Stratégies de diversification et structure du capital

Florence André-Le Pogamp () and Frédéric Perdreau ()
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Florence André-Le Pogamp: CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique
Frédéric Perdreau: CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique

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Abstract: This paper proposes a financial structure model taking into account corporate diversification strategies. A switching regression model allows to study the effect of dependant variables on capital structure depending on the strategies followed by the firms. The evidence shows that these switching regressions model enhance significantly the quality of the model. The evidence also points out possible agency costs associated with industrial diversification, whereas industrial focused firms, even internationally diversified, are not associated with such costs

Keywords: Capital structure; diversification strategies; switching regressions; agency costs.; Structure financière; stratégies de diversification; régression à changement de régime; coûts d'agence (search for similar items in EconPapers)
Date: 2009-12
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Published in Finance Contrôle Stratégie, 2009, 4, pp.5-38

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00472172

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