6533b836fe1ef96bd12a100c

RESEARCH PRODUCT

Éthique, marché et gouvernance : espace discrétionnaire et responsabilité sociale des grandes entreprises

subject

description

The competition imperfection and the market inefficiency introduce a discretionary space in the decision process inside bigfirms. Incentive theories, dedicated to the mechanisms used to align the top executives' interests with the shareholders' interests, try to control this discretionary space for the benefit of the market value maximization. An approach oriented toward the stakeholders can move the focus to the positive effects of this discretionary space by opening it to the ethic values. Today, these ethic values seem to apply in two complementary aspects: the transparency in the reporting of accounts, acts and decisions, and the social responsibility toward all the stakeholders.