IDEAS home Printed from https://ideas.repec.org/p/zbw/esprep/73188.html
   My bibliography  Save this paper

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

Author

Listed:
  • Kebewar, Mazen

Abstract

L’objectif de cet article est d’analyser l’impact de la structure du capital sur la profitabilité. Nous montrons, à partir d’un échantillon de 1846 entreprises industrielles françaises prises sur la période 1999-2006, à l’aide d’une étude sur panel dynamique en utilisant la méthode des moments généralisée (GMM), que la structure du capital n’a aucune influence sur la profitabilité des entreprises industrielles françaises quelle que soit la taille de l’entreprise.

Suggested Citation

  • Kebewar, Mazen, 2013. "La structure du capital et la profitabilité: le cas des entreprises industrielles françaises," EconStor Preprints 73188, ZBW - Leibniz Information Centre for Economics.
    • Handle: RePEc:zbw:esprep:73188
    as

    Download full text from publisher

    File URL: https://www.econstor.eu/bitstream/10419/73188/1/La%20structure%20du%20capital%20et%20la%20profitabilit%c3%a9%20le%20cas%20des%20entreprises%20industrielles%20Fran%c3%a7aises.pdf
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. 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.
    2. Arellano, Manuel & Bover, Olympia, 1995. "Another look at the instrumental variable estimation of error-components models," Journal of Econometrics, Elsevier, vol. 68(1), pages 29-51, July.
    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. Mazen Kebewar, 2012. "La structure du capital et la profitabilité : Une étude empirique sur données de panel françaises," Working Papers hal-00751212, HAL.
    5. Paulo J. Maçãs Nunes & Zélia M. Serrasqueiro & Tiago N. Sequeira, 2007. "Profitability in Portuguese service industries: a panel data approach," The Service Industries Journal, Taylor & Francis Journals, vol. 29(5), pages 693-707, May.
    6. Himmelberg, Charles P. & Hubbard, R. Glenn & Palia, Darius, 1999. "Understanding the determinants of managerial ownership and the link between ownership and performance," Journal of Financial Economics, Elsevier, vol. 53(3), pages 353-384, September.
    7. 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.
    8. Roy L. Simerly & Mingfang Li, 2000. "Environmental dynamism, capital structure and performance: a theoretical integration and an empirical test," Strategic Management Journal, Wiley Blackwell, vol. 21(1), pages 31-49, January.
    9. Blundell, Richard & Bond, Stephen, 1998. "Initial conditions and moment restrictions in dynamic panel data models," Journal of Econometrics, Elsevier, vol. 87(1), pages 115-143, August.
    10. John Goddard & Manouche Tavakoli & John Wilson, 2005. "Determinants of profitability in European manufacturing and services: evidence from a dynamic panel model," Applied Financial Economics, Taylor & Francis Journals, vol. 15(18), pages 1269-1282.
    11. Majumdar, Sumit K & Chhibber, Pradeep, 1999. "Capital Structure and Performance: Evidence from a Transition Economy on an Aspect of Corporate Governance," Public Choice, Springer, vol. 98(3-4), pages 287-305, March.
    12. Kebewar, Mazen, 2012. "La structure du capital et la profitabilité : Une étude empirique sur données françaises en panel," EconStor Preprints 73559, ZBW - Leibniz Information Centre for Economics.
    13. 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, April.
    14. David Roodman, 2006. "How to Do xtabond2," North American Stata Users' Group Meetings 2006 8, Stata Users Group.
    15. 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.
    16. Francesco Nucci & Alberto F. Pozzolo & Fabiano Schivardi, 2005. "Is Firm's Productivity Related to its Financial Structure? Evidence from Microeconomic Data," Rivista di Politica Economica, SIPI Spa, vol. 95(1), pages 269-290, January-F.
    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, November.
    18. Laurent Weill, 2008. "Leverage and Corporate Performance: Does Institutional Environment Matter?," Small Business Economics, Springer, vol. 30(3), pages 251-265, March.
    19. 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.
    20. Margaritis, Dimitris & Psillaki, Maria, 2010. "Capital structure, equity ownership and firm performance," Journal of Banking & Finance, Elsevier, vol. 34(3), pages 621-632, March.
    21. Manuel Arellano & Stephen Bond, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 58(2), pages 277-297.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Mazen Kebewar, 2012. "L'Impact De L'Endettement Sur La Profitabilité Une Étude Empirique Sur Données Françaises En Panel," Working Papers halshs-00749685, HAL.
    2. 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.
    3. 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.
    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 - Leibniz Information Centre for Economics.
    5. 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.
    6. 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.
    7. Mazen Kebewar, 2012. "La structure du capital et la profitabilité : Une étude empirique sur données de panel françaises," Working Papers hal-00751211, HAL.
    8. Kebewar, Mazen, 2013. "Does debt affect profitability? An empirical study of French trade sector," EconStor Preprints 73185, ZBW - Leibniz Information Centre for Economics.
    9. Romuald TEMOMO WAMBA & Anicet Clément MIMCHE KOUOTOU & Samuel Roland MAKANI & Damaris CILINOU, 2019. "Analyse de l’effet de la structure de financement sur la création de la valeur partenariale dans les PME camerounaises du secteur de commerce et de distribution," Journal of Academic Finance, RED research unit, university of Gabes, Tunisia, vol. 10(1), pages 81-102, June.
    10. Nicholas Apergis, 2020. "Financial market imperfections and profitability: New evidence from a large panel of US SME firms," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 39(2), pages 220-241, March.
    11. Romuald TEMOMO WAMBA & Anicet Clément MIMCHE KOUOTOU & Samuel Roland MAKANI & Damaris CILINOU, 2019. "Analyse de l’effet de la structure de financement sur la création de la valeur partenariale dans les PME camerounaises du secteur de commerce et de distribution," Journal of Academic Finance, RED research unit, university of Gabes, Tunisia, vol. 10(1), pages 81-102, June.
    12. Carlo MIGLIARDO & Daniele SCHILIRÒ, 2016. "Mid Sized Italian Manufacturing Firms A Panel Data Analysis on Profitability," Journal of Advanced Studies in Finance, ASERS Publishing, vol. 7(2), pages 129-145.
    13. Močnik Dijana & Širec Karin, 2015. "Determinants Of A Fast-Growing Firm’s Profits: Empirical Evidence For Slovenia," Scientific Annals of Economics and Business, Sciendo, vol. 62(1), pages 37-54, April.
    14. Ratnam Vijayakumaran & Sunitha Vijayakumaran, 2019. "Leverage, Debt Maturity and Corporate Performance: Evidence from Chinese Listed Companies," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 9(4), pages 491-506, May.
    15. Le, Thi Phuong Vy & Phan, Thi Bich Nguyet, 2017. "Capital structure and firm performance: Empirical evidence from a small transition country," Research in International Business and Finance, Elsevier, vol. 42(C), pages 710-726.
    16. Zarina Abdul Salam & Roghayeh Shourkashti, 2019. "Capital Structure and Firm Performance in Emerging Market: An Empirical Analysis of Malaysian Companies," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 9(3), pages 70-82, July.
    17. Pierpaolo Pattitoni & Barbara Petracci & Massimo Spisni, 2014. "Determinants of profitability in the EU-15 area," Applied Financial Economics, Taylor & Francis Journals, vol. 24(11), pages 763-775, June.
    18. Zélia Serrasqueiro & Paulo Maçãs Nunes, 2008. "Performance and size: empirical evidence from Portuguese SMEs," Small Business Economics, Springer, vol. 31(2), pages 195-217, August.
    19. Muhammad Akhtar & Kong Yusheng & Muhammad Haris & Qurat Ul Ain & Hafiz Mustansar Javaid, 2022. "Impact of financial leverage on sustainable growth, market performance, and profitability," Economic Change and Restructuring, Springer, vol. 55(2), pages 737-774, May.
    20. Sorana Vatavu, 2016. "Non-linear Panel Data Analysis for Capital Structure and Its Impact on Profitability," The Review of Finance and Banking, Academia de Studii Economice din Bucuresti, Romania / Facultatea de Finante, Asigurari, Banci si Burse de Valori / Catedra de Finante, vol. 8(1), pages 021-036, June.

    More about this item

    Keywords

    Structure du capital; profitabilité; GMM; données de panel;
    All these keywords.

    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

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:zbw:esprep:73188. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ZBW - Leibniz Information Centre for Economics (email available below). General contact details of provider: https://edirc.repec.org/data/zbwkide.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.