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Stratégies de diversification et structure du capital

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  • Florence André-Le Pogamp

    ()
    (Université de Rennes 1)

  • Frédéric Perdreau

    (Université de Rennes 1)

Abstract

(VF)Cet article propose un modèle de la structure financière qui intègre la stratégie de diversification dans ses deux dimensions (géographique et industrielle). Les effets de ces stratégies sur l’endettement des firmes sont, comme le montre une revue de la littérature, multiples et parfois contradictoires. Un modèle à changement de régime est mis en oeuvre sur un échantillon d’entreprises françaises. Celui-ci permet d’étudier l’impact de la stratégie suivie sur les principales variables explicatives de la structure financière. Les résultats montrent que la prise en compte de la stratégie améliore significativement la qualité du modèle explicatif de la structure financière.(VA)This paper proposes a capital structure model taking into account corporate diversification strategies. A switching regression model allows for the study of the effect of dependant variables on capital structure depending on the strategies followed by the firms. The evidence shows that accounting for strategy significantly enhances the quality of the model. The evidence also reveals possible agency costs associated with industrial diversification, whereas industrially focused firms, even internationally diversified, are not associated with such costs.

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File URL: http://leg2.u-bourgogne.fr/rev/124038.pdf
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Bibliographic Info

Article provided by revues.org in its journal Revue Finance Contrôle Stratégie.

Volume (Year): 12 (2009)
Issue (Month): 4 (December)
Pages: 5-38

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Handle: RePEc:dij:revfcs:v:12:y:2009:i:q4:p:5-38.

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Related research

Keywords: structure financière; stratégies de diversification; régression à changement de régime; coûts d’agence; capital structure; diversification strategies; switching regressions; agency costs.;

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