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Gouvernance d'entreprise et performances sectorielles: une réévaluation de la fiabilité des scores et des mesures de bonne gouvernance

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Author Info

  • Jackie Krafft

    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - Université Nice Sophia Antipolis [UNS] - CNRS : UMR6227)

  • Yiping Qu

    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - Université Nice Sophia Antipolis [UNS] - CNRS : UMR6227)

  • Jacques-Laurent Ravix

    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - Université Nice Sophia Antipolis [UNS] - CNRS : UMR6227)

Abstract

L'article fournit une revue de la littérature qui explique, tout d'abord, comment les fondements analytiques de la gouvernance d'entreprise ont été traduits en critères opérationnels, puis comment la généralisation de l'utilisation de ces critères a progressivement donné lieu à leur codification au sein de bases de données en appui à la décision des investisseurs et des politiques. Cette revue de littérature nous permet d'identifier deux propositions de recherche sur la pertinence de ces critères : 1) l'évaluation de la gouvernance d'entreprise, qu'elle soit appréhendée par les critères simples fournis par les cabinets de consultants ou par des analyses multicritères adoptées plus récemment, échoue généralement à fournir une mesure claire des performances des entreprises ; 2) les différences sectorielles sont fondamentales pour juger de la fiabilité des scores et des mesures. Ces disparités sectorielles font que l'adoption des mesures de bonne gouvernance a un impact différencié sur la volatilité des performances. L'article propose de tester ces deux propositions sur les données de la base RM/ISS, qui est de loin la plus complète et la plus fréquemment utilisée dans le milieu académique et dans le monde des affaires. Les résultats montrent que la fiabilité des scores et des mesures dépend de leur capacité à intégrer un grand nombre de critères, et que, parmi ces critères, l'appartenance sectorielle est décisive. Les résultats sont discutés et des propositions pour les recherches futures sont dégagées.

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Bibliographic Info

Paper provided by HAL in its series Post-Print with number hal-00493371.

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Date of creation: 2011
Date of revision:
Publication status: Published, Economie et Prévision, 2011, 197-198, 1/2, 145 à 158
Handle: RePEc:hal:journl:hal-00493371

Note: View the original document on HAL open archive server: http://hal.archives-ouvertes.fr/hal-00493371
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Web page: http://hal.archives-ouvertes.fr/

Related research

Keywords: Gouvernance d'entreprise; maximisation de la valeur actionnariale; classements et standards internationaux de gouvernance d'entreprise; performance des firmes; industries innovatrices versus industries traditionnelles;

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References

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  1. Jackie Krafft & Jacques-Laurent Ravix, 2005. "The governance of innovative firms: An evolutionary perspective," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 14(3), pages 125-147.
  2. Bebchuk, Lucian A. & Weisbach, Michael S., 2009. "The State of Corporate Governance Research," Working Paper Series 2009-21, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
  3. J. Krafft & J. -L. Ravix, 2008. "Corporate Governance And The Governance Of Knowledge: Rethinking The Relationship In Terms Of Corporate Coherence," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 17(1-2), pages 79-95.
  4. Shleifer, Andrei & Vishny, Robert W, 1997. " A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-83, June.
  5. Geroski, P. A., 1995. "What do we know about entry?," International Journal of Industrial Organization, Elsevier, vol. 13(4), pages 421-440, December.
  6. Daryl Koehn & Joe Ueng, 2005. "Evaluating the Evaluators: Should Investors Trust Corporate Governance Metrics Ratings?," Journal of Management and Governance, Springer, vol. 9(2), pages 111-128, 06.
  7. Williamson, Oliver E, 1988. " Corporate Finance and Corporate Governance," Journal of Finance, American Finance Association, vol. 43(3), pages 567-91, July.
  8. John C. Coffee, 2005. "A Theory of Corporate Scandals: Why the USA and Europe Differ," Oxford Review of Economic Policy, Oxford University Press, vol. 21(2), pages 198-211, Summer.
  9. Marco Becht & Colin Mayer & Tim Jenkinson, 2005. "Corporate governance: an assessment," ULB Institutional Repository 2013/13308, ULB -- Universite Libre de Bruxelles.
  10. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
  11. 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.
  12. Jackie KRAFFT & Yiping QU & Jacques-Laurent RAVIX, 2008. "Corporate Governance, Industry Dynamics and Firm Perfomance : an Empirical Analysis of a Best Practice Model," Discussion Papers (REL - Recherches Economiques de Louvain) 2008042, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  13. Mine Ertugrul & Shantaram Hegde, 2009. "Corporate Governance Ratings and Firm Performance," Financial Management, Financial Management Association International, vol. 38(1), pages 139-160, 03.
  14. Denis, Diane K. & McConnell, John J., 2003. "International Corporate Governance," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 38(01), pages 1-36, March.
  15. Paul A. Gompers & Joy L. Ishii & Andrew Metrick, 2002. "Corporate Governance and Equity Prices," Center for Financial Institutions Working Papers 02-32, Wharton School Center for Financial Institutions, University of Pennsylvania.
  16. Audretsch, David B & Lehmann, Erik E, 2005. "Entrepreneurial Access and Absorption of Knowledge Spillovers: Strategic Board and Managerial Composition for Competitive Advantage," CEPR Discussion Papers 5335, C.E.P.R. Discussion Papers.
  17. Klepper, Steven, 1997. "Industry Life Cycles," Industrial and Corporate Change, Oxford University Press, vol. 6(1), pages 145-81.
  18. Franklin Allen, 2005. "Corporate Governance in Emerging Economies," Oxford Review of Economic Policy, Oxford University Press, vol. 21(2), pages 164-177, Summer.
  19. Jackie Krafft & Jacques-Laurent Ravix, 2008. "The firm and its governance along the industry life cycle," Post-Print hal-00211206, HAL.
  20. Hart, Oliver, 1995. "Corporate Governance: Some Theory and Implications," Economic Journal, Royal Economic Society, vol. 105(430), pages 678-89, May.
  21. John E. Core & Wayne R. Guay & Tjomme O. Rusticus, 2006. "Does Weak Governance Cause Weak Stock Returns? An Examination of Firm Operating Performance and Investors' Expectations," Journal of Finance, American Finance Association, vol. 61(2), pages 655-687, 04.
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