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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]

Author

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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 - Leibniz Information Centre for 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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    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. repec:jaf:journl:v:10:y:2019:i:1:n:138 is not listed on IDEAS
    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, 2012. "L'Impact De L'Endettement Sur La Profitabilité Une Étude Empirique Sur Données Françaises En Panel," Working Papers halshs-00749685, HAL.
    6. Mazen Kebewar, 2012. "L'Endettement Affecte-T-Il La Profitabilité? Le Cas Des Firmes Agro-Alimentaires Françaises," Working Papers halshs-00756972, 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.
    8. Anicet Clément MIMCHE KOUOTOU & Samuel Roland MAKANI & Damaris CILINOU, 2019. "Analysis of the effect of the financing structure on the creation of value in Cameroonian SMEs in the commerce and distribution sector," Journal of Academic Finance, RED research unit, university of Gabes, Tunisia, vol. 10(1), pages 81-102, June.
    9. Mazen Kebewar, 2012. "La structure du capital et la profitabilité : Le cas des entreprises industrielles françaises," Working Papers halshs-00758410, HAL.

    More about this item

    Keywords

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    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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