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Les déterminants de la rémunération des administrateurs externes dans les sociétés françaises du SBF 120 - Determinants of outside director compensation in the major French companies

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  • Géraldine Broye
  • Yves Moulin
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    Abstract

    (VF)Cette étude s’intéresse aux déterminants de la rémunération des administrateurs externes des sociétés du SBF 120. Nos résultats mettent en évidence l’incidence de la structure de propriété de l’entreprise sur cette rémunération. La rémunération est en effet d’autant plus élevée que l’actionnariat est dispersé, illustrant la mise en place d’une rétribution permettant d’inciter les administrateurs à discipliner les dirigeants en l’absence d’un actionnaire de contrôle. Par ailleurs, la rémunération des administrateurs est d’autant plus élevée que le conseil d’administration comporte une proportion plus forte de membres indépendants, et ce dans les sociétés à capital dispersé comme dans les sociétés à capital concentré. Ce résultat met en évidence le rôle joué par les administrateurs indépendants pour négocier une rémunération incitative permettant de réduire les conflits d’agence de type I et de type II.(VA)This study examines the determinants of the compensation arrangements for outside board members in a sample of 251 large French companies. Our results suggest that the ownership structure of the firm affects director compensation.Outside directors earn greater compensation when the ownership is more diffuse. These findings suggest that remuneration provides stronger incentives to monitor when the firm is not controlled by a blockholder. Furthermore, firms with more independent directors award higher remuneration for outside directors. This result is consistent with the hypothesis that independent directors negociate higher levels of compensation to motivate outside directors to act in the interest of shareholders.

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    File URL: http://fcs.revues.org/78
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    Bibliographic Info

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

    Volume (Year): 15 (2012)
    Issue (Month): 1 (June)
    Pages: 7-25

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    Handle: RePEc:dij:revfcs:v:15:y:2012:i:1:p:7-25.

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    Web page: http://www.revues.org/

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    Related research

    Keywords: conseils d’administration; gouvernance des entreprises; rémunération des administrateurs; board of directors; corporate governance; director compensation;

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