La gestion du résultat comptable autour d'un changement de dirigeant en France

Yves Mard and Sylvain Marsat

ACCRA, 2009, vol. 15, issue 3, 141-169

Abstract: We analyse earnings management carried out by the outgoing and the incoming top managers from a sample of 52 French firms who encountered a change of CEO during the 2000-2005 period. The study of discretionary accruals shows that they engage in upwards earnings management during the two years preceding their departure. Then, we observe a very clear decline of accruals during the year of succession, according to the « big bath » hypothesis. During the years following the change, upward earnings management is observed in case of routine changes as soon as T+1, but only in T+2 in the case of a non routine departure. Finally, a multivariate analysis pinpoints, in the case of CEO changes, the influence of some governance mechanisms on accruals.

Keywords: CEO changes; earnings management; routine changes; non-routine changes (search for similar items in EconPapers)
Date: 2009
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