Abstracts
Abstract
The purpose of this paper is to investigate the relationship between corporate social responsibility and earnings management and the moderating effect of corporate governance and ownership structure on this relationship. Using panel data for a sample of French listed companies between 2010 and 2013, we find that CSR engagementconstrain earnings management practices suggesting that managers would comply with the ethical requirements and satisfy stakeholders’ interests. The results also show that the effect of CSR on earnings management is particularly stronger in more independent boards and with high institutional ownership structure. These corporate governance devices help mitigating managerial opportunistic behavior.
Keywords:
- Corporate social responsibility,
- Earnings management,
- Discretionary accruals,
- Corporate governance
Résumé
L’objectif de ce papier est d’examiner la relation entre la responsabilité sociale des entreprises (RSE) et la gestion des résultats ainsi que l’effet modérateur de la gouvernance d’entreprise et de la structure d’actionnariat. Sur la base d’un échantillon d’entreprises françaises cotées de 2010 à 2013, les résultats montrent que la RSE limite la gestion des résultats. En effet, les dirigeants vont se conformer aux valeurs éthiques et sont plus enclins à satisfaire les intérêts de l’ensemble des parties prenantes. Nos résultats montrent également que la relation entre la RSE et la gestion des résultats est plus prononcée en cas d’indépendance du conseil et de présence d’investisseurs institutionnels.
Mots-clés :
- Responsabilité sociale,
- Gestion de résultats,
- Accruals discrétionnaires,
- Gouvernance d’entreprise
Resumen
El objetivo de este documento es investigar la relación entre la responsabilidad social corporativa y la gestión de las ganancias y el efecto moderador de la gobernanza corporativa y la estructura de propiedad en esta relación. Al utilizar los datos del panel para una muestra de compañías francesas cotizadas entre 2010 y 2013, encontramos que el compromiso de RSE restringe las prácticas de administración de ganancias que sugieren que los gerentes cumplirían con los requisitos éticos y satisfarían los intereses de los interesados. Los resultados también muestran que el efecto de la RSC en la gestión de las ganancias es particularmente más fuerte en juntas más independientes y con una estructura de propiedad institucional alta. Estos dispositivos de gobernanza corporativa ayudan a mitigar el comportamiento oportunista del gerente.
Palabras clave:
- La responsabilidad ssocial,
- gestión de las ganancias,
- accruals discrecionales,
- gobernanza corporativa
Appendices
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