Manipulation des bénéfices et rachats d'actions. Le cas des entreprises du secteur pétrolier et gazier

Nicole Lanoue and Dominic Peltier-Rivest

Revue française de gestion, 2009, vol. n° 197, issue 7, 65-81

Abstract: The purpose of this study is to examine whether firms in the gas and energy industry manipulate earnings before a stock repurchase. Our results show that negative (income- reducing) total discretionary accruals are significantly related to stock repurchases in the year preceding the stock repurchase. This allows the firm to repurchase its stocks at a lower price given the negative effect of lower earnings figures on share market value. Our study helps better understand financial statement data as it relates to stock repurchases.

Date: 2009
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