La structure du capital et la profitabilité: Le cas des entreprises industrielles françaises

Capital structure and profitability: The case of French industrial firms

Mazen Kebewar

MPRA Paper from University Library of Munich, Germany

Abstract: The objective of this article is to analyze the impact of capital structure on profitability. This impact can be explained by three essential theories: signaling theory, tax theory and the agency costs theory. A sample of 1846 French industrial firms are taken over the period 1999-2006, as a dynamic panel study by using the generalized method of moments (GMM). We show that capital structure has no influence on the profitability of French firms, regardless the size of the company. L’objectif de cet article est d’analyser l’impact de la structure du capital sur la profitabilité. Cet impact peut être expliqué par trois théories essentielles: la théorie du signal, l’influence de la fiscalité et la théorie de l’agence. Nous montrons, à partir d’un échantillon de 1846 entreprises industrielles françaises prises sur la période 1999-2006, à l’aide d’une étude sur panel dynamique en utilisant la méthode des moments généralisée (GMM), que la structure du capital n’a aucune influence sur la profitabilité des entreprises françaises quelle que soit la taille de l’entreprise.

Keywords: Capital structure; Profitability; GMM; panel data. Structure du capital; profitabilité; GMM; données de panel (search for similar items in EconPapers)
JEL-codes: C33 G32 L25 (search for similar items in EconPapers)
Date: 2012-11-28
New Economics Papers: this item is included in nep-eff
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Related works:
Working Paper: La structure du capital et la profitabilité: Le cas des entreprises industrielles françaises (2012)
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