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Les rentes et leurs conséquences en matière de gouvernance des entreprises

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  • Mark Roe

    () (Harvard Law School)

Abstract

Product markets are weaker in some nations than they are in others. Weaker product markets, and the concomitant monopoly rents, can affect corporate governance. They can do so directly by loosening a constraint on managers, thereby increasing managerial agency costs to shareholders. The monopoly profits can also affect corporate governance structures indirectly by setting up a fertile field for conflict inside the firm as the corporate players seek to grab those monopoly profits for themselves. One would expect corporate governance structures, laws, and practices to differ in nations with monopoly-induced high agency costs from those prevailing in nations with more competition, fewer monopolies, and lower agency costs. And we might speculate that these rents when large and widespread could affect democratic politics and law-making.

Suggested Citation

  • Mark Roe, 2002. "Les rentes et leurs conséquences en matière de gouvernance des entreprises," Revue Finance Contrôle Stratégie, revues.org, vol. 5(1), pages 167-215, March.
  • Handle: RePEc:dij:revfcs:v:5:y:2002:i:q1:p:167-215
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    Cited by:

    1. Gérard Charreaux, 2002. "Au-delà de l'approche juridico-financière:le rôle cognitif des actionnaires et ses conséquences sur l'analyse de la structure de propriété et de la gouvernance," Working Papers CREGO 020701, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations, revised Jul 2002.

    More about this item

    Keywords

    agency costs; corporate governance; monopoly rents; politics; law-making.;

    JEL classification:

    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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