Les changements de normes comptables affectent-ils le niveau d’endettement des firmes ?

Hebattallah Aboulmaaty and Pascal Barneto ()
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Pascal Barneto: IRGO - Institut de Recherche en Gestion des Organisations - UB - Université de Bordeaux - Institut d'Administration des Entreprises (IAE) - Bordeaux

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Abstract: Is the debt of firms, financed by convertible and exchangeable bonds (CEB), impacted by changes in accounting standards in IFRS or US GAAP)? Based on two samples of 104 European firms and 105 American firms, and based on a seven-year panel model, the study shows that: (i) despite the convergence of accounting standards, American companies are more sensitive to CEBs characteristics than European ones; (ii) the changes in CEB's accounting standards are not really changed the financing of US and European firms; (iii) the new classification of CEB as debt and equity reduces the financial leverage and the tax advantage and has no impact on the firm's debt levels.

Keywords: Capital structure; Convertible and exchangeable bonds; Debt; Equity; IFRS; US GAAP; Structure financière; Obligations convertibles et échangeables; Endettement; Capitaux propres (search for similar items in EconPapers)
Date: 2019
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Published in Gestion 2000, 2019, 36 (5), pp.101-126. ⟨10.3917/g2000.365.0101⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03253487

DOI: 10.3917/g2000.365.0101

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