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Gouvernance familiale et politique de distribution aux actionnaires

Author

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  • Patrice Charlier

    (HuManiS (EA 1347), Humans and Management in Society, École de Management Strasbourg, Université de Strasbourg)

  • Céline Duboys

    (CERGAM, IMPGT, Université Paul Cézanne - Aix Marseille III)

Abstract

(VF)L’objectif de cette étude est d’analyser la relation entre les politiques de distribution des entreprises familiales cotées et deux grands types de conflits d’agence dans les entreprises familiales, entre actionnaires et dirigeant (type I), et entre actionnaires majoritaires et minoritaires (type II). Les résultats sur les entreprises du SBF 250 montrent que les montants distribués sont liés à ces deux composantes du conflit d’agence, qui est globalement moins fort dans les entreprises familiales.(VA)This paper studies payout policies of listed family firms. The recent evolution of family firm models allows for a study of two types of agency conflicts, the one between shareholders and the manager (type I), and the one between majority and minority shareholders (type II). Our results show that payout policies are related to the intensity of the two types of agency conflicts which are overall weaker than in non family firms.

Suggested Citation

  • Patrice Charlier & Céline Duboys, 2011. "Gouvernance familiale et politique de distribution aux actionnaires," Revue Finance Contrôle Stratégie, revues.org, vol. 14(1), pages 5-31., March.
    • Handle: RePEc:dij:revfcs:v:14:y:2011:i:q1:p:5-31.
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    More about this item

    Keywords

    dividende; gouvernance familiale; conflits d’agence type I et II; théorie du signal; biais comportementaux; dividend; family governance; agency problems I and II; signaling theory; behavioral bias.;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy
    • L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General

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