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L’endettement affecte-t-il la profitabilité? Le cas des firmes agro-alimentaires françaises

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  • Kebewar, Mazen

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). -- This article aims to expand existing empirical knowledge on the impact of debt level on profitability of companies. We analyze a sample of 568 unlisted French companies (Agro-food sector) spanning over a period of 1999 to 2006. We show, by using the generalized method of moments (GMM), that debt affects negatively on the profitability, but this effect is negligible and sometimes insignificant according to the ratio of profitability used (Prof1, Prof2 or ROA). Furthermore, we find existence of non-linear relationship (concave curve) between level of debt and profitability, but this non-linear impact is validated only in the case of very small enterprises.

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File URL: http://econstor.eu/bitstream/10419/73691/1/L%E2%80%99endettement%20affecte-t-il%20la%20profitabilit%C3%A9%20Le%20cas%20des%20firmes%20agro-alimentaires%20fran%C3%A7aises.pdf
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Bibliographic Info

Paper provided by ZBW - German National Library of Economics in its series EconStor Preprints with number 73691.

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Date of creation: 2012
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Handle: RePEc:zbw:esprep:73691

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Keywords: Données de panel; Endettement; GMM; Profitabilité;

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References

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  1. Margaritis, Dimitris & Psillaki, Maria, 2010. "Capital structure, equity ownership and firm performance," Journal of Banking & Finance, Elsevier, vol. 34(3), pages 621-632, March.
  2. Christopher F. Baum & Dorothea Schäfer & Oleksandr Talavera, 2006. "The Effects of Short-Term Liabilities on Profitability: The Case of Germany," Discussion Papers of DIW Berlin 635, DIW Berlin, German Institute for Economic Research.
  3. Marc Deloof, 2003. "Does Working Capital Management Affect Profitability of Belgian Firms?," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 30(3-4), pages 573-588.
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  7. Mazen Kebewar, 2013. "La structure du capital et la profitabilité : Une étude empirique sur données de panel françaises," Working Papers hal-00751211, HAL.
  8. 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.
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  11. Mazen Kebewar, 2012. "La structure du capital et la profitabilité : Une étude empirique sur données françaises en panel," Working Papers halshs-00826530, HAL.
  12. Christopher F. Baum & Dorothea Schäfer & Oleksandr Talavera, 2006. "The Effects of Short-Term Liabilities on Profitability: A Comparison of German and US Firms," Boston College Working Papers in Economics 636, Boston College Department of Economics, revised 14 Apr 2007.
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  14. Berger, Allen N. & Bonaccorsi di Patti, Emilia, 2006. "Capital structure and firm performance: A new approach to testing agency theory and an application to the banking industry," Journal of Banking & Finance, Elsevier, vol. 30(4), pages 1065-1102, April.
  15. R Blundell & Steven Bond, . "Initial conditions and moment restrictions in dynamic panel data model," Economics Papers W14&104., Economics Group, Nuffield College, University of Oxford.
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  17. Dimitris Margaritis & Maria Psillaki, 2007. "Capital Structure and Firm Efficiency," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 34(9-10), pages 1447-1469.
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