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Quels sont les effets de la pression exercée par les analystes financiers ? Le cas Carrefour

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Author Info

  • Yves Mard

    ()
    (Université de Clermont-Ferrand)

  • Alain Schatt

    ()
    (Université de Bourgogne IAE LEG UMR Cnrs 5118)

Abstract

L’étude du remplacement du dirigeant emblématique de l’entreprise Carrefour, au début de l’année 2005, permet d’illustrer le rôle disciplinaire joué par les analystes financiers, ainsi que les effets pervers résultant de la pression exercée par ces derniers sur la qualité des états financiers. En effet, il apparaît que l’ancien dirigeant a géré les résultats à la hausse au cours des deux années précédentes, pour éviter d’annoncer une « mauvaise surprise » (un bénéfice de l’exercice inférieur aux bénéfices prévus par les analystes), alors que le nouveau dirigeant a eu tendance à « nettoyer » les comptes dès sa prise de fonction.

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Bibliographic Info

Paper provided by Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations in its series Working Papers CREGO with number 1100605.

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Length: 21 pages
Date of creation: Jun 2010
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Handle: RePEc:dij:wpfarg:1100605

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Postal: 2 Bd Gabriel, BP 26611, 21066 Dijon Cedex, France

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Postal: Angèle Renaud, CREGO, 2 Bd Gabriel, BP 26611, 21066 Dijon Cedex, France
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Keywords: analystes financiers; alerte au résultat; remplacement des dirigeant; gestion des résultats; big four; financial analysts; profit warning; earnings management; CEO turnover; big four.;

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