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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. 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. Himmelberg, C.P. & Hubbard, R.G. & Palia, D., 1997. "Understanding the Determinants of Mangerial Ownership and the Link Between Ownership and Performance," Papers 97-21, Columbia - Graduate School of Business.
  3. 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.
  4. 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.
  5. Kebewar, mazen, 2012. "La structure du capital et la profitabilité Une étude empirique sur données de panel françaises," MPRA Paper 42446, University Library of Munich, Germany.
  6. David Roodman, 2009. "How to do xtabond2: An introduction to difference and system GMM in Stata," Stata Journal, StataCorp LP, vol. 9(1), pages 86-136, March.
  7. Paulo J. Ma��s 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.
  8. Margaritis, Dimitris & Psillaki, Maria, 2010. "Capital structure, equity ownership and firm performance," Journal of Banking & Finance, Elsevier, vol. 34(3), pages 621-632, March.
  9. Mazen KEBEWAR, 2012. "La structure du capital et la profitabilité Une étude empirique sur données françaises en panel," Working Papers 972, Orleans Economic Laboratorys, University of Orleans.
  10. Allen N. Berger & Emilia Bonaccorsi di Patti, 2002. "Capital structure and firm performance: a new approach to testing agency theory and an application to the banking industry," Finance and Economics Discussion Series 2002-54, Board of Governors of the Federal Reserve System (U.S.).
  11. 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.
  12. 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.
  13. Dimitris Margaritis & Maria Psillaki, 2007. "Capital Structure and Firm Efficiency," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 34(9-10), pages 1447-1469.
  14. 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.
  15. Laurent Weill, 2008. "Leverage and Corporate Performance: Does Institutional Environment Matter?," Small Business Economics, Springer, vol. 30(3), pages 251-265, March.
  16. 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.
  17. 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.
  18. Mazen Kebewar, 2012. "La structure du capital et la profitabilité : Une étude empirique sur données de panel françaises," Working Papers hal-00751212, HAL.
  19. Arellano, Manuel & Bond, Stephen, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," Review of Economic Studies, Wiley Blackwell, vol. 58(2), pages 277-97, April.
  20. Mazen Kebewar, 2013. "La structure du capital et la profitabilité : Une étude empirique sur données de panel françaises," Working Papers hal-00751211, HAL.
  21. Mazen Kebewar, 2012. "La structure du capital et la profitabilité : Une étude empirique sur données françaises en panel," Working Papers halshs-00826530, HAL.
  22. 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.
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