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Gestion des résultats comptables et structure de l'actionnariat : le cas français

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Author Info

  • Yves Mard

    ()
    (Centre de Recherches Clermontois en Gestion et Management (CRCGM) - Université d'Auvergne - Clermont-Ferrand I)

  • Sylvain Marsat

    ()
    (Centre de Recherches Clermontois en Gestion et Management (CRCGM) - Université d'Auvergne - Clermont-Ferrand I)

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    Abstract

    L'objectif de notre recherche est d'étudier l'impact de la structure de l'actionnariat sur la gestion du résultat des sociétés cotées françaises. L'étude est conduite sur un échantillon de sociétés cotées de l'indice SBF 250 sur la période 2004-2008. La concentration de l'actionnariat, mesurée par les trois premiers actionnaires, semble limiter la gestion du résultat. Concernant le type d'actionnariat, les analyses laissent apparaître l'influence de trois catégories d'actionnaires. Tout d'abord, la présence de l'Etat comme actionnaire semble accentuer l'intensité de la gestion du résultat. Par ailleurs, le poids des actionnaires familiaux et industriels limite l'intensité de la gestion du résultat. Une explication pourrait être dans l'horizon de placement à long terme de ces acteurs, qui n'incite pas les dirigeants à ce type de gestion.

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    File URL: http://hal.archives-ouvertes.fr/docs/00/65/05/50/PDF/Mard_Marsat.pdf
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    Bibliographic Info

    Paper provided by HAL in its series Post-Print with number hal-00650550.

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    Date of creation: 2011
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    Publication status: Published - Presented, Comptabilités, économie et société, 2011, Montpellier, France
    Handle: RePEc:hal:journl:hal-00650550

    Note: View the original document on HAL open archive server: http://hal.archives-ouvertes.fr/hal-00650550/en/
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    Web page: http://hal.archives-ouvertes.fr/

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    Keywords: Gestion du résultat ; concentration de l'actionnariat ; type d'actionnaire;

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    References

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