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Taux de marge et structure financière

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  • Jean-Bernard Chatelain

Abstract

This paper shows that the firm markup, capital and the expected rate of capacity utilisation depend on its financial structure (debt/equity ratio) when irreversible investment faces uncertainty and when there is asymmetric information between the entrepreneur and lenders. Mark-up depends positively on the probability of excess demand and therefore negatively on capital. Capital increases with the markup/cost of capital ratio. A finance constraint on capital increases the probability of excess demand. Simultaneously it increases the mark-up which lower demand, so that it limits the rise of the probability of excess demand.

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  • Jean-Bernard Chatelain, 1999. "Taux de marge et structure financière," Annals of Economics and Statistics, GENES, issue 53, pages 127-147.
    • Handle: RePEc:adr:anecst:y:1999:i:53:p:127-147
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