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Les incitations à la gestion des résultats des sociétés absorbantes : le cas des fusions-absorptions françaises

Author

Listed:
  • Jennifer Boutant

    (comptabilité - CRM - Centre de Recherche en Management - UT Capitole - Université Toulouse Capitole - UT - Université de Toulouse - IAE - Institut d'Administration des Entreprises - Toulouse - CNRS - Centre National de la Recherche Scientifique)

  • Marie-Anne Verdier

    (UT Capitole - Université Toulouse Capitole - UT - Université de Toulouse)

Abstract

Cette recherche étudie les facteurs explicatifs de la gestion des résultats (GdR) des sociétés absorbantes avant une fusion-absorption. Basée sur un échantillon de 107 sociétés cotées françaises, elle révèle une GdR à la hausse plus forte lorsque l'opération implique une dilution du contrôle des actionnaires dominants, lorsque les actionnaires de l'absorbante sont à l'initiative de l'opération et lorsque le critère du cours de Bourse est utilisé pour fixer la parité. À l'inverse, l'utilisation directe d'un critère de résultats comptables limite la GdR. Absorbing firms' earnings management incentives: The French case of statutory mergers This paper investigates factors influencing earnings management in absorbing firms' during statutory mergers. Based on a sample composed of 107 French listed firms, it shows that upward earnings management is more important when (1) a risk of control dilution for dominant shareholders exists, (2) absorbing firms' shareholders are the initiator of the deal and (3) the market values is used to fix the exchange ratio. On the contrary, the direct use of earnings criteria induces more conservative behaviour of managers

Suggested Citation

  • Jennifer Boutant & Marie-Anne Verdier, 2015. "Les incitations à la gestion des résultats des sociétés absorbantes : le cas des fusions-absorptions françaises," Post-Print halshs-01260383, HAL.
    • Handle: RePEc:hal:journl:halshs-01260383
    DOI: 10.3166/rfg.252.33-50
    as

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    Keywords

    restructurations;

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