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Gouvernement d’entreprise:un modèle de répartition de la valeur créée entre dirigeant et actionnaire

  • Pascal Louvet

    ()

    (Université de Grenoble 2)

  • Ollivier Taramasco

    (Université de Grenoble 2)

Registered author(s):

    (VF)L’article présente un modèle décrivant le partage de la valeur créée entre le dirigeant et l’actionnaire. Le modèle montre que le limogeage représente une menace très dissuasive pour le dirigeant qui suffit le plus souvent à réfréner son appétit pour les prélèvements discrétionnaires. Aussi l’actionnaire, grâce à son droit de limogeage, engrange-t-il la plus grande part de la valeur créée.(VA)This article presents a model explaining how created value is distributed among managers and shareholders. Shareholders actually have the right to dismiss the CEO, the impact of which may be described in terms of an option on substitute investments. The risk of dismissal encourages the CEO to refrain from the consumption of perquisites. Consequently, shareholders appropriate the largest proportion of created value.

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    File URL: http://leg2.u-bourgogne.fr/rev/071116.pdf
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    Article provided by revues.org in its journal Revue Finance Contrôle Stratégie.

    Volume (Year): 7 (2004)
    Issue (Month): 1 (March)
    Pages: 81-116

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    Handle: RePEc:dij:revfcs:v:7:y:2004:i:q1:p:81-116
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    1. Luigi Zingales, 2000. "In Search of New Foundations," Journal of Finance, American Finance Association, vol. 55(4), pages 1623-1653, 08.
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    9. Gérard Charreaux, 2001. "Variation sur le thème 'A la recherche de nouvelles fondations pour la finance et la gouvernance d'entreprise'," Working Papers CREGO 011201, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations, revised Jul 2002.
    10. Alchian, Armen A & Demsetz, Harold, 1972. "Production , Information Costs, and Economic Organization," American Economic Review, American Economic Association, vol. 62(5), pages 777-95, December.
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    12. Mann, Steven V & Sicherman, Neil W, 1991. "The Agency Costs of Free Cash Flow: Acquisition Activity and Equity Issues," The Journal of Business, University of Chicago Press, vol. 64(2), pages 213-27, April.
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