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L'Endettement Affecte-T-Il La Profitabilité? Le Cas Des Firmes Agro-Alimentaires Françaises

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  • Mazen Kebewar

    ()
    (LEO - Laboratoire d'économie d'Orleans - CNRS : UMR7322 - Université d'Orléans)

Abstract

Cet article a pour objectif d'élargir le champ de la connaissance empirique sur l'impact de l'endettement sur la profitabilité des entreprises. Nous analysons un échantillon de 568 entreprises françaises non cotées, de secteur d'Agro-alimentaires, observées sur la période entre 1999 et 2006. Nous montrons, en utilisant la méthode des moments généralisée (GMM), que l'endettement affecte négativement sur la profitabilité, mais cet effet est faible et parfois non significatif selon le ratio de profitabilité utilisé (Prof1, Prof2 ou ROA). De plus, nous trouvons une relation non linéaire (une courbe concave) de l'impact de la dette sur la profitabilité, mais, cet impact non linéaire n'est significatif que dans les toutes petites entreprises (TPE).

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Bibliographic Info

Paper provided by HAL in its series Working Papers with number halshs-00756972.

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Date of creation: 24 Nov 2012
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Handle: RePEc:hal:wpaper:halshs-00756972

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Keywords: Endettement; profitabilité; données de panel; GMM;

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References

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  1. Mazen Kebewar, 2012. "La structure du capital et la profitabilité : Une étude empirique sur données de panel françaises," Working Papers hal-00751212, HAL.
  2. Kebewar, Mazen, 2012. "L’impact de l’endettement sur la profitabilité. Une étude empirique sur données françaises en panel," EconStor Preprints 73692, ZBW - German National Library of Economics.
  3. Richard Blundell & Steve Bond, 1995. "Initial conditions and moment restrictions in dynamic panel data models," IFS Working Papers W95/17, Institute for Fiscal Studies.
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  6. Kebewar, Mazen, 2012. "La structure du capital et la profitabilité : Une étude empirique sur données françaises en panel," EconStor Preprints 73559, ZBW - German National Library of Economics.
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  15. Christopher F. Baum & Dorothea Schaefer & Oleksandr Talavera, 2007. "The Effects of Short-Term Liabilities on Profitability: The Case of Germany," Money Macro and Finance (MMF) Research Group Conference 2006 61, Money Macro and Finance Research Group.
  16. Paulo J. Ma��s Nunes & Zélia M. Serrasqueiro & Tiago N. Sequeira, 2007. "Profitability in Portuguese service industries: a panel data approach," The Service Industries Journal, Taylor & Francis Journals, vol. 29(5), pages 693-707, May.
  17. Francesco Nucci & Alberto F. Pozzolo & Fabiano Schivardi, 2005. "Is Firm's Productivity Related to its Financial Structure? Evidence from Microeconomic Data," Rivista di Politica Economica, SIPI Spa, vol. 95(1), pages 269-290, January-F.
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