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La répression des pratiques délictueuses des dirigeants le rôle des actionnaires

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  • Christian At
  • Nathalie Chappe

Abstract

We present a model of an entrepreneur diverting some of the profits of the firm. Two types of sanctions are taken into account. First, criminal law defines a fine that the entrepreneur must pay to the authority. Second, civil law requires that the wronged agents who have suffered loses obtain compensation. We focus on the role of outside shareholders in suing the entrepreneur. We show that the first type of sanction does always not insure a decrease of diverted profits. So, the outside shareholders role should be privilegied.

Suggested Citation

  • Christian At & Nathalie Chappe, 2004. "La répression des pratiques délictueuses des dirigeants le rôle des actionnaires," Revue d'économie politique, Dalloz, vol. 114(1), pages 99-110.
    • Handle: RePEc:cai:repdal:redp_141_0099
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    References listed on IDEAS

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    5. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    6. Michael J. Fishman & Kathleen M. Hagerty, 1992. "Insider Trading and the Efficiency of Stock Prices," RAND Journal of Economics, The RAND Corporation, vol. 23(1), pages 106-122, Spring.
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