Purpose

The purpose of this paper is to examine the impact of earnings management on financial performance. In addition, the authors investigate whether corporate social responsibility has a moderating effect on the impact of earnings management on financial performance.

Design/methodology/approach

The empirical study is based on a sample of French companies listed on the CAC-All-Tradable index over the period 2008–2018. Feasible generalized least square regression method is used to estimate the econometric models.

Findings

Based on panel data of 3,003 French firm-year observations, the authors demonstrate that earnings management has a negative and significant impact on financial performance. Indeed, corporate social responsibility moderates positively the negative impact of earnings management on financial performance in the French context.

Practical implications

The findings have several implications for regulatory, investors and academic researchers. For regulators, it is appropriate to promote more several standards related to corporate social responsibility and earnings management. For investors, considering societal issues is very important in making decisions. For academic researchers, the results show that it is important to discover how corporate social responsibility can influence the relation between earnings management and financial performance.

Originality/value

The existing literature has generally focused on the impact of earnings management on financial performance and the empirical tests did not yield similar results. The study shows that corporate social responsibility has a moderating role in determining the impact of earnings management on financial performance.

中文翻译：

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盈余管理、财务绩效和企业社会责任的调节作用：来自法国的证据

目的

本文的目的是检验盈余管理对财务绩效的影响。此外，作者还调查了企业社会责任是否对盈余管理对财务绩效的影响具有调节作用。

设计/方法/方法

该实证研究基于 2008 年至 2018 年期间在 CAC-All-Tradable 指数中上市的法国公司样本。采用可行的广义最小二乘回归方法对计量经济模型进行估计。

发现

基于 3,003 个法国公司年度观察的面板数据，作者证明盈余管理对财务业绩具有负面和显着的影响。事实上，在法国，企业社会责任积极缓和了盈余管理对财务业绩的负面影响。

实际影响

这些发现对监管机构、投资者和学术研究人员有几个影响。对监管者而言，宜推广更多与企业社会责任和盈余管理相关的标准。对于投资者而言，考虑社会问题在做出决策时非常重要。对于学术研究人员来说，研究结果表明，发现企业社会责任如何影响盈余管理和财务绩效之间的关系非常重要。

原创性/价值

现有文献普遍关注盈余管理对财务绩效的影响，实证检验并未产生类似结果。研究表明，企业社会责任在确定盈余管理对财务绩效的影响方面具有调节作用。