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Les prises de contrôle par les actionnaires contestataires:le cas André

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  • Michel Albouy

    ()
    (Ecole Supérieure des Affaires,Université de Grenoble 2)

  • Alain Schatt

    ()
    (Université de Franche-Comté)

Abstract

Nous étudions le mouvement de contestation au sein du groupe André, qui a été initié au début de l’année 2000 par deux actionnaires contestataires anglo-saxons pour l’obtention de postes d’administrateurs. Cette opération, inédite en France, a permis aux contestataires d’obtenir un nombre suffisant de sièges au conseil d’administration pour procéder au remplacement des principaux dirigeants. Si l’impact de cette opération sur la valeur du Groupe André est légèrement positif à court terme, nous montrons que les performances opérationnelles et boursières augmentent significativement à long terme. Par ailleurs, nous mettons en évidence que la rentabilité de cette opération diffère assez sensiblement pour les deux actionnaires contestataires.

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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 1040402.

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Length: 33 pages
Date of creation: Apr 2004
Date of revision:
Handle: RePEc:dij:wpfarg:1040402

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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: conseil d’administration; bataille de procurations; bloc de contrôle; création de valeur;

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References

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  1. Gérard Charreaux, 2000. "Le conseil d'administration dans les théories de la gouvernance," Working Papers CREGO 001201, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations, revised Dec 2000.
  2. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer, 1998. "Corporate Ownership Around the World," Harvard Institute of Economic Research Working Papers 1840, Harvard - Institute of Economic Research.
  3. Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert Vishny, . "Investor Protection and Corporate Governance," Working Paper 19455, Harvard University OpenScholar.
  4. Laurence Godard & Alain Schatt, 2000. "Quelles sont les caractéristiques optimales du conseil d'administration?," Working Papers CREGO 1000901, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
  5. Géraldine Broye & Alain Schatt, 2003. "Sous-évaluation à l'introduction et cessions d'actions par les actionnaires d'origine:le cas français," Revue Finance Contrôle Stratégie, revues.org, vol. 6(2), pages 67-89, June.
  6. Ikenberry, David & Lakonishok, Josef, 1993. "Corporate Governance through the Proxy Contest: Evidence and Implications," The Journal of Business, University of Chicago Press, vol. 66(3), pages 405-35, July.
  7. Philippe Desbrières & Alain Schatt, 2002. "The Impacts of LBOs on the Performance of Acquired Firms:the French Case," Working Papers CREGO 1020702, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
  8. Dominique Poincelot & Alain Schatt, 1999. "Le rachat de leurs propres actions par les sociétés cotées en bourse:bilan d'une pratique nouvelle en France," Working Papers CREGO 0991103, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
  9. Dodd, Peter & Warner, Jerold B., 1983. "On corporate governance : A study of proxy contests," Journal of Financial Economics, Elsevier, vol. 11(1-4), pages 401-438, April.
  10. DeAngelo, Harry & DeAngelo, Linda, 1989. "Proxy contests and the governance of publicly held corporations," Journal of Financial Economics, Elsevier, vol. 23(1), pages 29-59, June.
  11. Faccio, Mara & Lang, Larry H. P., 2002. "The ultimate ownership of Western European corporations," Journal of Financial Economics, Elsevier, vol. 65(3), pages 365-395, September.
  12. Shleifer, Andrei & Vishny, Robert W, 1997. " A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-83, June.
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Cited by:
  1. Peter Wirtz, 2004. "The Changing Institutions of Governance in Corporate France:What Drives the Process?," Working Papers CREGO 1040701, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
  2. Réal Labelle & Alain Schatt, 2003. "Structure de propriété et communication financière des entreprises françaises," Post-Print halshs-00582792, HAL.
  3. Réal Labelle & Alain Schatt, 2005. "Structure de propriété et communication financière des entreprises françaises;Ownership Structure and Corporate Disclosures:The French Case," Working Papers CREGO 1050701, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
  4. Quôc Thai Huynh, 2010. "Les déterminants de l’activisme des actionnaires minoritaires:insuffisance de gouvernance affichée ou de résultats financiers?," Revue Finance Contrôle Stratégie, revues.org, vol. 13(3), pages 95-114., September.

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