La gestion des résultats et les performances comptables à long terme des entreprises françaises émettrices d’actions
(VF)Cette étude teste l’hypothèse selon laquelle les dirigeants des sociétés françaises cotées gèrent les résultats comptables à la hausse autour de l’augmentation de capital, afin de soutenir la valeur marchande de l’entreprise avant l’opération. L’étude de 206 augmentations de capital montre que les entreprises avec un objectif d’investissement affichent des résultats élevés avant l’opération suivie d’une baisse significative des résultats ultérieurs. En revanche, les entreprises émettrices d’actions avec un objectif de recapitalisation ne semblent pas connaître une baisse significative de leurs résultats pendant la période post-émission. La baisse ultérieure des résultats comptables constatée pour certaines entreprises s’explique en partie par la gestion des résultats observée l’année de l’émission d’actions.(VA)This study tests the “earnings management hypothesis” in the context of seasoned equity offerings. We examine a sample of 206 French companies that issued stock between 1991 and 2003. We find that issuers with specific plans to use proceeds for investment purposes experience poor earnings performance in the post-offering period, but issuers stating recapitalization display no subsequent underperformance. Our results further suggest that performancematched discretionary accruals recorded immediately after SEOs for issuers with specific investments are positive and that those accruals precipitate a decline in post-SEO earnings performance.
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