Comportement du dirigeant et décision de divulgation volontaire d’informations : cas du marché tunisien

Abstract

En mettant en avant la centralité du dirigeant, surtout dans les pays émergents, cet article propose de mobiliser la théorie du comportement planifié pour comprendre la décision de divulgation volontaire. L’enquête a croisé les facteurs psychosociaux et l’intention de communication de 70,9 % des dirigeants des entreprises cotées sur la bourse de Tunis. Les résultats montrent que l’offre volontaire d’informations dépend des libres choix du dirigeant et de son attitude; que la variable sociale n’a pas d’influence sur son intention de communiquer et enfin que sa perception du contrôle peut, selon la nature de l’information à communiquer, influencer sa décision.

Do Management Earnings Forecasts Incorporate Information in Earnings’ Components? Evidence from the Tunisian Context

“…In Tunisia, since the nineties many reforms were implemented to enhance the capital market activity and to contribute to its development. The privatization of state-owned enterprises has also favored the expansion of this market (Diouani & Khlif, 2013). In recent years, regulators have also forced companies to provide more information.…”

“…They mainly include a presentation of operating results, their expected evolution and changes in the methods of preparing and presenting the financial statements. Nevertheless, the leaders are not obliged to respect this model of activity report and its respect depends on the will of the managers (Diouani & Khlif, 2013).…”

“…In addition, several studies have shown that the level of voluntary disclosure in the Tunisian companies' reports remains low (Turki & Omri, 2008;Diouani & Khlif, 2013). The Tunisian managers have a wide margin of discretion regarding the communication of information.…”

“…In fact, voluntary disclosure is an important way for managers to keep investors and financial markets informed of their firms' performance (Healy & Palepu, 2001). A good information infrastructure attracts foreign investors, stimulates capital inflows, contributes to the smooth functioning of the stock markets, and provides the impetus for economic growth in the developing countries (Kang & Gray, 2011;Diouani & Khlif, 2013).…”

“…Tunisian capital market is considered as an emerging stock market and several studies have shown that the level of voluntary disclosure in the annual reports of Tunisian companies listed on the Tunisian Stock Exchange remains low (Turki & Omri 2008;Diouani & Khlif 2013).…”