The " puzzles" (odd behaviours) in France

In France we see three main "puzzles" (behaviours that are difficult to explain): The increase in capital intensity has not led to increased labour productivity gains; this may be due to low quality of capital and low labour force skills; The high level of labour costs and the loss of cost-competitiveness have not led to capital modernisation that could have restored labour productivity; Companies run up debt mainly to hold cash, the return on which is zero. Are these "puzzles" are explained by irrational companies, skill problems, or high risk aversion? Th ey have definitely led to a weakening of growth (low productivity gains, poor use of financing, loss of competitiveness that has not been corrected).