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L'incidence de la fiscalité sur l'évolution des structures d’endettement des entreprises françaises - The incidence of the corporate income taxes on the evolution of capital structure

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Author Info
Evelyne Poincelot () (Université de Bourgogne)

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Abstract

(VF) L’objectif principal de l’article est de déterminer l'incidence de la fiscalité sur l’évolution des structures d’endettement des entreprises françaises sur la période 1988-1998. Nous souhaitons vérifier le conditionnement externe de la structure d’endettement, en traitant de l'influence directe de la fiscalité puis de son influence indirecte en étudiant le rôle de la variable fiscale sur les déterminants “traditionnels” de la structure de financement. Nous développons en conclusion une piste de recherche pour expliquer que des entreprises présentent une évolution de la structure financière contraire ou atténuée par rapport à la tendance générale.(VA)The principal purpose of this paper is to determine the incidence of the corporate income taxes which explains directly or indirectly (with an incidence on the traditional variables of the determination of capital structures) the global evolution of capital structures of french firms over the period 1988 and 1998. We provide too the possible reason which justifies why some firms have an evolution of capital structure in the opposite direction or in attenuated way in comparison with the general tendency.

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Publisher Info
Paper provided by Université de Bourgogne - LEG/Fargo (Research center in Finance,organizational ARchitecture and GOvernance) in its series Working Papers FARGO with number 1040901.

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Length: 15 pages
Date of creation: Jan 2004
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Publication status: published in French,in Revue Sciences de Gestion,n° 37,2004
Handle: RePEc:dij:wpfarg:1040901

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Postal: 2 Bd Gabriel, BP 26611, 21066 Dijon Cedex, France
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Postal: Gérard Charreaux, Fargo-Latec, Université de Bourgogne 2 Bd Gabriel, BP 26611, 21066 Dijon Cedex, France

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Related research
Keywords: structure de financement endettement fiscalité

Find related papers by JEL classification:
G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Myers, Stewart C. & Majluf, Nicolás S., 1945-, 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Working papers 1523-84., Massachusetts Institute of Technology (MIT), Sloan School of Management. [Downloadable!]
  2. Berger, Philip G & Ofek, Eli & Yermack, David L, 1997. " Managerial Entrenchment and Capital Structure Decisions," Journal of Finance, American Finance Association, vol. 52(4), pages 1411-38, September. [Downloadable!] (restricted)
    Other versions:
  3. Laurence Booth, 2001. "Capital Structures in Developing Countries," Journal of Finance, American Finance Association, vol. 56(1), pages 87-130, 02. [Downloadable!] (restricted)
    Other versions:
  4. Zwiebel, Jeffrey, 1996. "Dynamic Capital Structure under Managerial Entrenchment," American Economic Review, American Economic Association, vol. 86(5), pages 1197-1215, December. [Downloadable!] (restricted)
  5. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June. [Downloadable!] (restricted)
  6. Myers, Stewart C, 1984. " The Capital Structure Puzzle," Journal of Finance, American Finance Association, vol. 39(3), pages 575-92, July. [Downloadable!] (restricted)
  7. Raghuram G. Rajan & Luigi Zingales, 1994. "What Do We Know About Capital Structure? Some Evidence from International Data," NBER Working Papers 4875, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  8. DeAngelo, Harry & Masulis, Ronald W., 1980. "Optimal capital structure under corporate and personal taxation," Journal of Financial Economics, Elsevier, vol. 8(1), pages 3-29, March. [Downloadable!] (restricted)
  9. Myers, Stewart C., 1984. "Capital structure puzzle," Working papers 1548-84., Massachusetts Institute of Technology (MIT), Sloan School of Management. [Downloadable!]
  10. Gérard Charreaux, 1996. "Vers une théorie du gouvernement des entreprises," Working Papers FARGO 0960501, Université de Bourgogne - LEG/Fargo (Research center in Finance,organizational ARchitecture and GOvernance). [Downloadable!]
  11. Stewart C. Myers, 1984. "Capital Structure Puzzle," NBER Working Papers 1393, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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