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La structure du capital et la profitabilité : Une étude empirique sur données françaises en panel

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  • Mazen Kebewar

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

Abstract

L'objectif de cet article est d'analyser l'impact de la structure du capital sur la profitabilité. Cet impact peut être expliqué par trois théories essentielles: la théorie du signal, l'influence de la fiscalité et la théorie de l'agence. Nous montrons, à partir d'un échantillon de 9136 entreprises réparties sur sept secteurs prises sur la période 1999-2006, à l'aide d'une étude sur panel dynamique en utilisant la méthode des moments généralisée (GMM), qu'il y a une hétérogénéité des comportements entre les secteurs en ce qui concerne l'effet de la structure du capital sur la profitabilité. L'analyse empirique a permis de distinguer trois groupes différents de secteurs: pour le premier groupe (l'industrie, l'énergie et le service), la structure du capital n'a aucune incidence sur la profitabilité. Le deuxième groupe ne contient que le secteur de transport, c'est le groupe où l'endettement affecte négativement la profitabilité de manière linéaire. Le dernier groupe (l'agro alimentaire, la construction et le commerce) se caractérise par la présence d'un effet négatif de façon linéaire et non linéaire.

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Bibliographic Info

Paper provided by HAL in its series Working Papers with number halshs-00826530.

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Date of creation: 05 Jul 2012
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Handle: RePEc:hal:wpaper:halshs-00826530

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Related research

Keywords: Structure du capital; profitabilité; GMM; données de panel.;

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Cited by:
  1. Kebewar, Mazen, 2012. "La structure du capital et la profitabilité : Le cas des entreprises industrielles françaises
    [Capital structure and profitability : The case of French industrial firms]
    ," MPRA Paper 42899, University Library of Munich, Germany.
  2. Mazen Kebewar, 2013. "The effect of debt on corporate profitability : Evidence from French service sector," Papers 1301.0072, arXiv.org, revised Mar 2014.
  3. Kebewar, mazen, 2012. "L’Endettement Affecte-T-Il La Profitabilité? Le Cas Des Firmes Agro-Alimentaires Françaises
    [Does Debt Affect Profitability? The Case Of French Agro-Food Firms]
    ," MPRA Paper 42834, University Library of Munich, Germany.
  4. Mazen Kebewar, 2012. "L'Impact De L'Endettement Sur La Profitabilité Une Étude Empirique Sur Données Françaises En Panel," Working Papers halshs-00749685, HAL.
  5. Kebewar, Mazen & Shah, Syed Muhammad Noaman Ahmed, 2013. "The effect of debt on corporate profitability: Evidence from French service sector," EconStor Preprints 73556, ZBW - German National Library of Economics.
  6. Kebewar, mazen & SHAH, Syed Muhammad Noaman Ahmed, 2012. "The effect of debt on corporate profitability: Evidence from French service sector," MPRA Paper 43304, University Library of Munich, Germany.

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