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Structure financière, gestion des résultats et caractéristiques de la firme

Author

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  • Sondes Draief

    (ISGI sfax - Université de Sfax - University of Sfax)

Abstract

L'objectif de cet article est d'étudier la relation entre la politique d'endettement et la gestion des résultats. En nous basant sur un échantillon de 377 firmes américaines (extraites de Fortune1000), pour la période 1994-2001, nos résultats montrent l'absence de monotonie stricte entre la dette et la gestion des résultats et ce contrairement à la formulation de la théorie positive de la comptabilité. De plus, l'impact de l'endettement dans l'amplification ou l'atténuation de la gestion des résultats dépend des caractéristiques de la firme : En effet, nous avons trouvé qu'un free cash flow excessif, une forte diversification et une faible distribution des dividendes constituent un terrain favorable à la discrétion managériale et affectent positivement les accruals discrétionnaires. Cette tendance semble être découragée par une augmentation de l'endettement qui constitue dans ces conditions un mécanisme de contrôle explicite des coûts d'agence du free cash flow et atténue l'asymétrie d'information entre les parties prenantes. Cependant, un accroissement de la dette incite les dirigeants à gérer les résultats dans les firmes qui disposent de fortes proportions d'actifs tangibles et qui distribuent un niveau élevé de dividendes. Ces manipulations comptables ont dans ce cas pour objectif d'éviter une violation des clauses d'endettement. De plus, l'excès de l'endettement pousse les dirigeants des firmes en croissance à gérer les résultats et ce afin d'éviter les problèmes de sous investissement. Cette association positive est observée aussi dans les firmes en détresse financière afin de réduire la perception du risque de faillite de la part des investisseurs qu'un excès d'endettement pourrait occasionner.

Suggested Citation

  • Sondes Draief, 2006. "Structure financière, gestion des résultats et caractéristiques de la firme," Post-Print halshs-00548113, HAL.
    • Handle: RePEc:hal:journl:halshs-00548113
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00548113
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    References listed on IDEAS

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