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

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  • Kebewar, Mazen

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 -- 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 ZBW - German National Library of Economics in its series EconStor Preprints with number 73559.

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Date of creation: 2012
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Handle: RePEc:zbw:esprep:73559

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

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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
    [The impact of debt on profitability: An empirical study on French data panel]
    ," MPRA Paper 42579, University Library of Munich, Germany.
  2. Kebewar, Mazen, 2013. "La structure du capital et la profitabilité: le cas des entreprises industrielles françaises," EconStor Preprints 73188, ZBW - German National Library of Economics.
  3. Mazen Kebewar, 2013. "The effect of debt on corporate profitability : Evidence from French service sector," Papers 1301.0072, arXiv.org, revised Mar 2014.
  4. 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.
  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. Kebewar, Mazen, 2012. "L’endettement affecte-t-il la profitabilité? Le cas des firmes agro-alimentaires françaises," EconStor Preprints 73691, ZBW - German National Library of Economics.

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