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

  • Mazen Kebewar

    ()

    (LEO - Laboratoire d'économie d'Orleans - CNRS : UMR7322 - Université d'Orléans, University of Aleppo, Faculty of Economics - Department of Statistics and Management Information Systems)

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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Date of creation: 12 Nov 2012
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Handle: RePEc:hal:wpaper:hal-00751212
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