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Les déterminants du niveau d'endettement de l'entreprise: une analyse de séries chronologiques constituées à partir des données contenues dans les déclarations de revenus produites aux États†Unis

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  • MICHAEL S. H. SHIH

Abstract

Résumé. L'auteur examine comment le risque d'épuisement des obligations fiscales des sociétés avant la déduction des intérêts débiteurs influe sur leur niveau d'endettement. L'étude diffère des travaux précédents sous trois aspects: 1) elle fait usage de données compilées par l'Internal Revenue Service (IRS) à partir des déclarations de revenus des sociétés plutôt que de données comptables; 2) elle mesure le risque d'épuisement de l'impôt avec plus de précision; et 3) elle fait appel à une méthode reposant sur les séries chronologiques et le calcul des différences d'ordre 1, de sorte que les sociétés servent d'élément d'autocontrôle entre années successives. Ces innovations méthodologiques réduisent les distorsions attribuables à l'erreur de mesure et aux variables omises que l'on retrouvait dans les travaux précédents. Les résultats donnent à penser que, toutes choses étant égales par ailleurs, le risque élevé d'épuisement de l'impôt amène les sociétés à réduire leur utilisation du levier financier. L'étude fournit également des données confirmant pour la première fois que les impôts des particuliers influent de manière sensible sur le niveau d'endettement des sociétés. Les effets des décisions relatives au niveau d'endettement sur d'autres variables font également l'objet de tests dont les résultats confirment les prévisions énoncées dans les travaux théoriques précédents.

Suggested Citation

  • Michael S. H. Shih, 1996. "Les déterminants du niveau d'endettement de l'entreprise: une analyse de séries chronologiques constituées à partir des données contenues dans les déclarations de revenus produites aux États†U," Contemporary Accounting Research, John Wiley & Sons, vol. 13(2), pages 505-526, September.
    • Handle: RePEc:wly:coacre:v:13:y:1996:i:2:p:505-526
    DOI: 10.1111/j.1911-3846.1996.tb00513.x
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    References listed on IDEAS

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