L'adaptation de la communication financière face à la crise COVID: le cas des résultats non-GAAP

Corinne Bessieux-Ollier (), Grégoire Davrinche and Guillaume Dumas ()
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Grégoire Davrinche: LUMEN - Lille University Management Lab - ULR 4999 - Université de Lille
Guillaume Dumas: UM - Université de Montpellier, MRM - Montpellier Research in Management - UPVD - Université de Perpignan Via Domitia - UM - Université de Montpellier

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Abstract: This article investigates the consequences of COVID crisis on the disclosure of non-GAAP earnings. Using a sample of French listed firms (CAC 40 index), we hand-collect non-GAAP earnings information in firms' annual press releases and compare the 2018-2019 and 2019-2020 periods. When we consider the full press release, we find that firms disclose non-GAAP earnings in a consistent manner. However, firms disclose non-GAAP earnings much more irregularly in the headline / first paragraph of the press release. This is particularly pronounced during the crisis period. Finally, we find that changes in non-GAAP information vary depending on the impact of COVID crisis on firms' revenues. Overall, our findings support the existence of an impression management aimed at obscuring the negative impact of COVID crisis on the firm's results.

Date: 2022-05-17
Note: View the original document on HAL open archive server: https://hal.umontpellier.fr/hal-03948560v1
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Published in Congrès de l'Association Francophone de Comptabilité, May 2022, Toulouse, France

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