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Résultats non-GAAP et opportunisme des dirigeants

Author

Listed:
  • Grégoire Davrinche
  • Guillaume Dumas

    (UM - Université de Montpellier, MRM - Montpellier Research in Management - UPVM - Université Paul-Valéry - Montpellier 3 - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School - UM - Université de Montpellier)

  • Isabelle Martinez

Abstract

Les résultats non-GAAP, qui sont hors du référentiel comptable, suscitent depuis les vingt dernières années une attention particulière de la part des régulateurs comptables et des acteurs financiers. Ces résultats ajustés sont utilisés par les dirigeants pour réduire l'asymétrie informationnelle et/ou pour véhiculer une image plus favorable de la performance de leur entreprise. Cette étude vise à déterminer si les dirigeants utilisent les résultats non-GAAP pour dépasser ou atteindre un des trois seuils suivants : prévisions d'analystes, résultat de l'année précédente, résultat nul. Elle porte sur un échantillon d'entreprises cotées sur l'indice SBF 120 et sur 2011- 2015. Les résultats révèlent que les entreprises utilisent les ajustements non-GAAP afin d'atteindre les prévisions IBES ou le résultat N-1 lorsque le résultat GAAP est inférieur à l'un de ces seuils. En d'autres termes, les dirigeants, qui disposent d'incitations particulières, utilisent les ajustements pour gérer de façon opportuniste les résultats GAAP et atteindre les seuils. Cet opportunisme semble néanmoins réduit en présence d'actionnaires institutionnels.

Suggested Citation

  • Grégoire Davrinche & Guillaume Dumas & Isabelle Martinez, 2017. "Résultats non-GAAP et opportunisme des dirigeants," Post-Print hal-03948521, HAL.
    • Handle: RePEc:hal:journl:hal-03948521
    Note: View the original document on HAL open archive server: https://hal.umontpellier.fr/hal-03948521
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    References listed on IDEAS

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