6533b873fe1ef96bd12d5eaf

RESEARCH PRODUCT

À la recherche du lien perdu entre caractéristiques des dirigeants et performance de la firme : gouvernance et latitude managériale

subject

description

Upper Echelons Theory and financial governance theory both postulate that CEOs have a determining influence on the performance with, however, a very significant difference concerning the influence of managerial discretion. For the first one, managerial discretion has a potentially positive influence on performance by enabling the managers' cognitive capacities to affect it, for the second one, a negative influence, insofar as it can lead to decisions conflicting with shareholders' interests. The objective of this article is, on the one hand, to compare the contents and the role of the managerial discretion concept within these two theoretical frameworks, on the other hand, to propose, in the light of the cognitive and behavioral developments of corporate governance theory, a meta model based on an integrative approach of managerial discretion in order to offer a better understanding of the link between CEOs characteristics, corporate governance systems and performance.