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Rémunération des dirigeants et Performance financière: une étude française

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  • Mohamed Khenissi

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    (COACTIS - Université Lumière - Lyon II : EA4161 - Université Jean Monnet - Saint-Etienne)

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    Abstract

    L'objectif de cet article est d'estimer en France la sensibilité de la rémunération des dirigeants à la création de valeur actionnariale. Il s'agit d'une réplication de la méthode de Jensen et Murphy (1990) dans un contexte institutionnel différent. Cette réplication nous permet de comparer des résultats français avec des résultats américains, ce qui est intéressant compte tenu des différences du contexte institutionnel, qui pourraient laisser anticiper des différences notables dans la politique de rémunération. Ainsi, en suivant l'argumentation politique de Roe (2001), on devrait s'attendre à une sensibilité des rémunérations à la performance encore plus faible en France qu'aux Etats-Unis. Selon nos résultats, la rémunération des dirigeants des sociétés cotées françaises est positivement liée à la richesse des actionnaires. En outre, et contrairement à l'hypothèse politique de Roe (2001), la rémunération globale des dirigeants français a un effet incitatif plus important que dans les entreprises américaines.

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    Bibliographic Info

    Paper provided by HAL in its series Working Papers with number halshs-00834608.

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    Date of creation: 17 Jun 2013
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    Handle: RePEc:hal:wpaper:halshs-00834608

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    Related research

    Keywords: rémunération des dirigeants; performance de l'entreprise; sensibilité; social-démocratie;

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    1. Rafael La Porta & Florencio Lopez-De-Silanes & Andrei Shleifer, 1999. "Corporate Ownership Around the World," Journal of Finance, American Finance Association, vol. 54(2), pages 471-517, 04.
    2. Mark J. Roe, 2001. "Les conditions politiques au développement de la firme managériale," Revue Finance Contrôle Stratégie, revues.org, vol. 4(1), pages 123-182, March.
    3. Géraldine Broye & Alain Schatt, 2003. "Sous-évaluation à l'introduction et cessions d'actions par les actionnaires d'origine:le cas français," Revue Finance Contrôle Stratégie, revues.org, vol. 6(2), pages 67-89, June.
    4. Jensen, Michael C & Murphy, Kevin J, 1990. "Performance Pay and Top-Management Incentives," Journal of Political Economy, University of Chicago Press, vol. 98(2), pages 225-64, April.
    5. Kato, Takao & Kubo, Katsuyuki, 2006. "CEO compensation and firm performance in Japan: Evidence from new panel data on individual CEO pay," Journal of the Japanese and International Economies, Elsevier, vol. 20(1), pages 1-19, March.
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