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Gouvernance Familiale Et Repartition De La Valeur : Etude Des Politiques De Distribution Aux Actionnaires Des Entreprises Familiales Cotees

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Author Info

  • Patrice Charlier

    (CESAG - Centre d'études des sciences appliquées à la gestion - Université de Strasbourg)

  • Céline Du Boys

    (CERGAM - Université Paul Cézanne - Aix-Marseille III)

Abstract

Cet article analyse le montant et la forme des politiques de distribution des entreprises familiales cotées. Les évolutions récentes de la notion d'entreprise familiale amènent à s'interroger sur les effets de deux types de conflits d'agence, entre actionnaires et dirigeant (type I), et entre actionnaires majoritaires et minoritaires (type II). Nos résultats montrent que les montants distribués sont liés à ces deux composantes du conflit d'agence, qui est globalement moins fort dans les entreprises familiales. Il apparait ainsi une répartition différente des revenus dans les structures familiales, les distributions aux actionnaires y étant plus faibles. Cet article suggère également que les politiques de distribution sont utilisées pour modifier la répartition des pouvoirs : les entreprises où la famille dirigeante est minoritaire privilégient l'utilisation du rachat, outil de concentration du contrôle.

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Bibliographic Info

Paper provided by HAL in its series Post-Print with number halshs-00455729.

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Date of creation: 2009
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Publication status: Published - Presented, La place de la dimension européenne dans la Comptabilité Contrôle Audit, 2009, France
Handle: RePEc:hal:journl:halshs-00455729

Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00455729/en/
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Related research

Keywords: dividende; rachat d'actions; gouvernance familiale; conflits d'agence type I et II; répartition de la valeur;

References

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  1. Dempsey, Stephen J & Laber, Gene, 1992. "Effects of Agency and Transaction Costs on Dividend Payout Ratios: Further Evidence of the Agency-Transaction Cost Hypothesis," Journal of Financial Research, Southern Finance Association & Southwestern Finance Association, vol. 15(4), pages 317-21, Winter.
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  4. 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.
  5. Patrice Charlier, 2008. "Gouvernance, enracinement et performance des entreprises familiales européennes," Post-Print halshs-00522463, HAL.
  6. Gugler, Klaus, 2003. "Corporate governance, dividend payout policy, and the interrelation between dividends, R&D, and capital investment," Journal of Banking & Finance, Elsevier, vol. 27(7), pages 1297-1321, July.
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  19. Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert Vishny, 1998. "Agency Problems and Dividend Policies Around the World," NBER Working Papers 6594, National Bureau of Economic Research, Inc.
  20. Demsetz, Harold & Lehn, Kenneth, 1985. "The Structure of Corporate Ownership: Causes and Consequences," Journal of Political Economy, University of Chicago Press, vol. 93(6), pages 1155-77, December.
  21. Moh'd, Mahmoud A & Perry, Larry G & Rimbey, James N, 1995. "An Investigation of the Dynamic Relationship between Agency Theory and Dividend Policy," The Financial Review, Eastern Finance Association, vol. 30(2), pages 367-85, May.
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  23. Gugler, Klaus & Yurtoglu, B. Burcin, 2003. "Corporate governance and dividend pay-out policy in Germany," European Economic Review, Elsevier, vol. 47(4), pages 731-758, August.
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