Gestion des résultats comptables et structure de l'actionnariat : le cas français

Abstract

Résumé L’objectif de notre recherche est d’étudier le lien entre la structure de l’actionnariat et la gestion des résultats des sociétés françaises. L’étude est conduite sur un échantillon de sociétés cotées de l’indice SBF 250 sur la période 2004-2008. La concentration de l’actionnariat, mesurée par le pourcentage de capital détenu par le premier actionnaire, est associée négativement avec la gestion des résultats jusqu’à un certain seuil de détention, puis positivement au-delà de ce seuil (relation curvilinéaire). Par ailleurs, la part détenue par le deuxième actionnaire est associée négativement avec la gestion des résultats. Concernant la nature de l’actionnariat, les analyses montrent que le poids des actionnaires familiaux et industriels limite l’intensité de la gestion des résultats. Ce résultat pourrait s’expliquer par l’horizon de placement à long terme de ces acteurs, qui n’incite pas les dirigeants à ce type de gestion.

Shareholder Structure and Discretionary Regulation of Accounting Results in Enterprises: The Case of Cameroon

“…Literature analyzes the management of results according to two main approaches: the opportunist approach of management and the efficient approach (Mard & Marsat, 2012). The opportunist approach retains the will to deceive stakeholders particularly the readers 1 of accounting and financial information on the actual economic situation of the enterprise.…”

“…Despite an abundant literature, the results of links between shareholder structure and management of accounting results still remain contrasted and open because of the complexity of theoretical debate, the diversity of the results obtained from theoretical studies， and few studies taking into consideration the specificity of countries (Mard & Marsat, 2012;Jeanjean, 2001;Cormier & Magnan, 1998;Ramzi, 2007;Piot & Janin, 2004). They remain not very studied in contexts without any financial market.…”

“…to have means in order to exercise a real control on the management of their asset (Alexandre & Paquerot, 2000). The shareholder structure as mechanism (Mard & Marsat, 2012) of governance is implemented in literature therefore its influence on the management of results can be understood under two angles: under the angle of concentration of shareholders and under the angle of the nature of different shareholders.…”

“…Elements calculated in accounting result in a discretionary manner are often observed via options (mainly represented by accruals). Several studies try to show that there exist links between shareholder structure and management of accounting results (Mard & Marsat, 2012;Caby, 2003;Jeanjean, 2001;Charlety, 2001). Meanwhile, elements explaining the reasons of discretionary accounting results for the shareholder structure in the context of embryonic stock market remain unknown.…”

“…In a context of agency relation marked by information asymmetry and the opportunism of stakeholders, accounting and financial information published by managers is a signal given to the partners of the enterprise. Accounting result constitutes a pertinent indicator and particularly followed by investors and financial analysts (Mard & Marsat, 2012).…”