LA GESTION RÉELLE DES RÉSULTATS: LE CAS DES ENTREPRISES FRANÇAISES
Authore(s) : Fodil ADJAOUD || Professeur Titulaire École de gestion Telfer / Université d’Ottawa 55 Laurier Avenue EstOttawa - Canada E-mail : adjaoud@telfer.uottawa.ca.
Volume : (13), Issue : 205, July - 2018
Abstract :
Abstract: REAL EARNINGS MANAGEMENT: THE CASE OF FRENCH FIRMS
Most studies related to the earnings management were based on the concept of the « accruals » to detect the discretion of management. Our study provides a contribution in the case of listed French companies by showing that in addition to managing the « accruals » - described by « accounting earnings management » - the leaders manage their cash flows from operations (cash accounting ), to cross the zero threshold, through the management of a business operation (real activity): sales. This is qualified by « real earnings management ».
Résumé :La plupart des études liées à la gestion du résultat se sont basées sur la notion des «accruals » pour détecter la discrétion des dirigeants. Notre étude apporte une contribution dans le cas des sociétés françaises cotées en montrant qu’en sus de la gestion des « accruals »- qualifiée de « gestion comptable du résultat »- les dirigeants gèrent leurs cash-flows d’exploitation (comptabilité d’encaissement), pour atteindre le seuil zéro, à travers la gestion d’une activité d’exploitation (activité réelle) : les ventes. Cette dernière est qualifiée de « gestion réelle du résultat ».
Keywords :Gestion réelle du résultat, seuil zéro, activités réelles : les ventes.
Article: Download PDF Journal DOI : 301/704
Cite This Article:
LE CAS DES ENTREPRISES FRANÇAISES
Vol.I (13), Issue.I 205
Article No : 10023
Number of Downloads : 109
References :
Baber, R.W., Fairfield, M.P., Haggard, A.J. (1991). The effect of concern about reported income on discretionary spending decisions: The case of research and development. The Accounting Review 66 (4): 818-829.
Bartov, E. (1993). The timing of asset sales and earnings manipulation. The Accounting Review 68 (4): 840-855.
Beaver, W.H., McNicholas, M.F., Nelson, K.K. (2004). An alternative interpretation of the discontinuity in earnings... More
- Baber, R.W., Fairfield, M.P., Haggard, A.J. (1991). The effect of concern about reported income on discretionary spending decisions: The case of research and development. The Accounting Review 66 (4): 818-829.
- Bartov, E. (1993). The timing of asset sales and earnings manipulation. The Accounting Review 68 (4): 840-855.
- Beaver, W.H., McNicholas, M.F., Nelson, K.K. (2004). An alternative interpretation of the discontinuity in earnings distributions. Cahier de recherche, Stanford University.
- Beneish, M. (2001). Earnings management: A perspective. Cahier de recherche, Indiana University.
- Bens, D., Nagar, V., Franco Wong, M.H. (2002). Real investment implications of employee stock option exercises. Journal of Accounting Research 40: 359-393.
- Bens, D., Nagar, V., Franco Wong, M.H. (2003). Employee stock options, EPS dilution and stock repurchases. Journal of Accounting and Economics 36: 51-90.
- Burgstahler, D., Dichev, I. D. (1997). Earnings management to avoid earnings decreases and losses.Journal of Accounting and Economics 24 (1): 99-126.
- Bruns, W.J., Merchant, K.A. (1990). The dangerous morality of managing earnings. Management Accounting 72 (2): 22-25.
- Bushee, J.B. (1998). The influence of institutional investors on myopic R&D investment behaviour. The Accounting Review 73 (3): 305-333.
- Cohen, D., Zarowin, P. (2008). Accrual-based and real earnings management activities around seasoned equity offerings. Cahier de recherche, New York University.
- Dechow, P.M., Sloan, R. (1991). Executive incentives and the horizon problem: an empirical investigation. Journal of Accounting and Economics (14): 51-89.
- Dechow, P.M., Sloan, R., Sweeney, A. (1995). Detecting earnings management. The Accounting Review 70 (2): 193-225.
- Dechow, P.M., Kothari, S.P., Watts, R.L. (1998). The relation between earnings and cash flows. Journal of Accounting and Economics 25: 133-168.
- Dechow, P.M., Skinner, J.D. (2000). Earnings management: reconciling the views of accounting academics, practitioners and regulators. Accounting Horizons 14 (2): 235-250.
- Dechow, P.M., Richardson, S.A., Tuna, I. (2003). Why are earnings kinky? An examination of the earnings management explanation. Review of Accounting Studies 8 (2-3): 355-384.
- DeFond, M.L., Jiambalvo, J. (1994). Debt covenant violation and manipulation of accruals. Journal of Accounting and Economics 17: 145-176.
- Degeorge, F., Patel, J., Zeckhauser, R. (1999). Earnings management to exceed thresholds. Journal of Business 72 (1): 1-33.
- Durtschi, C., Easton, P. (2005). Earnings management? The shapes of the frequency distributions of earnings metrics are not evidence ipso facto. Journal of Accounting Research 43: 521-556.
- Eldenburg, L., Gunny, K., Hee, K., Sodersdtrom, N. (2007). Earnings management through real activities manipulation: evidence from nonprofit hospital. Cahier de recherche, University of Colorado at Boulder.
- Fields, T.D., Lys, T.Z., Vincent, L. (2001). Empirical research on accounting choice. Journal of Accounting and Economics 31: 255-307.
- Fudenberg, D., Tirole, J. (1995). A theory of income and dividend smoothing based on incumbency rents.Journal of Political Economy 108: 75-93.
- Graham, J.R., Harvey, C.R., Rajgopal, S. (2005). The economic implications of corporate financial reporting. Journal of Accounting and Economics 40: 3-73.
- Graham, J.R., Harvey, C.R., Rajgopal, S. (2006). Value destruction and financial reporting decisions.Financial Analysts Journal 62 (6): 27-39.
- Guidry, F., Leone, A., Rock, S. (1999). Earnings-based bonus plans and earnings management by business unit managers. Journal of Accounting and Economics 26: 113-142.
- Gunny, K. (2005). What are the consequences of real earnings management? Cahier de recherche, Haas School of Business,University of California.
- Hayn, C. (1995). The information content of losses. Journal of Accounting and Economics 20: 125-153. Healy, P.M. (1985). The effect of bonus schemes on accounting decisions. Journal of Accounting and Economics 7: 85-107.
- Healy, P.M., Wahlen, J.M. (1999). A review of the earnings management literature and its implications for standard setting. Accounting Horizons 13 (4): 365-383.
- Herrmann, T., Inoue, T., Thomas, W.B. (2003). The sale of assets to manage earnings in Japan. Journal of Accounting Research 41(1): 89-108.
- Hribar, P. (2002). Discussion of inventory changes and future returns. Review of Accounting Studies 7:189-193.
- Hribar, P., Jenkins, N.T., Johnson, W.B. (2004). The use of stock repurchases to manage earnings per share. Cahier de recherche, Cornell University.
- Janin, R. (2000). Accruals-based models for detecting earnings management and the French case. EAA Congress.
- Jeanjean, T. (2001a). Contribution à l’analyse de la gestion du résultat des sociétés cotées. Association Française de Comptabilité, Congrès XXI, Metz.
- Jeanjean, T. (2001b). Incitations et contraintes à la gestion du résultat. Comptabilité - Contrôle- Audit 7 (1) : 61-76.
- Jeanjean, T. (2002). Gestion du résultat : mesure et démesure. Association Française de Comptabilité, Congrès XXIII, Toulouse.
- Jones, J. (1991). Earnings management during import relief investigations. Journal of Accounting Research 29 (2):193-228.
- Kasznik, R. (1999). On the association between voluntary disclosure and earnings management. Journal of Accounting Research 37: 57-81.
- Kothari, S.P. (2001). Capital markets research in accounting. Journal of Accounting and Economics 31:105-231.
- Lambert, R. (1984). Income smoothing as rational equilibrium behaviour. The Accounting Review 41:604-618.
- Lambert, C., Sponem, S. (2005). Corporate governance and profit manipulation: a French field study.Critical Perspectives on Accounting 16 (6): 717-748.
- McNicholas, M.F. (2000). Research design issues in earnings management studies. Journal of Accounting and Public Policy 19: 313-345.
- Peasnell, K.V., Pope, P.F., Young, S. (2000). Detecting earnings management using cross-sectional abnormal accruals models. Accounting and Business Research 30 (4): 313-326.
- Pincus, M., Rajgopal, S. (2002). The interaction between accrual management and hedging: evidence from oil and gas firms. Accounting Review 77: 127-160.
- Roychowdhury, S. (2004). Manipulation of earnings through the management of real activities that affect cash flow from operations. Dissertation, University of Rochester.
- Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of Accounting and Economics 42: 335-370.
- Skinner, D.J., Sloan, R.G. (2002). Earnings surprises, growth expectations and stock return or don’t let anearnings torpedo sink your portfolio. Review of Accounting Studies 7: 289-312.
- Stolowy, H., Breton, G. (2003). La gestion des données comptables: une revue de la littérature.Comptabilité- Contrôle- Audit 9 (1): 125-152.
- Teoh, S., Welch, I., Wong, T. (1998a). Earnings management and the long-run market performance of initial public offerings. The Journal of Finance 53 (6): 1935-1974.
- Teoh, S. Welch, I., Wong, T. (1998b). Earnings management and the post-issue performance of seasoned equity offerings. Journal of Financial Economics 50: 63-99.
- Thomas, J.K., Zhang, H. (2002). Inventory changes and future returns. Review of Accounting Studies 7:163-187.
- Zang, A. (2007). Evidence of the tradeoff between real manipulation and accrual manipulation. Cahier de recherche, University of Rochester.
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- Baber, R.W., Fairfield, M.P., Haggard, A.J. (1991). The effect of concern about reported income on discretionary spending decisions: The case of research and development. The Accounting Review 66 (4): 818-829.
- Bartov, E. (1993). The timing of asset sales and earnings manipulation. The Accounting Review 68 (4): 840-855.
- Beaver, W.H., McNicholas, M.F., Nelson, K.K. (2004). An alternative interpretation of the discontinuity in earnings distributions. Cahier de recherche, Stanford University.
- Beneish, M. (2001). Earnings management: A perspective. Cahier de recherche, Indiana University.
- Bens, D., Nagar, V., Franco Wong, M.H. (2002). Real investment implications of employee stock option exercises. Journal of Accounting Research 40: 359-393.
- Bens, D., Nagar, V., Franco Wong, M.H. (2003). Employee stock options, EPS dilution and stock repurchases. Journal of Accounting and Economics 36: 51-90.
- Burgstahler, D., Dichev, I. D. (1997). Earnings management to avoid earnings decreases and losses.Journal of Accounting and Economics 24 (1): 99-126.
- Bruns, W.J., Merchant, K.A. (1990). The dangerous morality of managing earnings. Management Accounting 72 (2): 22-25.
- Bushee, J.B. (1998). The influence of institutional investors on myopic R&D investment behaviour. The Accounting Review 73 (3): 305-333.
- Cohen, D., Zarowin, P. (2008). Accrual-based and real earnings management activities around seasoned equity offerings. Cahier de recherche, New York University.
- Dechow, P.M., Sloan, R. (1991). Executive incentives and the horizon problem: an empirical investigation. Journal of Accounting and Economics (14): 51-89.
- Dechow, P.M., Sloan, R., Sweeney, A. (1995). Detecting earnings management. The Accounting Review 70 (2): 193-225.
- Dechow, P.M., Kothari, S.P., Watts, R.L. (1998). The relation between earnings and cash flows. Journal of Accounting and Economics 25: 133-168.
- Dechow, P.M., Skinner, J.D. (2000). Earnings management: reconciling the views of accounting academics, practitioners and regulators. Accounting Horizons 14 (2): 235-250.
- Dechow, P.M., Richardson, S.A., Tuna, I. (2003). Why are earnings kinky? An examination of the earnings management explanation. Review of Accounting Studies 8 (2-3): 355-384.
- DeFond, M.L., Jiambalvo, J. (1994). Debt covenant violation and manipulation of accruals. Journal of Accounting and Economics 17: 145-176.
- Degeorge, F., Patel, J., Zeckhauser, R. (1999). Earnings management to exceed thresholds. Journal of Business 72 (1): 1-33.
- Durtschi, C., Easton, P. (2005). Earnings management? The shapes of the frequency distributions of earnings metrics are not evidence ipso facto. Journal of Accounting Research 43: 521-556.
- Eldenburg, L., Gunny, K., Hee, K., Sodersdtrom, N. (2007). Earnings management through real activities manipulation: evidence from nonprofit hospital. Cahier de recherche, University of Colorado at Boulder.
- Fields, T.D., Lys, T.Z., Vincent, L. (2001). Empirical research on accounting choice. Journal of Accounting and Economics 31: 255-307.
- Fudenberg, D., Tirole, J. (1995). A theory of income and dividend smoothing based on incumbency rents.Journal of Political Economy 108: 75-93.
- Graham, J.R., Harvey, C.R., Rajgopal, S. (2005). The economic implications of corporate financial reporting. Journal of Accounting and Economics 40: 3-73.
- Graham, J.R., Harvey, C.R., Rajgopal, S. (2006). Value destruction and financial reporting decisions.Financial Analysts Journal 62 (6): 27-39.
- Guidry, F., Leone, A., Rock, S. (1999). Earnings-based bonus plans and earnings management by business unit managers. Journal of Accounting and Economics 26: 113-142.
- Gunny, K. (2005). What are the consequences of real earnings management? Cahier de recherche, Haas School of Business,University of California.
- Hayn, C. (1995). The information content of losses. Journal of Accounting and Economics 20: 125-153. Healy, P.M. (1985). The effect of bonus schemes on accounting decisions. Journal of Accounting and Economics 7: 85-107.
- Healy, P.M., Wahlen, J.M. (1999). A review of the earnings management literature and its implications for standard setting. Accounting Horizons 13 (4): 365-383.
- Herrmann, T., Inoue, T., Thomas, W.B. (2003). The sale of assets to manage earnings in Japan. Journal of Accounting Research 41(1): 89-108.
- Hribar, P. (2002). Discussion of inventory changes and future returns. Review of Accounting Studies 7:189-193.
- Hribar, P., Jenkins, N.T., Johnson, W.B. (2004). The use of stock repurchases to manage earnings per share. Cahier de recherche, Cornell University.
- Janin, R. (2000). Accruals-based models for detecting earnings management and the French case. EAA Congress.
- Jeanjean, T. (2001a). Contribution à l’analyse de la gestion du résultat des sociétés cotées. Association Française de Comptabilité, Congrès XXI, Metz.
- Jeanjean, T. (2001b). Incitations et contraintes à la gestion du résultat. Comptabilité - Contrôle- Audit 7 (1) : 61-76.
- Jeanjean, T. (2002). Gestion du résultat : mesure et démesure. Association Française de Comptabilité, Congrès XXIII, Toulouse.
- Jones, J. (1991). Earnings management during import relief investigations. Journal of Accounting Research 29 (2):193-228.
- Kasznik, R. (1999). On the association between voluntary disclosure and earnings management. Journal of Accounting Research 37: 57-81.
- Kothari, S.P. (2001). Capital markets research in accounting. Journal of Accounting and Economics 31:105-231.
- Lambert, R. (1984). Income smoothing as rational equilibrium behaviour. The Accounting Review 41:604-618.
- Lambert, C., Sponem, S. (2005). Corporate governance and profit manipulation: a French field study.Critical Perspectives on Accounting 16 (6): 717-748.
- McNicholas, M.F. (2000). Research design issues in earnings management studies. Journal of Accounting and Public Policy 19: 313-345.
- Peasnell, K.V., Pope, P.F., Young, S. (2000). Detecting earnings management using cross-sectional abnormal accruals models. Accounting and Business Research 30 (4): 313-326.
- Pincus, M., Rajgopal, S. (2002). The interaction between accrual management and hedging: evidence from oil and gas firms. Accounting Review 77: 127-160.
- Roychowdhury, S. (2004). Manipulation of earnings through the management of real activities that affect cash flow from operations. Dissertation, University of Rochester.
- Roychowdhury, S. (2006). Earnings management through real activities manipulation. Journal of Accounting and Economics 42: 335-370.
- Skinner, D.J., Sloan, R.G. (2002). Earnings surprises, growth expectations and stock return or don’t let anearnings torpedo sink your portfolio. Review of Accounting Studies 7: 289-312.
- Stolowy, H., Breton, G. (2003). La gestion des données comptables: une revue de la littérature.Comptabilité- Contrôle- Audit 9 (1): 125-152.
- Teoh, S., Welch, I., Wong, T. (1998a). Earnings management and the long-run market performance of initial public offerings. The Journal of Finance 53 (6): 1935-1974.
- Teoh, S. Welch, I., Wong, T. (1998b). Earnings management and the post-issue performance of seasoned equity offerings. Journal of Financial Economics 50: 63-99.
- Thomas, J.K., Zhang, H. (2002). Inventory changes and future returns. Review of Accounting Studies 7:163-187.
- Zang, A. (2007). Evidence of the tradeoff between real manipulation and accrual manipulation. Cahier de recherche, University of Rochester.