Effet de la gestion comptable et réelle des résultats sur le coût de la dette: analyse avant et après SOX

Sondes Draief () and Adel Chouaya ()
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Sondes Draief: ISGI sfax - Université de Sfax - University of Sfax
Adel Chouaya: CREFIGE - Centre Européen de Recherche en Finance et Gestion - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres

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Abstract: The aim of this research is to examine the effect of both accounting earnings management and real earnings management on the cost of debt. We also study the effect of Sarbanes Oxley Act (SOX) on the cost of debt. Based on a sample of 253 American firms for the period 1998-2006, our results show that creditors penalize firms that manage their earnings through a higher cost of debt. Moreover, our results suggest that SOX was appreciated by creditors that resulted in lower cost of debt. The analysis during the pre and post SOX reveals that the effect of the discretionary accruals on the cost of debt is more pronounced after the adoption of SOX. Finally, we found that, post SOX, managers use less accrual-based earnings management and more real earnings management activities. These opportunistic practices are detected by creditors that require higher cost of debt.

Keywords: accounting earnings management; real earnings management; cost of debt; Sarbanes Oxley Act; gestion comptable des résultats; gestion réelle des résultats; coût de la dette; la loi Sarbanes Oxley (search for similar items in EconPapers)
Date: 2012-05-21
Note: View the original document on HAL open archive server: https://hal.science/hal-00691020v1
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Published in Comptabilités et innovation, May 2012, Grenoble, France. pp.cd-rom

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