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La prise de conscience de la nécessité d’une gouvernance plus responsable progresse

Author

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  • Nicole Notat
  • Patricia Crifo
  • Xavier Mahieux

Abstract

As regards governance the coexistence of several legal status (joint-stock companies, cooperatives...) and the composition of boards and powers are specific features of the French situation. In particular, except in the public sector and in recently privatized companies, the employees had nearly no representation on the Board of Directors, at least till the Rebsamen law passed in 2015. More specifically the evolution of governance towards a model taking social and environmental matters into account faces two main obstacles: the managers? representation of their role as agents of stockholders and the quest for short term profits by investors. However investors are increasingly aware that their financial interest lies on a governance extended to stakeholders and integrating social and environmental stakes. Evidence shows that they are beginning to urge companies to act in accordance with these principles. The evolution of the activity of the social rating agencies, including Vigeo, corroborates this movement. Classification JEL : G32, G34, K22, M12, M14.

Suggested Citation

  • Nicole Notat & Patricia Crifo & Xavier Mahieux, 2018. "La prise de conscience de la nécessité d’une gouvernance plus responsable progresse," Revue d'économie financière, Association d'économie financière, vol. 0(2), pages 31-39.
    • Handle: RePEc:cai:refaef:ecofi_130_0031
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    More about this item

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • M12 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Personnel Management; Executives; Executive Compensation
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility

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