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La structure du capital et la profitabilité : Le cas des entreprises industrielles françaises

Author

Listed:
  • Mazen Kebewar

    (LEO - Laboratoire d'Économie d'Orleans [UMR7322] - UO - Université d'Orléans - UT - Université de Tours - CNRS - Centre National de la Recherche Scientifique)

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. A sample of 1846 French industrial firms are taken over the period 1999-2006, as a dynamic panel study by using the generalized method of moments (GMM). We show that capital structure has no influence on the profitability of French firms, regardless the size of the company.

Suggested Citation

  • Mazen Kebewar, 2012. "La structure du capital et la profitabilité : Le cas des entreprises industrielles françaises," Working Papers halshs-00758410, HAL.
    • Handle: RePEc:hal:wpaper:halshs-00758410
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00758410
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    Keywords

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    JEL classification:

    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models

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