STRUCTURE DU CAPITAL ET PERFORMANCE FINANCIERE DANS LES SOCIETES AU BENIN : PERCEPTIONS DES DIRIGEANTS A TRAVERS UNE ETUDE DE CAS MULTIPLES

The The purpose of this study is to analyze the effect of capital structure on financial performance in Beninese companies. To achieve this, we adopted a mixed methodological approach. Data collected from 32 executives and department heads from 13 companies operating in the Atlantic department of Benin were processed using Nvivo12 software and analyzed using systematic thematic coding. This approach made it possible to identify the main motives,practices, and perceptions relating to capital structure and to establish explanatory links with financial performance. The results show that equity capital is the most decisive factor, providing companies with financial stability and increased self-financing capacity.Internal debt also appears to be an essential strategic lever, facilitating cash flow flexibility and supporting operational activities. Finally, external debt, although less influential, is perceived as a complementary instrument for financing growth projects and accelerating organizational development.