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Gouvernance des entreprises:valeur partenariale contre valeur actionnariale

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  • Gérard Charreaux

    ()

  • Philippe Desbrières

    ()
    (Université de Bourgogne)

Abstract

Unsatisfied with the dominating shareholders'view, that we find unfitted to build a relevant theory of corporate governance, we propose an enlarged definition of the value which may be called, the stakeholder value. This definition and the associated measure are supposed to be more fitted to the stakeholder view of the firm and more relevant to understand the value creation and sharing mechanisms.

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Bibliographic Info

Paper provided by Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations in its series Working Papers CREGO with number 0970801.

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Length: 32 pages
Date of creation: Aug 1997
Date of revision:
Publication status: published in Finance Contrôle Stratégie, vol.1, n°2, juin 1998,p.57-88.
Handle: RePEc:dij:wpfarg:0970801

Note: article publié dans Finance Contrôle Stratégie, vol.1, n°2, juin 1998,p.57-88.
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Postal: 2 Bd Gabriel, BP 26611, 21066 Dijon Cedex, France

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Postal: Angèle Renaud, CREGO, 2 Bd Gabriel, BP 26611, 21066 Dijon Cedex, France
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Keywords: shareholder value; stakeholder value; corporate governance; value creation; value sharing.;

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References

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  1. Steve Bond & Julie Elston & Jacques Mairesse & Benoit Mulkay, 1997. "Financial factors and investment in Belgium, France, German and the UK: A comparison using company panel data," IFS Working Papers W97/08, Institute for Fiscal Studies.
  2. Diamond, Douglas W, 1984. "Financial Intermediation and Delegated Monitoring," Review of Economic Studies, Wiley Blackwell, vol. 51(3), pages 393-414, July.
  3. Andrei Shleifer & Robert W. Vishny, 1995. "A Survey of Corporate Governance," Harvard Institute of Economic Research Working Papers 1741, Harvard - Institute of Economic Research.
  4. Myers, Stewart C. & Majluf, Nicolás S., 1945-, 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Working papers 1523-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
  5. Pierre Morin & François Legendre & Patrick Artus, 1989. "Le partage du profit incite-t-il à travailler plus ?," Économie et Prévision, Programme National Persée, vol. 87(1), pages 105-111.
  6. Brian J. Hall & David E. Weinstein, 1996. "The Myth of the Patient Japanese: Corporate Myopia and Financial Distress in Japan and the U.S," Harvard Institute of Economic Research Working Papers 1770, Harvard - Institute of Economic Research.
  7. Kevin M.J. Kaiser, 1996. "European Bankruptcy Laws: Implications for Corporations Facing Financial Distress," Financial Management, Financial Management Association, vol. 25(3), Fall.
  8. Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, . "Law and Finance," Working Paper 19451, Harvard University OpenScholar.
  9. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
  10. 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.
  11. Shleifer, Andrei & Vishny, Robert W., 1989. "Management entrenchment : The case of manager-specific investments," Journal of Financial Economics, Elsevier, vol. 25(1), pages 123-139, November.
  12. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-29, May.
  13. Richard W. Kopcke & Eric S. Rosengren, 1990. "Are the distinctions between debt and equity disappearing? An overview," New England Economic Review, Federal Reserve Bank of Boston, issue Mar, pages 3-10.
  14. Adam M. Brandenburger & Harborne W. Stuart, 1996. "Value-based Business Strategy," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 5(1), pages 5-24, 03.
  15. Istemi Demirag, 1995. "Short-term performance pressures: is there a consensus view?," The European Journal of Finance, Taylor & Francis Journals, vol. 1(1), pages 41-56.
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