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Les conditions politiques au développement de la firme managériale

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Author Info

  • Mark J. Roe

    ()
    (Columbia Law School)

Abstract

The large publicly held firm dominates business in the United States. But in other economically advanced nations, ownership is not diffuse but concentrated. Social democ-racies press managers to stabilize employment. Hence, public firms there will have higher managerial agency costs, and large-block shareholding will persist. Indeed, when we line up the world's richest nations on a left-right political continuum and then line them up on a close-to-diffuse ownership continuum, the two correlate powerfully. We thus uncover not only a political explanation for ownership concentration in Europe, but also a crucial political prerequisite to the rise of the public firm in the United States, namely the weakness of social democratic pressures on the American business firm.

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File URL: http://leg2.u-bourgogne.fr/rev/041182.pdf
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Bibliographic Info

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

Volume (Year): 4 (2001)
Issue (Month): 1 (March)
Pages: 123-182

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Handle: RePEc:dij:revfcs:v:4:y:2001:i:q1:p:123-182

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Related research

Keywords: agency costs; large public firm; social democracy; ownership structure.;

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Cited by:
  1. Gérard Charreaux, 2002. "Au-delà de l'approche juridico-financière:le rôle cognitif des actionnaires et ses conséquences sur l'analyse de la structure de propriété et de la gouvernance," Working Papers CREGO 020701, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations, revised Jul 2002.
  2. Mohamed Khenissi, 2013. "Rémunération des dirigeants et Performance financière: une étude française," Working Papers halshs-00834608, HAL.

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