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La confiance entre capital-investisseurs et dirigeants:conséquences comportementales et influence sur la performance financière

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  • Christophe Bonnet

    (Grenoble École de Management)

Abstract

(VF)Cet article étudie l’influence du niveau de confiance interpersonnelle entre capital-investisseurs (CI) et dirigeants sur les processus d’interaction, sur les rôles des CI dans la phase post-investissement, et sur la performance financière des investissements. L’hypothèse centrale est que la confiance favorise les processus et les rôles qui ont une influence positive sur la performance. Le modèle est testé au moyen d’un questionnaire sur les LBO réalisés en France. Les résultats montrent que la confiance influe sur l’ensemble des processus, ainsi que sur certains rôles des CI, qui ont un impact favorable sur la performance. Cependant ils ne mettent pas en évidence de relation directe entre confiance et performance.(VA)This paper examines the influence of interpersonal trust between venture capitalists (VCs) and managers on work processes, on VCs’ roles during the post-investment phase, and on financial performance. The main hypothesis is that trust has a positive impact on processes and roles which favor strong financial performance. The model is tested through a mail survey of French VCs and LBO managers. The results show that trust favors all the processes identified and some of the VCs’ roles which have an impact on performance. However, no direct link between trust and performance is established.

Suggested Citation

  • Christophe Bonnet, 2005. "La confiance entre capital-investisseurs et dirigeants:conséquences comportementales et influence sur la performance financière," Revue Finance Contrôle Stratégie, revues.org, vol. 8(2), pages 99-132, June.
    • Handle: RePEc:dij:revfcs:v:8:y:2005:i:q2:p:99-132
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    References listed on IDEAS

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    Cited by:

    1. Claire Champenois & Michel Devigne & François-Régis Puyou, 2017. "Le rôle de l'organisation du travail des capital investisseurs dans la construction de relations interpersonnelles avec les entrepreneurs," Post-Print hal-01709993, HAL.
    2. Jonathan Labbé, 2020. "Study of the relations between public and private capital-investors in France: a qualitative approach [Étude des relations entre capital-investisseurs publics et privés en France : une approche qua," Post-Print hal-03000096, HAL.

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    More about this item

    Keywords

    capital-investissement; LBO; gouvernance d’entreprise; confiance; coopération; venture capital; MBOs; corporate governance; trust; cooperation.;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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