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Systèmes de gouvernance, actionnaires dominants et performance future des entreprises

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  • Paul André

    ()
    (University of Edinburgh)

  • Eduardo Schiehll

    (HEC Montréal)

Abstract

(VF)La structure de propriété au Canada est fortement concentrée. Les résultats univariés de cette étude révèlent une relation positive entre la performance et d’une part, la proportion d’administrateurs indépendants, d’autre part, l’importance de la rémunération incitative du PDG. Ceux de l’analyse multivariée indiquent une relation négative entre la performance et le niveau de propriété du dirigeant et de l’actionnaire dominant, s’il est simultanément dirigeant. (VA)Contrary to the US, ownership in Canada is concentrated in the hands of large shareholders which often are also managers of the firm. Univariate results show a positive relationship between performance and both outsiders on the board and the level of CEO incentive compensation. Multivariate results show a negative relationship between performance and both CEO and large shareholder ownership only in the case where large shareholders are also managers.

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Bibliographic Info

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

Volume (Year): 7 (2004)
Issue (Month): 2 (June)
Pages: 165-193

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Handle: RePEc:dij:revfcs:v:7:y:2004:i:q2:p:165-193

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Related research

Keywords: gouvernance; performance de la firme; actionnaire dominant; dirigeants; rémunération; conseil d’administration; corporate governance; firm performance; large shareholders; executive compensation; board characteristics.;

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References

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  1. Benjamin E. Hermalin & Michael S. Weisbach, 1991. "The Effects of Board Composition and Direct Incentives on Firm Performance," Financial Management, Financial Management Association, vol. 20(4), Winter.
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  7. Agrawal, Anup & Knoeber, Charles R., 1996. "Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 31(03), pages 377-397, September.
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  15. Gérard Charreaux, 1996. "Vers une théorie du gouvernement des entreprises," Working Papers CREGO 0960501, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
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Cited by:
  1. Guillaume Garnotel & Patrick Loux, 2011. "Définition des bonus des dirigeants et performance des entreprises de haute technologie," Revue Finance Contrôle Stratégie, revues.org, vol. 14(3), pages 119-150, September.
  2. Yen, Tze-Yu & Andre, Paul, 2007. "Ownership structure and operating performance of acquiring firms: The case of English-origin countries," Journal of Economics and Business, Elsevier, vol. 59(5), pages 380-405.
  3. Manel Kolsi & Hanen Ghorbel, 2011. "Effet des mécanismes de gouvernance sur la performance financière et boursière : Cas des entreprises canadiennes," Post-Print hal-00650537, HAL.

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