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La gestion des bénéfices et la performance boursière : cas des entreprises acquéreuses canadiennes

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Author Info

  • Claude Francoeur

    (HEC Montréal - HEC MONTRÉAL)

  • Philémon Rakoto

    (HEC Montréal - HEC MONTRÉAL)

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    Abstract

    Il ressort clairement des études sur les fusions et acquisitions que ce sont les actionnaires des entreprises absorbées qui sortent gagnants, à cause surtout des primes de contrôle de plus en plus élevées qui leur sont versées. Du côté des entreprises acquéreuses, il semble que la performance soit négative ou, au mieux, neutre. La plupart des études démontrent que la contre-performance est surtout associée aux fusions ou acquisitions financées par échange d'actions. Ce phénomène demeure une énigme, car aucune explication valable n'a été avancée jusqu'à maintenant. Nous examinons la possibilité de gestion à la hausse des bénéfices durant la période précédant l'annonce d'une fusion ou acquisition financée par échange d'actions, dans le but de faire augmenter la valeur des actions. Nous mesurons également l'impact des manipulations comptables sur la performance boursière post-acquisition. Nos résultats, basés sur des fusions et acquisitions canadiennes entre 1990 et 2000 démontrent que : 1) l'ampleur de la gestion à la hausse des bénéfices des entreprises acquéreuses lors d'une fusion ou acquisition financée par échange d'actions est deux fois plus élevée que celle effectuée lors d'une transaction payée en espèces ; 2) la gestion à la hausse des bénéfices est associée à des rendements anormaux à long terme négatifs des actions pouvant persister jusqu'à trois ans après la transaction. Notre étude permet d'enrichir les connaissances sur la présence de la gestion des bénéfices dans le contexte spécifique des fusions et acquisitions ainsi que de ses conséquences. Les normalisateurs pourront ainsi orienter leurs efforts, le cas échéant, afin d'améliorer le processus de communication de l'information comptable.

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    Bibliographic Info

    Paper provided by HAL in its series Post-Print with number halshs-00558246.

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    Date of creation: May 2006
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    Publication status: Published - Presented, COMPTABILITE, CONTROLE, AUDIT ET INSTITUTION(S), 2006, Tunisia
    Handle: RePEc:hal:journl:halshs-00558246

    Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00558246/en/
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    Related research

    Keywords: Gestion des bénéfices; fusions et acquisitions; performance boursière; données canadiennes;

    References

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    1. Louis, Henock, 2004. "Earnings management and the market performance of acquiring firms," Journal of Financial Economics, Elsevier, Elsevier, vol. 74(1), pages 121-148, October.
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    9. Raghavendra Rau, P. & Vermaelen, Theo, 1998. "Glamour, value and the post-acquisition performance of acquiring firms," Journal of Financial Economics, Elsevier, Elsevier, vol. 49(2), pages 223-253, August.
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