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Création de valeur, 10 ans après..

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Author Info

  • Nicolas Mottis

    (ESSEC - Département Comptabilité-Contrôle Gestion)

  • Jean-Pierre Ponssard

    (Department of Economics, Ecole Polytechnique - CNRS : UMR7176 - Polytechnique - X)

Abstract

La création de valeur a été considérée comme l'innovation managériale majeure des années 2000 : couplage des rémunérations des dirigeants sur la valeur boursière, introduction de nouveaux indicateurs de performance axés sur la performance actionnariale, influence croissante des actionnaires sur la stratégie des firmes... Dix ans après, cette démarche est-elle encore en cours ? Cet article revient sur une étude menée par les auteurs au début des années 2000 sur la mise en oeuvre de cette approche dans les entreprises qui s'étaient à l'époque les plus engagées dans cette voie. On met en évidence les principaux apports, en particulier la meilleure maîtrise des capitaux engagés, et les difficultés rencontrées, notamment du fait de la forte volatilité des cours boursiers sur la période). Un retour de balancier vers des indicateurs de performance plus opérationnels semble bien caractériser la tendance récente.

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Bibliographic Info

Paper provided by HAL in its series Working Papers with number hal-00440010.

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Date of creation: 2009
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Handle: RePEc:hal:wpaper:hal-00440010

Note: View the original document on HAL open archive server: http://hal.archives-ouvertes.fr/hal-00440010/en/
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  1. Stephen Riceman & Steven Cahan & Mohan Lal, 2002. "Do managers perform better under EVA bonus schemes?," European Accounting Review, Taylor & Francis Journals, vol. 11(3), pages 537-572.
  2. Gneezy, Uri & Rustichini, Aldo, 2000. "A Fine is a Price," The Journal of Legal Studies, University of Chicago Press, vol. 29(1), pages 1-17, January.
  3. Stephen F. O'Byrne & S. David Young, 2006. "Incentives and Investor Expectations," Journal of Applied Corporate Finance, Morgan Stanley, vol. 18(2), pages 98-105.
  4. Jensen, M.C. & Murphy, K.J., 1988. "Performance Pay And Top Management Incentives," Papers 88-04, Rochester, Business - Managerial Economics Research Center.
  5. Dial, Jay & Murphy, Kevin J., 1995. "Incentives, downsizing, and value creation at General Dynamics," Journal of Financial Economics, Elsevier, vol. 37(3), pages 261-314, March.
  6. Brian J. Hall & Jeffrey B. Liebman, 1997. "Are CEOs Really Paid Like Bureaucrats?," NBER Working Papers 6213, National Bureau of Economic Research, Inc.
  7. Joel M. Stern & G. Bennett Stewart & Donald H. Chew, 1995. "The Eva� Financial Management System," Journal of Applied Corporate Finance, Morgan Stanley, vol. 8(2), pages 32-46.
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Cited by:
  1. Turlea, Eugeniu & GEORGESCU, Floarea, 2011. "The Treasury Analysis Based On The Financial Rates, A Method Of Assessing The Profitability And Efficiency Of The Economic Agents," Annals of Spiru Haret University, Economic Series, Universitatea Spiru Haret, vol. 2(2), pages 11-17.
  2. Nicolas Prat & Isabelle Comyn-Wattiau & Jacky Akoka, 2009. "Combining Objects with Rules to Represent Aggregation Knowledge in Data Warehouse and OLAP Systems," Post-Print hal-00551866, HAL.

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