« Meilleures pratiques » de gouvernance et création de valeur : une appréciation critique des codes de bonne conduite

For about a decade, the intensifying debate on corporate governance has led to multiple initiatives promoting rules of ?best practice ?. These initiatives are led by a great variety of actors, such as institutional investors, international organizations, national governments or corporate managers themselves. They have brought about several so-called corporate governance codes, which are applicable on a voluntary basis and contain some recommendations that are often represented as an ?ideal ? solution. Whenever ideas on corporate governance are hence promoted on a large scale and there is growing consent on them representing a universal standard, a critical examination of their theoretical underpinnings may prove helpful to avoid being locked into a narrow and possibly counterproductive perspective.