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Effet des mécanismes de gouvernance sur la performance financière et boursière : Cas des entreprises canadiennes

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  • Manel Kolsi

    ()
    (MODESFI - FSEG Sfax)

  • Hanen Ghorbel

    ()
    (MODESFI - FSEG Sfax)

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    Abstract

    Ce travail essaie d'étudier l'association entre les mécanismes de gouvernance et des mesures de performance financière et boursière de 134 entreprises canadiennes pour l'année 2007. L'étude met en évidence la non linéarité du modèle exprimant l'effet de la gouvernance sur la performance. En effet, les résultats montrent qu'un seuil relatif à l'indice de divulgation doit être dépassé pour que la gouvernance puisse se traduire par un effet positif sur la performance financière. La divulgation est ainsi indispensable pour l'amélioration de la performance financière des entreprises canadiennes.

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    File URL: http://hal.archives-ouvertes.fr/docs/00/65/05/37/PDF/Kolsi_Ghorbel.pdf
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    Bibliographic Info

    Paper provided by HAL in its series Post-Print with number hal-00650537.

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    Date of creation: 2011
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    Publication status: Published - Presented, Comptabilités, économie et société, 2011, Montpellier, France
    Handle: RePEc:hal:journl:hal-00650537

    Note: View the original document on HAL open archive server: http://hal.archives-ouvertes.fr/hal-00650537/en/
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    Web page: http://hal.archives-ouvertes.fr/

    Related research

    Keywords: Gouvernance d'entreprise ; performance financière ; performance boursière ; divulgation ; effet seuil;

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    1. Paul André & Eduardo Schiehll, 2004. "Systèmes de gouvernance, actionnaires dominants et performance future des entreprises," Revue Finance Contrôle Stratégie, revues.org, vol. 7(2), pages 165-193, June.
    2. Marek Gruszczynski, 2006. "Corporate Governance and Financial Performance of Companies in Poland," International Advances in Economic Research, Springer, vol. 12(2), pages 251-259, May.
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    7. Yermack, David, 1996. "Higher market valuation of companies with a small board of directors," Journal of Financial Economics, Elsevier, vol. 40(2), pages 185-211, February.
    8. Art Durnev & E. Han Kim, 2005. "To Steal or Not to Steal: Firm Attributes, Legal Environment, and Valuation," Journal of Finance, American Finance Association, vol. 60(3), pages 1461-1493, 06.
    9. Laurence Godard, 2000. "La taille du conseil d'administration:déterminants et impact sur la performance," Working Papers CREGO 1010702, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations, revised Jul 2001.
    10. Eisenberg, Theodore & Sundgren, Stefan & Wells, Martin T., 1998. "Larger board size and decreasing firm value in small firms," Journal of Financial Economics, Elsevier, vol. 48(1), pages 35-54, April.
    11. Peter Wirtz, 2004. "«Meilleures pratiques» de gouvernance, théorie de la firme et modèles de création de valeur: Une appréciation critique des codes de bonne conduite," Working Papers CREGO 1040401, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
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