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Les déterminants de l’activisme des actionnaires minoritaires:insuffisance de gouvernance affichée ou de résultats financiers?

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  • Quôc Thai Huynh

    ()
    (Université Montesquieu Bordeaux 4)

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    Abstract

    (VF)Depuis la loi NRE de 2001, le législateur a marqué son attachement au respect des règles de gouvernance formalisées depuis le rapport Viénot en 1995. Leur promotion a été relayée par des organismes de défense des actionnaires. Leur adoption se fait selon le principe de « respecter ou se justifier ». Malgré le signal positif qu’elles pourraient envoyer au marché, les firmes ne semblent pas toujours oeuvrer dans l’intérêt de leurs actionnaires. Cette étude recherche les relations entre le risque d’activisme, la gouvernance et la performance financière. Quel est le profil des sociétés ciblées par l’activisme des actionnaires minoritaires?(VA)Since the NRE Act of 2001, French lawmakers have expressed their commitment to the rules of governance as formalized in the Viénot report of 1995. Such rules are promoted by associations of shareholder- rights defense. Their adoption is based on the principle of "comply or explain". Despite the positive signal they could send to the market, firms not always conform with the best interests of their shareholders. This research studys relationships between shareholder activism, corporate governance and financial performance. What is the profile of companies targeted by minority shareholder activists?

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    Bibliographic Info

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

    Volume (Year): 13 (2010)
    Issue (Month): 3 (September)
    Pages: 95-114.

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    Handle: RePEc:dij:revfcs:v:13:y:2010:i:q3:p:95-114.

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    Related research

    Keywords: gouvernance; activisme; droits des actionnaires; governance; activism; shareholders’ rights.;

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    References

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    15. Carine Girard, 2001. "Une typologie de l'activisme des actionnaires minoritaires en France," Working Papers CREGO 1010101, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
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