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


  • Mazen Kebewar

    () (Laboratoire d'Economie d'Orléans - LEO - Laboratoire d'économie d'Orleans - UO - Université d'Orléans - CNRS - Centre National de la Recherche Scientifique)


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.

Suggested Citation

  • Mazen Kebewar, 2012. "La structure du capital et la profitabilité : Une étude empirique sur données françaises en panel," Working Papers halshs-00826530, HAL.
  • Handle: RePEc:hal:wpaper:halshs-00826530
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    References listed on IDEAS

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    Cited by:

    1. Kebewar, mazen, 2012. "L’Endettement Affecte-T-Il La Profitabilité? Le Cas Des Firmes Agro-Alimentaires Françaises
      [Does Debt Affect Profitability? The Case Of French Agro-Food Firms]
      ," MPRA Paper 42834, University Library of Munich, Germany.
    2. 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.
    3. Mazen Kebewar, 2012. "L'Impact De L'Endettement Sur La Profitabilité Une Étude Empirique Sur Données Françaises En Panel," Working Papers halshs-00749685, HAL.
    4. Kebewar, Mazen & Shah, Syed Muhammad Noaman Ahmed, 2013. "The effect of debt on corporate profitability: Evidence from French service sector," EconStor Preprints 73556, ZBW - German National Library of Economics.
    5. Mazen Kebewar, 2013. "The effect of Debt on Corporate Profitability :Evidence from French Service Sector," Brussels Economic Review, ULB -- Universite Libre de Bruxelles, vol. 56(1), pages 43-59.
    6. Mazen Kebewar, 2012. "La structure du capital et la profitabilité : Le cas des entreprises industrielles françaises," Working Papers halshs-00758410, HAL.
    7. 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.

    More about this item


    données de panel; Structure du capital; profitabilité; GMM; données de panel.; Capital structure; Profitability; panel data.;

    JEL classification:

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

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