Taux de marge et structure financière
AbstractThis 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 InfoArticle provided by ENSAE in its journal Annals of Economics and Statistics.
Volume (Year): (1999)
Issue (Month): 53 ()
Other versions of this item:
- Jean-Bernard Chatelain, 1999. "Taux de marge et structure financière," UniversitÃ© Paris1 PanthÃ©on-Sorbonne (Post-Print and Working Papers) halshs-00118639, HAL.
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