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Investisseurs institutionnels non-résidents, corporate governance et stratégies d'entreprise. Évaluation et Analyse à partir d'un panel de firmes françaises et allemandes (1999-2007)

Author

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  • Christopher Lantenois
  • Benjamin Coriat

Abstract

Based on a panel of French and German companies, listed on the CAC-40 and DAX-30 to 31 December 2007, the paper is intended to measure the impact of the foreign Institutional Investors (II) in the capital structure, and to evaluate their impact on the behaviors and strategies of these firms. After analyzing the changes in the ownership capital structure of these companies (Section 1), we examine (Section 2) the effects of the II. A series of indicators are used, such as: firms? profits, returns on equity, dividends distributed to shareholders and share buybacks. Finally (Section 3), we examine the evolution of industrial strategies that accompany the II arrival and highlight a clear trend towards refocusing of activities and consolidation. The data are extracted from annual reports and databases Thomson One Banker, Worldscope and Fininfo, and cover the period 1999-2007.

Suggested Citation

  • Christopher Lantenois & Benjamin Coriat, 2011. "Investisseurs institutionnels non-résidents, corporate governance et stratégies d'entreprise. Évaluation et Analyse à partir d'un panel de firmes françaises et allemandes (1999-2007)," Revue d'économie industrielle, De Boeck Université, vol. 0(2), pages 51-84.
    • Handle: RePEc:cai:reidbu:rei_134_0051
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    Cited by:

    1. Tristan Auvray & Cédric Durand & Joel Rabinovich & Cecilia Rikap, 2020. "Financialization's conservation and transformation: from Mark I to Mark II," CEPN Working Papers hal-03079425, HAL.

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