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Le rôle de l’information de gestion dans la relation dirigeants-actionnaires:le cas des sociétés de capital investissement

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  • Florence Cavelius

    ()
    (Université Paris X Nanterre)

  • Philippe Dessertine

    (Université Paris X Nanterre)

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    Abstract

    (VF)L’exigence d’informations de gestion et leur utilisation par le capital investisseur (CI) sont appréciées grâce à une étude qualitative. Le CI, investisseur actif et soucieux de la rentabilité de son placement, peut être intéressé par une information traditionnellement réservée au dirigeant. Les résultats montrent que les CI s’impliquent à des degrés divers dans l’obtention d’informations de gestion, ce qui se traduit par une association variable aux décisions. Nous proposons une typologie du mode d’utilisation de ces informations par les CI. Nous montrons que, lorsque le CI est actif, l’information de gestion est le vecteur d’un véritable partenariat entre dirigeant et investisseur, coopération qui reste toutefois limitée par des difficultés juridiques.(VA)The demand of management control information (MCI) and its use by Venture Capitalists (VC) are examined through a qualitative study. The VC, active investor concerned with investment return, may be interested by information traditionally reserved to the manager. The results show that the VC are implied to differing levels in obtaining MCI, which is expressed by distinct levels of involvement in the decisions. We enlighten a typology of the way of using this information by the VC. When the VC is active, the MCI is the vector of a true partnership between manager and investor, limited by legal difficulties.

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    Bibliographic Info

    Article provided by revues.org in its journal Revue Finance Contrôle Stratégie.

    Volume (Year): 12 (2009)
    Issue (Month): 3 (September)
    Pages: 65-95

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    Handle: RePEc:dij:revfcs:v:12:y:2009:i:q3:p:65-95.

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    Related research

    Keywords: gouvernance d’entreprise; capital investissement; information de gestion; contrôle; coopération.corporate governance; venture capital; management control information; control; cooperation.;

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    1. Fama, Eugene F, 1991. " Efficient Capital Markets: II," Journal of Finance, American Finance Association, vol. 46(5), pages 1575-617, December.
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    13. Rosman, Andrew J. & O'Neill, Hugh M., 1993. "Comparing the information acquisition strategies of venture capital and commercial lenders: A computer-based experiment," Journal of Business Venturing, Elsevier, vol. 8(5), pages 443-460, September.
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