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Financement et gouvernement des entreprises. Exceptions et convergences européennes

Author

Listed:
  • Michel Boutillier
  • Agnès Labye
  • Christine Lagoutte
  • Nathalie Lévy
  • Valérie Oheix

Abstract

Dealing with five countries of the European Union (France, Germany, Italy, the Netherlands and the United Kingdom), the comparative analysis seeks to determine whether a convergence process of corporate governance systems is observed within Europe. This question is closely linked to the ownership and control structures of firms, themselves depending on the macrofinancial structures of the different countries. Although financial liberalization reinforced the role of institutional investors, these generally small shareholders remain dominated by blockholders all over Europe. Anyway the pressure exerted by institutional investors is leading to promoting independent directors and dual structure of corporate governance. Such a process illustrates an hybridization phenomenon of existing European models more than a unilateral spreading of an hypothetical Anglo-Saxon model. The existing Anglo-Saxon model is indeed more characterized by passive institutional investors, a not very efficient market of corporate control and difficulties to appoint truly active independent directors. Classification JEL: G3

Suggested Citation

  • Michel Boutillier & Agnès Labye & Christine Lagoutte & Nathalie Lévy & Valérie Oheix, 2002. "Financement et gouvernement des entreprises. Exceptions et convergences européennes," Revue d'économie politique, Dalloz, vol. 112(4), pages 499-544.
    • Handle: RePEc:cai:repdal:redp_124_0499
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    Citations

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    Cited by:

    1. Boutillier, M. & Bricongne, J.C., 2012. "Disintermediation or financial diversification? The case of developed countries," Working papers 380, Banque de France.
    2. Ben Clift, 2007. "French Corporate Governance in the New Global Economy: Mechanisms of Change and Hybridisation within Models of Capitalism," Political Studies, Political Studies Association, vol. 55(3), pages 546-567, October.
    3. Matos, Pedro Verga & Faustino, Horácio C., 2012. "Beta-convergence and sigma-convergence in corporate governance in Europe," Economic Modelling, Elsevier, vol. 29(6), pages 2198-2204.
    4. Tristan Auvray & Olivier Brossard, 2016. "French connections: interlocking directorates and ownership network in an insider governance system," Post-Print hal-01372455, HAL.
    5. Wladimir Andreff, 2003. "Le gouvernement d’entreprise à l’Est : vers un modèle de contrôle centre-européen ?," Revue d'Économie Financière, Programme National Persée, vol. 72(3), pages 173-199.
    6. Claude Picart & Michel Boutiller, 2003. "Internationalisation et endettement des grands groupes français à la fin des années 1990 ; suivi d'un commentaire de Michel Boutillier," Économie et Statistique, Programme National Persée, vol. 363(1), pages 207-234.

    More about this item

    Keywords

    macrofinancial structure; corporate governance; ownership and control of firms; Europe; institutional convergence and hybridization;
    All these keywords.

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance

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