L'IMPACT DE L'ENDETTEMENT SUR LA PROFITABILITÉ UNE ÉTUDE EMPIRIQUE SUR DONNÉES FRANÇAISES EN PANEL

Abstract : This article aims to analyze the effect of debt on the profitability. This impact can be explained by three essential theories: signaling theory, the agency costs theory and tax theory. The sample consists of a panel of 1,078 French firms, unlisted, anonymous type and Limited Liability Company; belonging to the construction sector over the period 1999-2006. We show, by using the generalized method of moments (GMM), that the debt affects negatively the profitability, not only linearly, but also, in a non-linear (concave) way. However, by detailing the analysis according to different class of size, we find that the linear negative effect and the non-linear effect are significant only in small and medium-sized enterprises (SME).
Document type :
Preprints, Working Papers, ...
2012


https://halshs.archives-ouvertes.fr/halshs-00749685
Contributor : Mazen Kebewar <>
Submitted on : Thursday, November 8, 2012 - 7:40:29 PM
Last modification on : Thursday, November 8, 2012 - 7:40:29 PM
Document(s) archivé(s) le : Saturday, February 9, 2013 - 3:42:09 AM

File

La_IMPACT_DE_La_ENDETTEMENT_SU...
Files produced by the author(s)

Identifiers

  • HAL Id : halshs-00749685, version 1

Collections

Citation

Mazen Kebewar. L'IMPACT DE L'ENDETTEMENT SUR LA PROFITABILITÉ UNE ÉTUDE EMPIRIQUE SUR DONNÉES FRANÇAISES EN PANEL. 2012. <halshs-00749685>

Export

Share

Metrics

Record views

812

Document downloads

1548