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Effet de la gestion comptable et réelle des résultats sur le coût de la dette : analyse avant et après SOX

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  • Sondes Draief

    ()
    (ISGI sfax - Université de Sfax)

  • Adel Chouaya

    ()
    (DRM Crefige - Université Paris IX - Paris Dauphine)

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    Abstract

    L'objet de cette recherche est d'examiner l'effet de la gestion comptable et réelle des résultats sur le coût de la dette. Nous étudions également l'effet de l'adoption de la loi Sarbanes Oxley (SOX) sur le coût de la dette. Basés sur un échantillon de 253 firmes américaines pour la période de 1998-2006, nos résultats montrent que les créanciers pénalisent les firmes qui manipulent leurs comptes à travers un coût d'endettement élevé. De plus, nos résultats suggèrent que l'adoption de la loi SOX a été appréciée par les créanciers qui ont baissé le coût d'endettement exigé. L'analyse de l'effet de la loi SOX révèle que l'effet des accruals discrétionnaires sur le coût de la dette s'accentue pour la période post-SOX. Enfin, nous résultats montrent que suite à SOX, les dirigeants ont diminué les manipulations comptables et se sont engagés dans une gestion réelle des résultats. Ces pratiques sont détectées par les créanciers qu'ils considèrent opportunistes et font augmenter le coût de la dette.

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    Bibliographic Info

    Paper provided by HAL in its series Post-Print with number hal-00691020.

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    Date of creation: 2012
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    Publication status: Published - Presented, Comptabilités et innovation, 2012, Grenoble, France
    Handle: RePEc:hal:journl:hal-00691020

    Note: View the original document on HAL open archive server: http://hal.archives-ouvertes.fr/hal-00691020
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    Related research

    Keywords: gestion comptable des résultats; gestion réelle des résultats; coût de la dette; la loi Sarbanes Oxley;

    This paper has been announced in the following NEP Reports:

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