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Droit, gouvernance d’entreprise et structure du système financier:une analyse économétrique du cas français (1980-2004)


  • Afef Boughanmi

    () (Université de Nancy 2)

  • Bruno Deffains

    () (Université de Nancy 2)


(VF)Cet article propose d’évaluer les relations entre les réformes en matière de gouvernance d’entreprise et la réorganisation du système financier en France. L’objectif est de discuter la thèse selon laquelle il existe une relation forte et stable entre tradition juridique, niveau de protection des droits des investisseurs et développement financier, le droit influençant la finance. L’analyse se focalise sur l’aspect dynamique en évaluant l’impact de l’évolution des règles de gouvernance sur le développement financier. La protection des droits des actionnaires et des créanciers apparaît indépendante de la tradition juridique.(VA)This paper challenges the thesis supported by La Porta, Lopez-de-Silanes, Shleifer and Vishny (LLSV) that there is a strong and stable relationship between legal origin, investor protection and financial system. LLSV affirm, in addition, that the causality is from law to finance. This paper considers the dynamic aspect of corporate governance. The key question the study addresses is how overtime changes in corporate governance rules and financial system in France affected financial development. Our empirical study suggests that financial indicators may be independent from legal origin.

Suggested Citation

  • Afef Boughanmi & Bruno Deffains, 2006. "Droit, gouvernance d’entreprise et structure du système financier:une analyse économétrique du cas français (1980-2004)," Revue Finance Contrôle Stratégie,, vol. 9(4), pages 33-66, December.
  • Handle: RePEc:dij:revfcs:v:9:y:2006:i:q4:p:33-66

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    droits des investisseurs; gouvernance d’entreprise; développement financier; corporate governance; investor protection; financial development.;

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • K10 - Law and Economics - - Basic Areas of Law - - - General (Constitutional Law)
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • C12 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Hypothesis Testing: General


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