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Taux de marge et structure financière

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  • Jean-Bernard CHATELAIN

Abstract

This paper shows that the firm markup, capital and the expected rate of capacity utilisation depend on its financial structure (debt/equity ratio) when irreversible investment faces uncertainty and when there is asymmetric information between the entrepreneur and lenders. Mark-up depends positively on the probability of excess demand and therefore negatively on capital. Capital increases with the markup/cost of capital ratio. A finance constraint on capital increases the probability of excess demand. Simultaneously it increases the mark-up which lower demand, so that it limits the rise of the probability of excess demand.

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Bibliographic Info

Article provided by ENSAE in its journal Annals of Economics and Statistics.

Volume (Year): (1999)
Issue (Month): 53 ()
Pages: 127-147

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Handle: RePEc:adr:anecst:y:1999:i:53:p:06

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  1. Bernanke, Ben & Gertler, Mark & Gilchrist, Simon, 1996. "The Financial Accelerator and the Flight to Quality," The Review of Economics and Statistics, MIT Press, vol. 78(1), pages 1-15, February.
  2. Fazzari, Steven M & Hubbard, R Glenn & Petersen, Bruce C, 1988. "Investment, Financing Decisions, and Tax Policy," American Economic Review, American Economic Association, vol. 78(2), pages 200-205, May.
  3. Klemperer, Paul, 1987. "Markets with Consumer Switching Costs," The Quarterly Journal of Economics, MIT Press, vol. 102(2), pages 375-94, May.
  4. Kahn, James A, 1987. "Inventories and the Volatility of Production," American Economic Review, American Economic Association, vol. 77(4), pages 667-79, September.
  5. Rotemberg, Julio J & Saloner, Garth, 1986. "A Supergame-Theoretic Model of Price Wars during Booms," American Economic Review, American Economic Association, vol. 76(3), pages 390-407, June.
  6. Sneessens, Henri R., 1987. "Investment and the inflation-unemployment tradeoff in a macroeconomic rationing model with monopolistic competition," European Economic Review, Elsevier, vol. 31(3), pages 781-808, April.
  7. Omar LICANDRO, 1992. "Q Investment Models, Factor Complementarity and Monopolistic Competition," Discussion Papers (REL - Recherches Economiques de Louvain) 1992014, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  8. A Brandolini, 1993. "In Search of a Stylised Fact: Do Real Wages Exhibit a Consistent Pattern of Cyclical Variability?," CEP Discussion Papers dp0112, Centre for Economic Performance, LSE.
  9. Kahn, James A, 1992. "Why Is Production More Volatile Than Sales? Theory and Evidence on the Stockout-Avoidance Motive for Inventory-Holding," The Quarterly Journal of Economics, MIT Press, vol. 107(2), pages 481-510, May.
  10. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
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