a risk management adapted to current economic changes, while shifting from an old challenge (the role of indebtedness in maximizing firm value) to a new one: financial fragility and vulnerability to crises. Our premises were: on the one hand, in the context of major imbalances, an increase in debt financing amplifies risks, causing firms to become more financially fragile; on the other hand, internal financing, being moredoi:10.2507/23rd.daaam.proceedings.186 fatcat:tnsuyxwyrjhhffhpbitne7cm2a