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

Yves Mard () and Sylvain Marsat ()
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Yves Mard: CRCGM - Centre de Recherche Clermontois en Gestion et Management - UdA - Université d'Auvergne - Clermont-Ferrand I - ESC Clermont-Ferrand - École Supérieure de Commerce (ESC) - Clermont-Ferrand
Sylvain Marsat: CRCGM - Centre de Recherche Clermontois en Gestion et Management - UdA - Université d'Auvergne - Clermont-Ferrand I - ESC Clermont-Ferrand - École Supérieure de Commerce (ESC) - Clermont-Ferrand

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Abstract: The aim of our research is to study the impact of ownership structure on earnings management among French listed companies. The study is performed on a sample of SBF 250 listed companies over the 2004-2008 period. The ownership concentration, measured by the three largest shareholders, appears to reduce earnings management. As far as the type of ownership is concerned, analyses pinpoint the influence of three types of shareholders. First, the presence of the state as shareholder tends to increase the intensity of earnings management. Moreover, the weight of family and industrial ownership limits the intensity of earnings management. One explanation could be in the long-term investment horizon of these agents, which does not induce executives to perform earnings management.

Keywords: Earnings management; ownership concentration; type of shareholder; Gestion du résultat; concentration de l'actionnariat; type d'actionnaire (search for similar items in EconPapers)
Date: 2011-05-10
Note: View the original document on HAL open archive server: https://hal.science/hal-00650550
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Published in Comptabilités, économie et société, May 2011, Montpellier, France. pp.cd-rom

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