Search results for "jel:G30"
showing 10 items of 30 documents
L'efficacité des privatisations françaises : une vision dynamique à travers la théorie de la gouvernance
2004
International audience; A reading of the process of privatization through the corporate governance theory leads to propose a model taking into account, on the one hand, the time dimension of the process of privatization, on the other hand, the contextual, organizational, governance and strategic variables which influence this process. After replicating some traditional tests, we test this model on a sample of French privatized firms and on a seven years horizon. The positive effect traditionally attributed to privatizations is not confirmed. The importance of the effect is subordinated to some of the suggested variables.; Une lecture du processus de privatisation à travers la théorie de la …
Corporate Governance Theories: From Micro Theories to National Systems Theories
2004
The objective of this article is to conduct a survey of the different corporate governance theories. In the first part, we present the micro theories by opposing the disciplinary view to the knowledge-based view. The second part deals with the macro or national systems theories. We separate the theories based on appropriation of the organizational rent from those attributing a dominant role to production. This survey highlights that the financial view of corporate governance is a very particular case and presents many limits.
CEOs entrenchment and shareholders' wealth
1998
In the agency relation between the shareholders and the CEO, everybody try toreinforce his or her position. For the CEO, it means the pursuit of a betterentrenchment, which allows him to reduce the risk of being dismissed. Theentrenchment model develops the importance for the CEO to get internal or externalconnections and to make efforts in order to attain a higher performance. From a sampleof 1747 annual observations concerning 258 CEOs of public firms for the 1966-1990period, empirical measures allow us to estimate the importance of internal networksand past performance by establishing a measure of CEO entrenchment. Furthermore,we observed, for the shareholders, the existence of an optimu…
Pour une véritable théorie de la latitude managériale et du gouvernement des entreprises.
1996
Le problème du contrôle des dirigeants et la notion de gouvernement des entreprises font l'objet depuis longtemps de travaux, souvent liés à des théories de l'organisation parmi les plus connues (théorie des coûts de transaction, théorie de l'agence…). Mais il semble que ces analyses, notamment parce qu'elles sont trop centrées sur les relations avec les actionnaires et négligent l'examen de la « latitude managériale », ne puissent qu'incomplètement rendre compte du statut et du comportement effectif des dirigeants. L'auteur propose ici de suivre diverses pistes pour dépasser cette situation en enrichissant les approches réductrices aujourd'hui dominantes.
Caractéristiques et fonctionnement des conseils d'administration français. Un état des lieux.
2004
International audience; Dans ce travail, nous décrivons les principales caractéristiques (taille des conseils, cumul des fonctions et indépendance des membres) de 97 conseils d'administration français en 2002 et leur fonctionnement (nombre de réunions et assiduité), ainsi que ceux des principaux comités spécialisés (comité d'audit, comité de rémunération, comité de nomination et comité stratégique). Nos résultats permettent de mettre en évidence une évolution très significative des conseils en France au cours des 20 dernières années, suite notamment à la publication des rapports Vienot (1995 et 1999) et Bouton (2002).
Efficiency of French privatizations: a dynamic vision
2004
The program of French privatizations is one of the principal worldwide programs as for the volume of the equity issues. A reading of the process of privatization through the corporate governance theory resulted in working out a model making it possible to take into account, on the one hand, the time dimension of the process of privatization, on the other hand, the contextual, organizational, governance and strategic variables which influence this process. After having replicated a certain number of traditional tests, we carried out a test of this model on a sample of 19 French privatized firms and on a seven years horizon, which made it possible to obtain the following conclusions. The favo…
Quels sont les effets de la pression exercée par les analystes financiers ? Le cas Carrefour
2010
International audience; L'étude du remplacement du dirigeant emblématique de l'entreprise Carrefour, au début de l'année 2005, permet d'illustrer le rôle disciplinaire joué par les analystes financiers, ainsi que les effets pervers résultant de la pression exercée par ces derniers sur la qualité des états financiers. En effet, il apparaît que l'ancien dirigeant a géré les résultats à la hausse au cours des deux années précédentes, pour éviter d'annoncer une « mauvaise surprise » (un bénéfice de l'exercice inférieur aux bénéfices prévus par les analystes), alors que le nouveau dirigeant a eu tendance à « nettoyer » les comptes dès sa prise de fonction.
On the Internationalization of Corporate Boards
2013
Despite the global reach of their commercial activities, many multinational firms have proved slow in internationalizing their boards of directors. Based on a panel study of the internationalization of the boards of 347 non-financial firms from the Nordic countries, we find a higher fraction of international board membership in firms with more foreign sales, in firms with more foreign ownership and in firms whose shares are traded on foreign (mostly European) stock exchanges. Moreover, we find international directors and national directors with international experience complementary. The first-mentioned group is found to serve a monitoring role, related to financial internationalization of …
À la recherche du lien perdu entre caractéristiques des dirigeants et performance de la firme : gouvernance et latitude managériale
2008
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 th…
The Institutional Determinants of Private Equity Involvement in Business Groups: The Case of Africa
2018
This study examines the governance attributes of post-IPO (initial public offering) retained ownership of private equity in business group constituent firms in contrast to their unaffiliated counterparts, in 202 newly listed firms in 22 emerging African economies. We adopt an actor centered institutional-theoretic perspective in rationalizing institutional voids and the advantages of maintained governance by both business angels (BA) and venture capital (VC) private equity. Our findings reveal private equity retain higher post-IPO ownership in business group constituents compared to unaffiliated firms and that this is inversely moderated in the context of improving institutional quality – w…