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Les leviers de contrôle des actionnaires majoritaires

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Author Info
Thibault Biebuyck
Ariane Chapelle () (Centre Emile Bernheim, Université libre de Bruxelles, Brussels)
Ariane Szafarz () (Centre Emile Bernheim and DULBEA, Université libre de Bruxelles, Brussels)

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Abstract

La littérature académique en gouvernance d'entreprise étudie en particulier la séparation entre propriété et contrôle au sein de l'actionnariat des entreprises privées. Après avoir présenté les résultats relatifs aux bénéfices privés de contrôle et leur impact potentiel sur les marchés financiers, cet article détaille et illustre les mécanismes par lesquels les actionnaires dominants peuvent accroître le contrôle d'une entreprise : structures pyramidales, participations croisées, actions à droits de vote multiples, etc. La quantification du niveau de contrôle au sein d'un empire industriel peut être obtenue à l'aide de diverses méthodes. Les développements récents en la matière sont résumés et l'application à des cas internationaux réels est discutée.

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Paper provided by Université libre de Bruxelles, Department of Applied Economics (DULBEA) in its series Working Papers DULBEA with number 05-03.RS.

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Length: 31 pages
Date of creation: Feb 2005
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Publication status: Published in Revue Gouvernance, 205, 1, 2, pp. 52-70.
Handle: RePEc:dul:wpaper:05-03rs

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Related research
Keywords: Pyramidal Ownership; Corporate Control; Corporate Governance. Propriété et contrôle; pyramides; Gouvernance d'entreprises;

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Find related papers by JEL classification:
G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure

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  2. Carlos Martinez-Mongay & Khalid Sekkat, 2005. "The Tradeoff Between Efficiency and Macroeconomic Stabilization in Europe," Working Papers DULBEA 05-04.RS, Université libre de Bruxelles, Department of Applied Economics (DULBEA). [Downloadable!]
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  3. Ariane Chapelle & Ariane Szafarz, 2005. "Controlling firms through the Majority Voting Rule," Working Papers CEB 05-004.RS, Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB). [Downloadable!]
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  4. Henri Capron & Michele Cincera, 2007. "EU Pre-competitive and Near-the-Market S&T Collaborations," Working Papers DULBEA 07-17.RS, Université libre de Bruxelles, Department of Applied Economics (DULBEA). [Downloadable!]
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  11. Ariane Chapelle & Ariane Szafarz, 2006. "Control consolidation with a threshold: An algorithm," Working Papers CEB 06-007.RS, Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB). [Downloadable!]
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  15. Ilan Tojerow, 2008. "Industry Wage Differential, Rent Sharing and Gender in Belgium," Working Papers DULBEA 08-20.RS, Université libre de Bruxelles, Department of Applied Economics (DULBEA). [Downloadable!]
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