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Investisseurs institutionnels et gouvernance sur le marché financier français

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  • Daniel Baudru
  • Stéphanie Lavigne

Abstract

[fre] L’économie mondiale connaît une mutation des systèmes de détention des titres représentatifs de droits de propriété. En France plusieurs travaux ont montré une rupture du modèle d’organisation, caractérisée par : la baisse des participations en fonds propres et des mécanismes corrélatifs de participations croisées ; l’irruption sur le marché financier des investisseurs institutionnels étrangers. Cette rupture laissait augurer un scénario tendanciel où la propriété du capital passait aux mains de détenteurs externes, ainsi que des modifications de gouvernance d’entreprise. Les auteurs s’interrogent alors sur l’impact de ces transformations, tant au plan de la présence effective des investisseurs institutionnels, que des logiques d’action des firmes cotées sur le marché français. . Classification JEL : G23, G30 [eng] Institutional Investors and Governance in the French Financial Market . Some studies show a break in the evolution of the French firm’s organisational model. This break concerns the decrease of participations in stockholders’ equity, inter-corporate stock-holdings and the increase of stranger institutional investors in the French financial market. This article analyses consequences of these changes on corporate governance. . JEL classifications : G23, G30 .

Suggested Citation

  • Daniel Baudru & Stéphanie Lavigne, 2001. "Investisseurs institutionnels et gouvernance sur le marché financier français," Revue d'Économie Financière, Programme National Persée, vol. 63(3), pages 91-105.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2001_num_63_3_3671
    DOI: 10.3406/ecofi.2001.3671
    Note: DOI:10.3406/ecofi.2001.3671
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    References listed on IDEAS

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    1. Shleifer, Andrei & Vishny, Robert W, 1997. "A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-783, June.
    2. Al Ehrbar & G. Bennett Stewart, 1999. "The Eva Revolution," Journal of Applied Corporate Finance, Morgan Stanley, vol. 12(2), pages 18-31, June.
    3. Daniel Baudru & Med Kechidi, 1998. "Les investisseurs institutionnels étrangers : vers la fin du capitalisme à la française ?," Revue d'Économie Financière, Programme National Persée, vol. 48(4), pages 93-105.
    4. Gérard Charreaux & Philippe Desbrières, 1997. "Le point sur le gouvernement des entreprises," Working Papers CREGO 0970701, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
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    Cited by:

    1. Siala Bouaziz Souha & Jarboui Anis & David McMillan, 2016. "Corporate governance and firm characteristics as explanatory factors of shareholder activism: Validation through the French context," Cogent Economics & Finance, Taylor & Francis Journals, vol. 4(1), pages 1150407-115, December.
    2. François MORIN (LEREPS-GRES), 2006. "The Capitalism of financial market and the control of cognitive (In French)," Cahiers du GRES (2002-2009) 2006-05, Groupement de Recherches Economiques et Sociales.

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    More about this item

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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