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Gestion des résultats, atteinte des seuils et coût d'endettement

  • Sondes Draief Chouaya

    (ISCAE de Tunis - ISCAE)

Registered author(s):

    nouveaux déterminants du coût d'endettement : la gestion des résultats et l'atteinte des seuils de résultats comptables. En nous basant sur un échantillon de 380 firmes américaines (extraites de fortune 1000) pour la période 1996-2004, nos résultats montrent que les accruals discrétionnaires véhiculent des informations supplémentaires aux créanciers concernant la santé financière de la firme. Une gestion agressive à la hausse ou à la baisse est mal perçue par les créanciers et affecte positivement le coût d'endettement. De plus, nous trouvons que les créanciers apprécient les firmes qui atteignent ou excèdent deux seuils : zéro bénéfice et le résultat de l'année précédente. En effet, les résultats révèlent l'existence d'une relation inverse et significative entre l'atteinte de ces seuils et le coût d'endettement. Plus précisément, les créanciers apprécient plus les firmes qui affichent un résultat positif que les firmes qui rapportent une croissance de leurs résultats, en leur accordant un coût d'endettement plus faible. D'ailleurs, l'évitement des pertes permet de rassurer les prêteurs que la firme va survivre et qu'elle est capable d'honorer ses engagements financiers. Enfin, l'analyse de sensibilité indique que l'association négative entre le coût d'endettement et l'atteinte des résultats cibles est atténuée lorsque les firmes ont recours à la gestion des résultats pour atteindre les seuils.

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    Paper provided by HAL in its series Post-Print with number halshs-00522515.

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    Date of creation: May 2008
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    Publication status: Published - Presented, LA COMPTABILITE, LE CONTRÔLE ET L'AUDIT ENTRE CHANGEMENT ET STABILITE, 2008, France
    Handle: RePEc:hal:journl:halshs-00522515
    Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00522515/en/
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