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Variation sur le thème:"À la recherche de nouvelles fondations pour la finance et la gouvernance d'entreprise"

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  • Gérard Charreaux

    ()
    (Université de Bourgogne)

Abstract

Our purpose is to explore an alternative way to give new foundations to the theory of corporate finance and governance. The definition we give of corporate finance considers capital-budgeting as central. The shortcomings of the contract theory of the firm result in proposing new foundations to corporate finance based on the knowledge-based theories of the firm. Lastly, we explore the consequences of these new foundations. It leads to give new explanations of the role of external equity financing, financial debt and especially of internal financing, and to re-examine the corporate governance and financial evaluation questions.

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File URL: http://leg2.u-bourgogne.fr/rev/053068.pdf
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Bibliographic Info

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

Volume (Year): 5 (2002)
Issue (Month): 3 (September)
Pages: 5-68

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Handle: RePEc:dij:revfcs:v:5:y:2002:i:q3:p:5-68

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Related research

Keywords: internal financing; corporate finance; corporate governance; capital budgeting; knowledge-based theories of the firm.;

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  1. Teece, David J., 1982. "Towards an economic theory of the multiproduct firm," Journal of Economic Behavior & Organization, Elsevier, vol. 3(1), pages 39-63, March.
  2. Giovanni Dosi & Luigi Marengo, 1999. "On the tangled discourse between transaction costs economics and competence-based views of the firms: Some comments," LEM Papers Series 1999/08, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
  3. Graham, John R. & Harvey, Campbell R., 2001. "The theory and practice of corporate finance: evidence from the field," Journal of Financial Economics, Elsevier, vol. 60(2-3), pages 187-243, May.
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  8. Zingales, Luigi, 2000. "In Search of New Foundations," CEPR Discussion Papers 2551, C.E.P.R. Discussion Papers.
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  11. Coase, R H, 1988. "The Nature of the Firm: Influence," Journal of Law, Economics and Organization, Oxford University Press, vol. 4(1), pages 33-47, Spring.
  12. Nicolai J. Foss, 1996. "Firms, Incomplete Contracts and Organizational Learning," DRUID Working Papers 96-2, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
  13. Armen A. Alchian & Harold Demsetz, 1971. "Production, Information Costs and Economic Organizations," UCLA Economics Working Papers 10A, UCLA Department of Economics.
  14. Gérard Charreaux, 1996. "Pour une véritable théorie de la latitude managériale et du gouvernement des entreprises," Working Papers CREGO 0960601, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
  15. Franklin Allen, 2001. "Do Financial Institutions Matter?," Center for Financial Institutions Working Papers 01-04, Wharton School Center for Financial Institutions, University of Pennsylvania.
  16. Coase, R H, 1988. "The Nature of the Firm: Meaning," Journal of Law, Economics and Organization, Oxford University Press, vol. 4(1), pages 19-32, Spring.
  17. Eliasson, Gunnar, 1988. "The Firm as a Competent Team," Working Paper Series 207, Research Institute of Industrial Economics, revised Feb 1990.
  18. Coase, Ronald H., 1990. "Accounting and the theory of the firm," Journal of Accounting and Economics, Elsevier, vol. 12(1-3), pages 3-13, January.
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