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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]

  • Kebewar, Mazen

Cet article a pour objectif d’analyser l’effet de l’endettement sur la profitabilité. Cet effet peut être expliqué par trois théories essentielles: la théorie du signal, la théorie de l’agence et l’influence de la fiscalité. L’échantillon se compose d’un panel de 1078 entreprises françaises, non cotées, de type anonymes et de SARL, appartenant au secteur de la construction sur la période 1999-2006. Nous montrons, en utilisant la méthode des moments généralisée (MMG), que l’endettement affecte négativement la profitabilité, non seulement linéairement, mais aussi, de façon non linéaire (concave). Cependant, en détaillant l’analyse selon différentes classe de taille, nous constatons que l’effet négatif linéaire et l’effet non linéaire ne sont significatifs que dans les petites et moyennes entreprises (PME).

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File URL: http://econstor.eu/bitstream/10419/73692/1/L%E2%80%99impact%20de%20l%27endettement%20sur%20la%20profitabilit%C3%A9%20Une%20%C3%A9tude%20empirique%20sur%20donn%C3%A9es%20fran%C3%A7aises%20en%20panel.pdf
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Paper provided by ZBW - German National Library of Economics in its series EconStor Preprints with number 73692.

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Date of creation: 2012
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Handle: RePEc:zbw:esprep:73692
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  1. Dimitris Margaritis & Maria Psillaki, 2007. "Capital Structure and Firm Efficiency," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 34(9-10), pages 1447-1469.
  2. Christopher F. Baum & Dorothea Schaefer & Oleksandr Talavera, 2007. "The Effects of Short-Term Liabilities on Profitability: The Case of Germany," Money Macro and Finance (MMF) Research Group Conference 2006 61, Money Macro and Finance Research Group.
  3. Kebewar, Mazen, 2012. "La structure du capital et la profitabilité : Une étude empirique sur données françaises en panel," EconStor Preprints 73559, ZBW - German National Library of Economics.
  4. M Arellano & O Bover, 1990. "Another Look at the Instrumental Variable Estimation of Error-Components Models," CEP Discussion Papers dp0007, Centre for Economic Performance, LSE.
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  8. Richard Blundell & Steve Bond, 1995. "Initial conditions and moment restrictions in dynamic panel data models," IFS Working Papers W95/17, Institute for Fiscal Studies.
  9. David Roodman, 2006. "How to Do xtabond2: An Introduction to "Difference" and "System" GMM in Stata," Working Papers 103, Center for Global Development.
  10. 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.
  11. 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.
  12. Margaritis, Dimitris & Psillaki, Maria, 2010. "Capital structure, equity ownership and firm performance," Journal of Banking & Finance, Elsevier, vol. 34(3), pages 621-632, March.
  13. Mazen Kebewar, 2013. "La structure du capital et la profitabilité : Une étude empirique sur données de panel françaises," Working Papers hal-00751211, HAL.
  14. Laurent Weill, 2008. "Leverage and corporate performance: does institutional environment matter?," ULB Institutional Repository 2013/14343, ULB -- Universite Libre de Bruxelles.
  15. 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.
  16. 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.
  17. Charles P. Himmelberg & R. Glenn Hubbard & Darius Palia, 2000. "Understanding the Determinants of Managerial Ownership and the Link Between Ownership and Performance," NBER Working Papers 7209, National Bureau of Economic Research, Inc.
  18. 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.
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