Abstracts
Résumé
Cette recherche vise à étudier les relations entre les informations à caractère financier, que l’on peut retrouver sur le site internet d’une PME, et les éléments, favorables ou non à la communication financière, mis en avant par son dirigeant.
Pour appréhender cette problématique, des entretiens semi-directifs ont été menés auprès de dix dirigeants de PME cotées sur le Marché Libre de Bruxelles. Ce marché boursier fait partie d’Euronext New York Stock Exchange. C’est un marché non réglementé où les règles d’admission à la cote et les obligations ont été allégées pour permettre aux PME de faire et de lever des capitaux sans se soumettre aux règles contraignantes d’un marché réglementé. Les sites internet des dix entreprises de notre corpus ont également été analysés.
L’analyse des sites internet permet de souligner l’effort volontaire de communication financière réalisé par les dirigeants de PME. Il ressort des entretiens avec ces dirigeants que plusieurs éléments sont mis dans la balance par les dirigeants lorsqu’ils pèsent le pour et le contre de la diffusion d’informations financières sur le site internet de leur PME. L’élément qui ressort en particulier, notamment à cause de son caractère favorable à la communication, est le respect des investisseurs. En effet, nous pouvons établir clairement un lien entre les dirigeants qui mettent un point d’honneur à respecter leurs investisseurs et le fait que leurs sites internet contiennent plus d’informations financières que les sites des autres dirigeants. Par contre, il ressort que la méfiance envers les concurrents constitue clairement un élément freinant la diffusion d’informations. En effet, les sites internet des dirigeants ayant évoqué la crainte de la concurrence contiennent nettement moins d’informations financières que les autres sites. Un lien est donc établi entre les raisons avancées par le dirigeant et le contenu à caractère financier présent sur le site internet de sa PME.
Mots-clés :
- PME,
- Communication financière,
- Internet,
- NYSE Euronext,
- Marché Libre,
- Marchés boursiers non réglementés,
- Dirigeant/propriétaire
Abstract
This research focuses on studying the relations between internet financial communication of an SME and the arguments, favorable or not, to the financial disclosure, put forward by the manager.
To reach this goal, ten managers of SMEs led interviews quoted on the Free Market of Brussels. This stock market is part of Euronext New York Stock Exchange. It is an unregulated market where the rules of admission to quotation and the obligations were eased to allow SMEs to raise capital. The web sites of ten companies of our corpus were also analyzed.
Analyzing web sites highlights the SME managers’ voluntary effort of financial communication.Interviews with these managers show that several elements are put in the balance when deciding to communicate or not. The element which stands out in favor of internet financial communication is the respect for the investors. Indeed, we can clearly establish a link between the managers who make it a point of honor to respect their investors and the fact that their web sites contain more financial information than the sites of the other managers. However, it emerges that the fear of competitors is an element that slows down the internet financial communication. Indeed, the web sites of the managers talking about the fear of the competitors clearly contain less financial information than the other sites.A link is thus established between the reasons put forward by the managers and the internet financial communication of their SMEs.
Keywords:
- SME,
- Financial communication,
- Internet,
- NYSE Euronext,
- The Free Market,
- Not regulated financial markets,
- Managers
Resumen
Esta investigación tiene como objetivo estudiar la relación entre la información de carácter financiero que se puede encontrar en la página web de las PyMEs y los elementos, favorables o desfavorables de la comunicación financiera, destacados por su director.
Para alcanzar este objetivo, se relizaron entrevistas a 10 gerentes de PyMEs valoradas en el Libre mercado de Bruselas. Este mercado bursátil forma parte de Euronext New York Stock Exchange. Se trata de un mercado no regulado donde las reglas de admisión a la cotización y las obligaciones fueron aligeradas para permitir a las PyMEs la obtención de capital. Se analizaron también las páginas web de 10 empresas.
El análisis de páginas web permite subrayar el esfuerzo voluntario de comunicación financiera realizada por los gerentes de las PyMEs. Las entrevistas con estos gerentes muestran que varios elementos son valorados cuando ellos consideran los pros y los contras de la difusión de la información financiera en sus páginas web. El elemento que se destaca a favor de la comunicación financiera de Internet es el respeto a los inversores. De hecho, podemos observar que los gerentes que se comprometen a respetar a sus inversores ofrecen más información financiera en sus páginas web que aquellos gerentes que no muestran la misma actitud. Por otra parte, el miedo a los competidores es un elemento que reduce la velocidad de la comunicación financiera de Internet. Los sitios web de los gerentes preocupados por los competidores contienen información claramente menos financiera que el resto de sitios web. Se puede establecer una relación entre los motivos avanzados por los gerentes y la comunicación financiera presente en las páginas web de las PyMEs.
Palabras clave:
- PyME,
- Comunicación Financiera,
- Internet,
- Bolsa de Nueva York,
- El Libre mercado,
- Mercados no regulados,
- Gerentes
Appendices
Bibliographie
-
Abdelsalam O.H., Bryant S.M. et Street D.L. (2007), An examination of the comprehensiveness of corporate Internet reporting provided by London-listed companies, Journal of International Accounting Research, 6, 2, 33 p.10.2308/jiar.2007.6.2.1 Google Scholar Search this bibliographic reference on Google Scholar
-
Amarasena A. (2008), The Internet in the performance of small exporting firms. A developed to developing country market context, Journal of Internet Business, 5, 51-80.Google Scholar Search this bibliographic reference on Google Scholar
-
Allam A. et Lymer A. (2003), Developments in Internet financial reporting : review and analysis across five developed countries, International Journal of Digital Accounting Research, 3, 6, 165-200.10.4192/1577-8517-v3_6 Google Scholar Search this bibliographic reference on Google Scholar
-
Almilia L.S. (2009), Determining factors of internet financial reporting in Indonesia, Accounting et Taxation, 1, 1, 87-99.Google Scholar Search this bibliographic reference on Google Scholar
-
Ashbaugh H., Johnstone K. et Warfield T. (1999), Corporate reporting on the Internet, Accounting horizons, 13, 3, 241-257.10.2308/acch.1999.13.3.241 Google Scholar Search this bibliographic reference on Google Scholar
-
Barredy C. et Darras N. (2008), L’utilisation d’Internet dans la communication auprès des actionnaires minoritaires dans les entreprises familiales cotées, Journal des entreprises familiales, 1, 1, 41-68.Google Scholar Search this bibliographic reference on Google Scholar
-
BenAli C. et Gettler-Summa M. (2006), La communication financière et la structure de propriété : le cas français, comptabilité, contrôle, audit et institutions, Conférence de Association francophone de comptabilité, Hammamet, Tunisie, 30 p.Google Scholar Search this bibliographic reference on Google Scholar
-
Blanchet A. et Gotman A. (2007), L’enquête et ses méthodes : l’entretien, 2e édition, Paris, Armand Colin, 128 p.Google Scholar Search this bibliographic reference on Google Scholar
-
Blumer H. (1969), Symbolic interactionism : perspective and method. Englewood Cliffs, NJ, Prentice-Hall, 224 p.Google Scholar Search this bibliographic reference on Google Scholar
-
Bollen L., Hassink H. et Bozic G. (2006), Measuring and explaining the quality of Internet investor relations activities : a multinational empirical analysis, International Journal of Accounting Information Systems, 7, 4, 273-298.10.1016/j.accinf.2006.04.005 Google Scholar Search this bibliographic reference on Google Scholar
-
Bonson E. et Escobar T. (2002), A survey on voluntary disclosure on the Internet : empirical evidence from 300 european union companies, The International Journal of Digital Accounting Research, 2, 1, 27-51.10.4192/1577-8517-v2_2 Google Scholar Search this bibliographic reference on Google Scholar
-
Bouchard Y. (2000), De la problématique au problème de recherche, dans Introduction à la recherche en éducation, T. Karsenti et L. Savoie-Zajc (dir.), Sherbrooke, Québec, CRP, 79-98.Google Scholar Search this bibliographic reference on Google Scholar
-
Chaganti R. et Chaganti R. (1983), A profile of profitable and not so profitable small business, Journal of Small Business Strategy, 7, 1, 1-20.Google Scholar Search this bibliographic reference on Google Scholar
-
CommissionEuropéenne (2006), La nouvelle définition des PME. Guide de l’utilisateur et modèle de déclaration, Entreprises et Industries publications, HTTP: sme_user_guide_fr.pdf sme_definition files sme policies enterprise ec.europa.eu, consulté le 14 novembre 2013.Google Scholar Search this bibliographic reference on Google Scholar
-
Cooley P.L. et Edwards C.E. (1983), Financial objectives of small firms, Amercian Journal of Small Business, 8, 1, 28-31.10.1177/104225878300800108 Google Scholar Search this bibliographic reference on Google Scholar
-
Corbin J. et Strauss A.L. (2008), Basics of Qualitative Research, 3e edition, Thousand Oaks, CA, Sage, 312 p.Google Scholar Search this bibliographic reference on Google Scholar
-
Davidsson P. (1991), Continued entrepreneurship : ability, need and opportunity as determinants of small firm growth, Journal of Business venturing, 6, 6, 405-29.10.1016/0883-9026(91)90028-C Google Scholar Search this bibliographic reference on Google Scholar
-
Debreceny R., Gray G. et Rahman A. (2002), The determinants of Internet financial reporting, Journal of Accounting and Public Policy, 21, 4-5, 371-394.10.1016/S0278-4254(02)00067-4 Google Scholar Search this bibliographic reference on Google Scholar
-
Demazière D. et Dubar C. (2007), Analyser les entretiens biographiques. L’exemple de récits d’insertion, Canada, Presses universitaires de Laval, 350 p. Google Scholar Search this bibliographic reference on Google Scholar
-
Derèze G. (2009), Méthodes empiriques de recherché en communication, 1re édition, Bruxelles, Éditions De Boeck Université, 256 p.Google Scholar Search this bibliographic reference on Google Scholar
-
DeZoysa A. et Herath S.K. (2007), The impact of owners/dirigeants mentality on financial performance of SMEs in japan, Journal of Management Development, 26, 7, 652-666.10.1108/02621710710761289 Google Scholar Search this bibliographic reference on Google Scholar
-
Dilthey W. (1942), Introduction à l’étude des sciences humaines, Paris, Presses universitaires de France, 513 p.Google Scholar Search this bibliographic reference on Google Scholar
-
Dutta P. et Bose S. (2007), Web-based corporate reporting in Bangladesh : an exploratory study, The cost and management, 35, 6, 29-45.Google Scholar Search this bibliographic reference on Google Scholar
-
Euronext (2006), Recommandations pour un parcours boursier réussi sur le Marché Libre, http://www.euronext.com/fic/000/010/800/108002.pdf, consulté le 15 décembre 2006.Google Scholar Search this bibliographic reference on Google Scholar
-
EuropeanCommission (2008), SBA fact sheet Belgium, Entreprise and Industry Publications, http://ec.europa.eu/enterprise/policies/sme/facts-figures-analysis/performance-review/files/countries-sheets/2008/belgium_en.pdf, consulté le 14 novembre 2013.Google Scholar Search this bibliographic reference on Google Scholar
-
Evrard Y., Pras B. et Roux E. (2009), Market, fondements et méthodes des recherches en marketing, 4e édition, Paris, Dunod, 703 p.Google Scholar Search this bibliographic reference on Google Scholar
-
Filion L.J. (2007a), Introduction, dans Management des PME. De la création à la croissance, Paris, Pearson Education, 19 p.Google Scholar Search this bibliographic reference on Google Scholar
-
Filion L.J. (2007b), Types de propriétaires-dirigeants de PME, dans Management des PME. De la création à la croissance, Paris, Pearson Education, 63-73.Google Scholar Search this bibliographic reference on Google Scholar
-
Fsma (2012), Obligations incombant aux émetteurs cotés sur un marché réglementé, Circulaire FSMA/2012_01 du 11 janvier 2012, http://www.fsma.be/~/media/Files/circinfo/FR/gv/info/fsma_2012_01.ashx, consulté le 15 décembre 2013.Google Scholar Search this bibliographic reference on Google Scholar
-
Gabteni H. (2011), Construction d’un score de publication volontaire entendu comme une mesure de la communication financière en période pré/post IFRS, 32e Congrès de l’Association francophone de comptabilité : comptabilités, économie et société, Montpellier, France, 10-11 mai.Google Scholar Search this bibliographic reference on Google Scholar
-
Gavard-Perret M-L, Gotteland D., Haon C. et Jolibert A. (2008), Méthodologie de la recherche : réussir son mémoire ou sa thèse en sciences de gestion, Paris, Pearson Education, 400 p.Google Scholar Search this bibliographic reference on Google Scholar
-
Gowthorpe C. (2004), Asymmetrical dialogue ? Corporate financial reporting via the Internet, Corporate Communications, 9, 4, 283-293.10.1108/13563280410564020 Google Scholar Search this bibliographic reference on Google Scholar
-
Grandon E.E. et Pearson J.M. (2004), Electronic commerce adoption : an empirical study of small and medium US businesses, Information et Management, 42, 1, 197-216.10.1016/j.im.2003.12.010 Google Scholar Search this bibliographic reference on Google Scholar
-
Ho S. et Wong K. (2001), A study of the relationship between corporate governance structures and the extent of voluntary disclosure, Journal of International Accounting, Auditing and Taxation, 10, 2, 139-156.10.1016/S1061-9518(01)00041-6 Google Scholar Search this bibliographic reference on Google Scholar
-
Husserl E. (1977), Phenomenological psychology, The Hague, Martinus Nijhoff, 200 p.10.1007/978-94-010-1083-2 Google Scholar Search this bibliographic reference on Google Scholar
- Ibrahim A.B. et Goodwin J.R. (1986), Perceived causes of success in small business, American Journal of Small Business, 2, 11, 41-50.10.1177/104225878601100204 Google Scholar Search this bibliographic reference on Google Scholar
-
InvestorRelationsBusiness (2000), New York, juin 12, 1.Google Scholar Search this bibliographic reference on Google Scholar
-
InvestorRelationsBusiness (2002), New York, janvier 14, 1.Google Scholar Search this bibliographic reference on Google Scholar
-
Jensen M.C. et Meckling W.H. (1976), Theory of the firm : managerial behavior, agency cost and ownership structure, Journal of Financial Economics, 3, 4, 305-360.10.1016/0304-405X(76)90026-X Google Scholar Search this bibliographic reference on Google Scholar
-
Julien P.-A. (1997), Les PME : bilan et perspectives, Québec, Groupe de Recherche en économie et gestion des PME, Economica, 437 p.Google Scholar Search this bibliographic reference on Google Scholar
-
Kaufmann J.-C. (1996), L’entretien compréhensif, Paris, Nathan, 127 p.Google Scholar Search this bibliographic reference on Google Scholar
-
Khadaroo I. (2005), Business reporting on the Internet in Malaysia and Singapore. A comparative study, Corporate Communications, 10, 1, 58-68.10.1108/13563280510578204 Google Scholar Search this bibliographic reference on Google Scholar
-
Kotey B. et Meredith G.G. (1997), Relationship among owner/dirigeant personal values and perceptions, business strategies, and enterprise performance, Journal of Small Business Management, 35, 2, 37-64.Google Scholar Search this bibliographic reference on Google Scholar
-
Labelle R. et Schatt A. (2005), Structure de propriété et communication financière des entreprises françaises, Finance Contrôle Stratégie, 8, 3, 77-104.Google Scholar Search this bibliographic reference on Google Scholar
-
Léger J.Y. (2008), La communication Financière, 2e édition, Paris, Dunod, 278 p.Google Scholar Search this bibliographic reference on Google Scholar
-
Lertwongsatien C. et Wongpinunwatana N. (2003), E-commerce adoption in Thailand : an empirical study of small and medium enterprises (SMEs), Journal of Global Information Technology Management, 6, 3, 67-83.10.1080/1097198X.2003.10856356 Google Scholar Search this bibliographic reference on Google Scholar
-
Lybaert N. (2005), On-line financial reporting. An analysis of Dutch listed firms, The International Journal of Digital Accounting Research, 2, 4, 195-234.Google Scholar Search this bibliographic reference on Google Scholar
-
Marchesnay M. (1991), La PME : une gestion spécifique ?, économie rurale, 206, 1, 11-17.10.3406/ecoru.1991.4231 Google Scholar Search this bibliographic reference on Google Scholar
-
Mehrtens J., Cragg P.B. et Mills A.M. (2001), A model of Internet adoption by SMEs, Information et Management, 39, 3, 165-176.10.1016/S0378-7206(01)00086-6 Google Scholar Search this bibliographic reference on Google Scholar
-
Mendes-da-Silva W. et Christensen T. (2004), Determinants of voluntary disclosure of financial information on the Internet by brazilian firms, http://ssrn.com/abstract=638082, consulté le 30 août 2004.10.2139/ssrn.638082 Google Scholar Search this bibliographic reference on Google Scholar
-
Miles M.B. et Huberman M.A. (2003), Analyse des données qualitatives, 2e édition, Bruxelles, De Boeck, 626 p.Google Scholar Search this bibliographic reference on Google Scholar
-
Mirchandani D. et Motwani J. (2001), Understanding small business electronic commerce adoption : an empirical analysis, Journal of Computer Information Systems, 41, 3, 70-73.Google Scholar Search this bibliographic reference on Google Scholar
-
Oyelere P., Laswad F. et Fisher R. (2003), Determinants of Internet financial reporting by New Zealand companies, Journal of International Financial Management and Accounting, 14, 1, 26-63.10.1111/1467-646X.00089 Google Scholar Search this bibliographic reference on Google Scholar
-
Oyelere P. et Mohamed E. (2007), Internet financial reporting in Oman, Global Journal of Business Research, 1, 2, 45-54.Google Scholar Search this bibliographic reference on Google Scholar
-
Paillé P. (2007), La recherche qualitative. Une méthodologie de la proximité, dans Problèmes sociaux, théories et méthodologies de la recherche, H. Dorvil (dir.), Québec, Presses de l’Université du Québec, 409-443.10.2307/j.ctv18pgtsn.20 Google Scholar Search this bibliographic reference on Google Scholar
-
Paillé P. et Mucchielli A. (2008), L’analyse qualitative en sciences humaines et sociales, 2e édition, Paris, Armand Colin, 424 p.Google Scholar Search this bibliographic reference on Google Scholar
-
Pearson J.M. et Grandon E.E. (2005), An empirical study of factors that influence e-commerce adoption/non-adoption in small and medium sized businesses, Journal of Internet Commerce, 4, 4, 1-21.10.1300/J179v04n04_01 Google Scholar Search this bibliographic reference on Google Scholar
-
Pervan I. (2006), Voluntary financial reporting on the Internet. Analysis of the practice of croatian and slovene listed joint stock companies, Financial theory and practice, 30, 1, 1-27.Google Scholar Search this bibliographic reference on Google Scholar
-
Plouffe M.-J. et Guillemette F. (2012), La MTE comme apport au développement de la recherche en arts, dans Méthodologie de la théorisation enracinée (grounded theory) : riche diversité, J. Luckerhoff, et F. Guillemette (dir.), Québec, Presses de l’Université du Québec, 302 p.10.2307/j.ctv18pgxtm.8 Google Scholar Search this bibliographic reference on Google Scholar
-
Pourtier F. (2004), La publication d’informations financières volontaires : un essai de synthèse, Comptabilité - Contrôle - Audit, 10, 1, 79-102.10.3917/cca.101.0079 Google Scholar Search this bibliographic reference on Google Scholar
-
Pozniak L. (2010), Financial Communication on the Web – Evidence from Belgium, Accounting et Taxation, 1, 2, 47-58.Google Scholar Search this bibliographic reference on Google Scholar
-
Raymond L., Bergeron F., Gingras L. et Rivard S. (1990), Problématique de l’informatisation des PME, TIS, 3, 1, 131-148.Google Scholar Search this bibliographic reference on Google Scholar
-
St-Pierre J. (1999), La gestion financière des PME. Théories et pratiques, PME et entrepreneuriat, Québec, Presses de l’Université du Québec, 322 p.Google Scholar Search this bibliographic reference on Google Scholar
-
Savoie-Zajc L. (2009), L’entrevue semi-dirigée, dans Recherche sociale : de la problématique à la collecte de données, 5e édition, B. Gauthier (dir.), Québec, Presses de l’Université du Québec, 337-360.Google Scholar Search this bibliographic reference on Google Scholar
-
Schutz A. (1987), Le chercheur et le quotidien. Phénoménologie des sciences sociales, Paris, Méridiens Klincksieck, 286 p.Google Scholar Search this bibliographic reference on Google Scholar
-
Sutanonpaiboon J. et Pearson A.M. (2006), E-commerce adoption : perceptions of dirigeants/owners of small and medium-sized enterprises (SME) in Thailand, Journal of Internet Commerce, 5, 3, 53-82.10.1300/J179v05n03_03 Google Scholar Search this bibliographic reference on Google Scholar
-
Torres O. (2007a), Approche descriptive de la spécificité de gestion des PME : le mix de proximité, dans Management des PME. De la création à la croissance, Paris, Pearson Education, 23-33.Google Scholar Search this bibliographic reference on Google Scholar
-
Torres O. (2007b), Approche explicative du comportement caractéristique des PME : le principe proxémique, dans Management des PME. De la création à la croissance, Paris, Pearson Education, 35-45.Google Scholar Search this bibliographic reference on Google Scholar
-
Vescovi T. (2000), Internet communication : the italian SME case, Corporate Communications : An International Journal, 5, 2, 107-112.10.1108/13563280010372531 Google Scholar Search this bibliographic reference on Google Scholar
-
Vescovi T. et Iseppon M. (2002), L´évolution d´Internet comme moyen de communication et de marketing des PMI, Revue Française du Marketing, 189, avril-mai, 131-40.Google Scholar Search this bibliographic reference on Google Scholar
-
Villani A. (1996), Méthode et théorie dans l’oeuvre de Gilles Deleuze, Les temps modernes, 51, 586, 142-154.Google Scholar Search this bibliographic reference on Google Scholar
-
Weber M. (1949), The methodology of the social sciences, New York, Free Press, 188 p.Google Scholar Search this bibliographic reference on Google Scholar
-
Werner A. (2008), The influence of Christian identity on SME owner-dirigeants’ conceptualisations of business practice, Journal of Business Ethics, 82, 2, 449-462.10.1007/s10551-008-9896-8 Google Scholar Search this bibliographic reference on Google Scholar
-
Westphalen M.-H. et Libaert T. (2009), Communicator. Toute la communication d’entreprise, 5e édition, Paris, Dunod, 493 p.Google Scholar Search this bibliographic reference on Google Scholar
- Wijewardena H. et Cooray S. (1996), Factors contributing to the growth of small manufacturing firms : perceptions of japanese owner/dirigeants, Journal of Enterprising Culture, 4, 4, 351-61.10.1142/S0218495896000204 Google Scholar Search this bibliographic reference on Google Scholar
- Wong P. (2003), Global and national factors affecting e-commerce diffusion in Singapore, The Information Society, 19, 1, 19-32.10.1080/01972240309471 Google Scholar Search this bibliographic reference on Google Scholar
- Xiao J., Yangb H. et Chow C. (2004), The determinants and characteristics of voluntary Internet-based disclosures by listed chinese companies, Journal of Accounting and Public Policy, 23, 3, 191- 225.10.1016/j.jaccpubpol.2004.04.002 Google Scholar Search this bibliographic reference on Google Scholar
Webographie
-
http://www.Internetworldstats.com/stats.htmGoogle Scholar Search this bibliographic reference on Google Scholar
-
http://www.insolus.com/article-internet-majuscule-minuscule#axzz2GBOFbDWkGoogle Scholar Search this bibliographic reference on Google Scholar