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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]

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  • Kebewar, Mazen

Abstract

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).

Suggested Citation

  • 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]
    ," EconStor Preprints 73692, ZBW - German National Library of Economics.
  • Handle: RePEc:zbw:esprep:73692
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    File URL: https://www.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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    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. David Roodman, 2009. "How to do xtabond2: An introduction to difference and system GMM in Stata," Stata Journal, StataCorp LP, pages 86-136.
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    Citations

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    Cited by:

    1. 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.
    2. Mazen Kebewar, 2012. "L'Impact De L'Endettement Sur La Profitabilité Une Étude Empirique Sur Données Françaises En Panel," Working Papers halshs-00749685, HAL.
    3. Kebewar, Mazen, 2012. "La structure du capital et la profitabilité : Le cas des entreprises industrielles françaises
      [Capital structure and profitability : The case of French industrial firms]
      ," MPRA Paper 42899, University Library of Munich, Germany.
    4. Mazen Kebewar, 2012. "L'Endettement Affecte-T-Il La Profitabilité? Le Cas Des Firmes Agro-Alimentaires Françaises," Working Papers halshs-00756972, HAL.
    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. 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.
    7. 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.

    More about this item

    Keywords

    Endettement; Profitabilité; Données de panel; GMM;

    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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