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

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Author Info

  • Gérard Charreaux

    ()
    (Université de Bourgogne)

Abstract

L'objectif de cet article est de proposer une voie alternative à celle que préconise Zingales pour donner de nouvelles fondations à la finance d'entreprise. En empruntant le même cheminement que Zingales, cet article retient premièrement une définition plus large de la finance, accordant à l'investissement une place au moins équivalente à celle du financement. Deuxièmement, considérant que la vision contractuelle, dans son interprétation traditionnelle fondée sur la protection des actifs spécifiques, conduit à une théorie financière déconnectée de toute considération productive, il propose de lui substituer les théories de la firme associées aux courants cognitifs. Troisièmement, les conséquences de ce passage des théories contractuelles pour réinterpréter les décisions de financement sont analysées. Elles conduisent à apporter des explications nouvelles aux rôles des fonds propres externes et de la dette financière, mais surtout à celui de l'autofinancement, en insistant notamment sur sa dimension positive. Enfin, à l'instar de Zingales, les conséquences de ce changement de grille théorique pour la gouvernance et l'évaluation font également l'objet d'une rapide investigation.

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Bibliographic Info

Paper provided by Université de Bourgogne - Crego EA 7317/Fargo (Research center in Finance,organizational ARchitecture and GOvernance) in its series Working Papers FARGO with number 011201.

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Length: 57 pages
Date of creation: Dec 2001
Date of revision: Jul 2002
Publication status: published in Finance Contrôle Stratégie,voL.5,n°3,septembre 2002,p.5-68.
Handle: RePEc:dij:wpfarg:011201

Note: article publié dans Finance Contrôle Stratégie,voL.5,n°3,septembre 2002,p.5-68.
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Web page: http://leg2.u-bourgogne.fr/FARGO/

Order Information:
Postal: Gérard Charreaux, Fargo-Leg, Université de Bourgogne 2 Bd Gabriel, BP 26611, 21066 Dijon Cedex, France

Related research

Keywords: finance d'entreprise; théories cognitives de la firme; investissement; fonds propres externes; autofinancement; gouvernance d'entreprise; évaluation d'entreprise; conseil d'administration.;

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References

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  1. 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.
  2. Gérard Charreaux, 1996. "Pour une véritable théorie de la latitude managériale et du gouvernement des entreprises," Working Papers FARGO 0960601, Université de Bourgogne - Crego EA 7317/Fargo (Research center in Finance,organizational ARchitecture and GOvernance).
  3. Franklin Allen, 2001. "Do Financial Institutions Matter?," Center for Financial Institutions Working Papers 01-04, Wharton School Center for Financial Institutions, University of Pennsylvania.
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  8. Grossman, Sanford J & Hart, Oliver, 1985. "The Cost and Benefits of Ownership: A Theory of Vertical and Lateral Integration," CEPR Discussion Papers 70, C.E.P.R. Discussion Papers.
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  14. Eliasson, Gunnar, 1988. "The Firm as a Competent Team," Working Paper Series 207, Research Institute of Industrial Economics, revised Feb 1990.
  15. Titman, Sheridan, 1984. "The effect of capital structure on a firm's liquidation decision," Journal of Financial Economics, Elsevier, vol. 13(1), pages 137-151, March.
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  17. Witt, Ulrich, 1998. "Imagination and leadership - The neglected dimension of an evolutionary theory of the firm," Journal of Economic Behavior & Organization, Elsevier, vol. 35(2), pages 161-177, April.
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  19. Eliasson, Gunnar, 1990. "The firm as a competent team," Journal of Economic Behavior & Organization, Elsevier, vol. 13(3), pages 275-298, June.
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