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Gouvernance, enracinement et performance des entreprises familiales européennes

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Author Info

  • Patrice Charlier

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

Abstract

La performance des entreprises familiales est analysée en fonction de leurs modes de gouvernance, envisagés comme des réponses aux différentes hypothèses d'enracinement familial. L'hypothèse traditionnelle de « l'enracinement illégitime » est testée en différenciant deux modes de gouvernance susceptibles d'en réduire les effets négatifs : celui des entreprises contrôlées par une famille avec un dirigeant extérieur d'une part, et celui des entreprises dirigées par une famille qui n'est plus l'actionnaire principal d'autre part. L'hypothèse de l'enracinement « positif » ou « légitime » est également testée lorsque l'entreprise est contrôlée et dirigée par la famille. Les résultats des tests effectués sur un échantillon d'entreprises moyennes européennes semblent confirmer l'hypothèse d'un enracinement familial négatif.

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Bibliographic Info

Paper provided by HAL in its series Post-Print with number halshs-00522463.

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Date of creation: May 2008
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Publication status: Published - Presented, LA COMPTABILITE, LE CONTRÔLE ET L'AUDIT ENTRE CHANGEMENT ET STABILITE, 2008, France
Handle: RePEc:hal:journl:halshs-00522463

Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00522463/en/
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Related research

Keywords: entreprise familiale; théorie de l'agence; modes de gouvernance; enracinement;

References

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  1. Barth, Erling & Gulbrandsen, Trygve & Schonea, Pal, 2005. "Family ownership and productivity: the role of owner-management," Journal of Corporate Finance, Elsevier, vol. 11(1-2), pages 107-127, March.
  2. Mike Burkart & Fausto Panunzi & Andrei Shleifer, 2002. "Family Firms," NBER Working Papers 8776, National Bureau of Economic Research, Inc.
    • Mike Burkart & Fausto Panunzi & Andrei Shleifer, 2003. "Family Firms," Journal of Finance, American Finance Association, vol. 58(5), pages 2167-2202, October.
  3. RAFAEL LaPORTA & FLORENCIO LOPEZ-de-SILANES & ANDREI SHLEIFER & ROBERT W. VISHNY, . "Legal Determinants of External Finance,"," CRSP working papers 324, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
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  6. Gérard Charreaux, 1998. "Le rôle de la confiance dans le système de gouvernance des entreprises," Working Papers CREGO 0980501, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
  7. 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.
  8. 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.
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Citations

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Cited by:
  1. Patrice Charlier & Jean-Baptiste Cartier, 2012. "Les particularités de la société en commandite par actions au regard des conflits d'agence," Post-Print halshs-00807573, HAL.
  2. Patrice Charlier & Céline Du Boys, 2009. "Gouvernance Familiale Et Repartition De La Valeur : Etude Des Politiques De Distribution Aux Actionnaires Des Entreprises Familiales Cotees," Post-Print halshs-00455729, HAL.
  3. Patrice Charlier & Céline Duboys, 2011. "Gouvernance familiale et politique de distribution aux actionnaires," Revue Finance Contrôle Stratégie, revues.org, vol. 14(1), pages 5-31., March.

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