La gestion des résultats comptables précédant les opérations de LBO françaises

Anne-Laure Le Nadant

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Abstract: This study examines earnings manipulations preceding 118 leveraged buyout cases during 1994-1997. We make a distinction between two types of LBOs : MBOs in which firm managers and executives are - or are part of - bidders and all the other types of LBOs in which the manager is also the owner who sells his firm. This distinction allows us to define two different objectives pursued by the managers, who are supposed to seek to maximize their own wealth in the transaction. We extend the Anglo-Saxon studies of this issue which have been interested in MBO cases only. Using the accrual methodology we find no earnings management for the sample in the period preceding the LBO.

Keywords: Earnings management; Accruals; Variables comptables de régularisation; Gestion des résultats; Leveraged Buyouts; Management Buyouts; Variables comptables de régularisation. (search for similar items in EconPapers)
Date: 1999-09
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Published in Comptabilité Contrôle Audit / Accounting Auditing Control, 1999, 5 (2), pp.61-82

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Journal Article: La gestion des résultats comptables précédant les opérations de LBO françaises (1999)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00418513

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