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

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  • Kebewar, mazen

Abstract

The objective of this article is to analyze the impact of capital structure on profitability. This impact can be explained by three essential theories: signaling theory, tax theory and the agency costs theory. From a sample of 9136 firms distributed on seven sectors taken over the period 1999-2006 by means of a study on dynamic panel by using the generalized method of moments (GMM), we show that there exists heterogeneity of behavior between sectors regarding the impact of capital structure on profitability. The empirical analysis allowed us to distinguish three different groups of sectors: for the first group (industry, energy and service), the capital structure has no impact on profitability. The second group, containing only the transport sector, is the group where the debt affects negatively the profitability in a linear way. The last group (agro-food, construction and trade) is characterized by the presence of a negative effect in a linear and nonlinear way.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 42446.

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Date of creation: 10 Jun 2012
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Handle: RePEc:pra:mprapa:42446

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Keywords: Capital structure; Profitability; GMM; panel data;

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References

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Citations

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Cited by:
  1. 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.
  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. Mazen Kebewar & Ahmed Shah Syed Muhammad Noaman, 2013. "The effect of debt on corporate profitability Evidence from French service sector," Working Papers halshs-00825178, HAL.
  4. 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.
  5. 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.
  6. Mazen Kebewar, 2012. "L'Endettement Affecte-T-Il La Profitabilité? Le Cas Des Firmes Agro-Alimentaires Françaises," Working Papers halshs-00756972, HAL.

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