L’objet de la présente recherche vise à donner un éclairage théorique, méthodologique et pratique de l’augmentation de capital étudiée dans un contexte de crise. En effet, le cadre conceptuel de cette recherche a porté sur les termes suivants : augmentation de capital, difficulté financière, signaux annonciateurs de la situation difficile, notion d’entreprise en situation difficile et plus particulièrement sur la théorie de signalisation et sur la théorie de la lecture optionnelle du bilan. Il convient d’affirmer que ce cadre théorique a eu pour intérêt de « contextualiser » et de délimiter le sujet de recherche. Pour affiner la délimitation du sujet, une étude exploratoire a été réalisée. Elle a permis d’identifier les indicateurs de la situation difficile et de tester la méthodologie d’étude d’événement sur un cas. Enfin, pour valider cette recherche et pour permettre la généralisation des résultats, la méthodologie d’étude d’événement a été appliquée à un échantillon de 30 cas d’entreprises en situation difficile. Le but de cette étude a été de mesurer la création ou la destruction de la valeur actionnariale observable lors du lancement de ce type d’opération qui permet de mesurer les réactions des actionnaires anciens. Par ailleurs, pour mieux appréhender la perception des investisseurs sur ce type d’opération, la recherche s’est orientée vers les analyses de sens et textuelles lexicales. Au final, le sujet étudié peut s’appréhender comme un financement de dernier recours pour les sociétés en situation difficile. / The aim of the present research is to provide a theoretical lighting, methodology and practical of the capital increase studied in a context of crisis. Indeed, the conceptual framework of this research focused on the precision of terms such as capital increase, financial difficulty, covenant of difficulty, concept of enterprise in difficulty and in particular on the indication of theories namely signaling and the balance sheet optional reading. We wish to emphasize that this framework has had interest to « contextualize » and to delimit the research topic. And to improve the delimitation of the topic, an exploratory study was conducted and it has identified the indicators of difficulty and test the event study methodology on a case. Finally, to validate this research and to allow generalization of results, event study methodology was applied to a sample of 30 cases of companies in difficulty. The aim of study was to measure the creation or destruction of shareholder value observable at the launch of this type of operation to measure the reactions of former shareholders. Furthermore, to better understand the perception of investors in this type of operation, the research is oriented analyzes of lexical meaning and textual. In the end, the topic studied can be apprehended as a last resort financing for companies in difficulty.

As a response to the financial crisis of 2008 the IASB and the FASB developed IFRS 9 and ASC 326, respectively. These accounting regulations are supposed to increase reporting transparency and promote financial stability by determining the calculation and recognition of loan loss provisions. However, previous literature has brought up concerns that loan loss provisions can negatively impact the lending activity in banks. If that was the case, they would negatively affect the amount of capital available in an economy and thereby threaten financial stability and economic growth especially during times of economic downturns. To shed light on this topic, this thesis investigates the relationship between loan loss provisions and lending activity in banks applying IFRS and US GAAP. The thesis provides practical as well as theoretical implications as it discusses the findings in a practical context and relates it to relevant theories.  The dataset utilized includes empirical data from Q1 2020 until Q4 2022 and covers 330 banks from 38 countries. The data was gathered from Refinitiv´s Eikon database as well as from the International Monetary Fund. It was then statistically analyzed by conducting different kinds of statistical inference. All methods applied are of a quantitative nature and the underlying methodology is positivist. The results of this thesis suggest that loan loss provisions under IFRS 9 are on average higher than under ASC 326. Further, it was found that loan loss provisions under IFRS 9 exhibit a statistically significant negative relationship with lending activity. In contrast, this relationship was found to be insignificant under ASC 326. Together, these findings suggest that higher loan loss provisions have a negative effect on lending activity. It is concluded that the impairment model of IFRS 9 might compromise financial stability by limiting lending activities during times of economic turmoil.  Additionally, due to the increased room for managerial judgment under IFRS 9 it is theorized that the higher loan loss provisions can be the result of earnings management. Loan loss provisions under IFRS 9 could thus be more supported by Agency theory. On the other hand, ASC 326 offers less room for managerial discretion and could be more supported by Stewardship theory. This thesis also suggests topics for potential future research. The knowledge about loan loss provisions and their effects on lending activity could be extended by using different variables in the regression model. Additionally, a longer timeframe as well as other accounting standards could be investigated. Furthermore, the effects of loan loss provisions on loan quality and risk management in banks are in need of further examination. Lastly, the capital requirements of Basel III and their impact on procyclicality should be researched.