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Founder-CEO values, the conception of ownership and governance models illustrated in a case study of Auchan

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  • Bernard Laurent

    (EM LYON Business School - EM LYON)

  • Peter Wirtz

    ()
    (Finance Magellan - Équipe de Recherche en Finance - Université Jean Moulin - Lyon III - Centre de recherche Magellan de l'IAE)

Abstract

This article looks beyond economic and institutional factors to address the role of corporate founder-CEO values when determining ownership structures and corporate governance mechanisms. We take the Upper-Echelons Theory as our central premise, according to which a firm reflects the experience and values of those occupying its senior executive positions, to explain the existence and persistence of certain atypical methods (with reference to the dominant model), in matters of corporate governance. The Auchan Group represents one such atypical case and provides a concrete example of the effects of a particular value system and how its conception of ownership affects its governance model. In particular, in the case of Auchan, it appears that the evolution of the ownership structure is not dictated by the need to protect shareholder rights, but rather it follows a value system which considers that corporate ownership and its related rights come with a lasting responsibility to the firm's staff.

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Bibliographic Info

Paper provided by HAL in its series Working Papers with number halshs-00796728.

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Date of creation: 04 Mar 2013
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Handle: RePEc:hal:wpaper:halshs-00796728

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Keywords: value system; concept of ownership; corporate governance;

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  9. Fama, Eugene F, 1980. "Agency Problems and the Theory of the Firm," Journal of Political Economy, University of Chicago Press, vol. 88(2), pages 288-307, April.
  10. Geert Demuijnck, 2009. "From an Implicit Christian Corporate Culture to a Structured Conception of Corporate Ethical Responsibility in a Retail Company: A Case-Study in Hermeneutic Ethics," Journal of Business Ethics, Springer, vol. 84(3), pages 387-404, February.
  11. Michael C. Jensen, 1991. "Corporate Control And The Politics Of Finance," Journal of Applied Corporate Finance, Morgan Stanley, vol. 4(2), pages 13-34.
  12. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 301-25, June.
  13. Clifford G. Holderness, 2009. "The Myth of Diffuse Ownership in the United States," Review of Financial Studies, Society for Financial Studies, vol. 22(4), pages 1377-1408, April.
  14. Pierre-Yves Gomez & Peter Wirtz, 2008. "Institutionnalisation des régimes de gouvernance et rôle des institutions socles:le cas de la cogestion allemande," Working Papers CREGO 1080601, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
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