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Jalons pour une histoire des théories du gouvernement des entreprises

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  • Pierre-Yves Gomez

    (EM Lyon)

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    Abstract

    (VF)Si l'histoire du gouvernement des entreprises commence à être mieux connue, il importe de comprendre comment l'évolution des théories a épousé cette histoire au fur et à mesure qu'il se modifiait. Dans cet article, nous cherchons à comprendre plus précisément, comment ces théories ont rendu compte de l'étendue et de la limitation, au cours du temps, du pouvoir discrétionnaire du dirigeant. Successivement nous montrons comment la théorie des droits de propriété puis la théorie de l'agence ont répondu aux défis posés soit par les pratiques en cours soit par les critiques portées par des théories concurrentes. Nous concluons que les évolutions récentes du gouvernement des entreprises, dues à la massification de l'actionnariat, rendent nécessaire un renouvellement théorique, dont nous repérons les principales pistes. (VA) The history of Corporate governance systems is now well-documented. However, it is necessary to better understand the link between the use of theories and the evolution of effective practices of governance. In this paper, we show that the development of theories (property rights, agency theory) parallels the evolution of the governance of capitalist corporations. We describe three main periods. In each period, economic theories offer rational frameworks to allow and to limit the discretionary power of executives. They answer the need for both understanding the governance systems and legitimating practices in use. Therefore, we show how the recent evolution of corporate governance since the 70's, challenges the use of the agency theory as the mainstream model and paves the way for new theorizations of corporate governance in the mass ownership era.

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    Bibliographic Info

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

    Volume (Year): 6 (2003)
    Issue (Month): 4 (December)
    Pages: 183-208

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    Handle: RePEc:dij:revfcs:v:6:y:2003:i:q4:p:183-208

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    Related research

    Keywords: gouvernement d'entreprise; théorie de l'agence; théorie des droits de propriété; histoire des entreprises; corporate governance; agency theory; property rights theory; business history.;

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    References

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    1. Jensen, Michael C, 1993. " The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems," Journal of Finance, American Finance Association, vol. 48(3), pages 831-80, July.
    2. Peter Wirtz, 1999. "Évolution institutionnelle, schémas mentaux et gouvernement des entreprises:le cas Krupp-Thyssen," Revue Finance Contrôle Stratégie, revues.org, vol. 2(1), pages 117-143, March.
    3. Alfred D. Chandler, 1969. "Strategy and Structure: Chapters in the History of the American Industrial Enterprise," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262530090, December.
    4. Hugh Sherman & Sam Beldona & Maheshkumar Joshi, 1998. "Institutional Investor Heterogeneity: Implications for Strategic Decisions," Corporate Governance: An International Review, Wiley Blackwell, vol. 6(3), pages 166-173, 07.
    5. Fama, Eugene F, 1980. "Agency Problems and the Theory of the Firm," Journal of Political Economy, University of Chicago Press, vol. 88(2), pages 288-307, April.
    6. Andrei Shleifer & Robert W. Vishny, 1996. "A Survey of Corporate Governance," NBER Working Papers 5554, National Bureau of Economic Research, Inc.
    7. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    8. Fama, Eugene F & Jensen, Michael C, 1983. "Agency Problems and Residual Claims," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 327-49, June.
    9. Pound, John, 1988. "Proxy contests and the efficiency of shareholder oversight," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 237-265, January.
    10. Gérard Charreaux, 1998. "La théorie positive de l'agence:lecture et relectures..," Working Papers CREGO 0980901, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    11. Charkham, Jonathan & Simpson, Anne, 1999. "Fair Shares: The Future of Shareholder Power and Responsibility," OUP Catalogue, Oxford University Press, number 9780198292142, September.
    12. Pound, John, 1989. "Shareholder Activism and Share Values: The Causes and Consequences of Countersolicitations against Management Antitakeover Proposals," Journal of Law and Economics, University of Chicago Press, vol. 32(2), pages 357-79, October.
    13. Gérard Charreaux & Philippe Desbrières, 1997. "Gouvernance des entreprises:valeur partenariale contre valeur actionnariale," Working Papers CREGO 0970801, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    14. Ross, Stephen A, 1973. "The Economic Theory of Agency: The Principal's Problem," American Economic Review, American Economic Association, vol. 63(2), pages 134-39, May.
    15. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 301-25, June.
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    Cited by:
    1. Christian Prat Dit Hauret & Iliya Komarev, 2005. "Les Déterminants Du Choix De Membres Indépendants De Comités D'Audit Au Sein Des Entreprises Françaises Cotées : Une Analyse Empirique," Post-Print halshs-00581283, HAL.
    2. Peter Wirtz, 2008. "L’institutionnalisation croissante du discours sur les «meilleures pratiques» de gouvernance en France:un état des lieux," Working Papers CREGO 1080602, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    3. Katia Lobre & Jean-Baptiste Cartier, 2012. "Mutualisme bancaire, Hétérosis organisationnelle et difficultés de gouvernance," Post-Print halshs-00696908, HAL.
    4. Peter Wirtz & Odile Paulus & Patrice Charlier, 2012. "La gouvernance des Dominicains au-delà des théories établies," Working Papers halshs-00691233, HAL.

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