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Le contrôle des entreprises privatisées dans les économies en transition : une approche théorique

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  • Wladimir Andreff

Abstract

[eng] Corporate governance of privatized enterprises in transitional economies : a theoretical attempt. . Privatized enterprises in transitional economies are not yet genuine private enterprises. From the analysis of corporate governance it appears that these corporations remain pri­marily under the control of insiders (employees and managers). It is then derived from the theory of property rights that new shareholders are not capable of supervising and disciplining insiders so that managers keep on exerting rights on assets. A look at the usual behaviour of insider coalitions within organizations convinces that they maximize the firm's growth and autonomy instead of profit and efficiency. The privatized enterprise is finally analyzed as being a specific « survival-oriented » firm in the highly risky context of transition. [fre] Les entreprises privatisées des économies en transition ne sont pas encore de véritables entreprises privées. En utilisant les théories du contrôle dans les sociétés par actions, on voit que ces entreprises privatisées restent surtout sous le contrôle interne des employés et des directeurs. Il est déduit de la théorie des droits de propriété que les nouveaux actionnaires ne parviennent pas à contrôler et discipliner les directeurs qui continuent donc à exercer les droits sur les actifs. Les coalitions internes dans les organisations maximisent la croissance de la firme et son autonomie, plutôt que le profit. L'entreprise privatisée est finalement analysée comme une firme spécifique « en quête de survie » dans l'environne­ment très incertain de la transition.

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  • Wladimir Andreff, 1995. "Le contrôle des entreprises privatisées dans les économies en transition : une approche théorique," Revue Économique, Programme National Persée, vol. 46(3), pages 763-773.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1995_num_46_3_409687
    DOI: 10.3406/reco.1995.409687
    Note: DOI:10.3406/reco.1995.409687
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    References listed on IDEAS

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    2. Locatelli, C., 1999. "The Russian oil industry restructuration: towards the emergence of western type enterprises?," Energy Policy, Elsevier, vol. 27(8), pages 435-449, August.
    3. Janvier D. Nkurunziza, 2005. "Credit Can Precipitate Firm Failure: Evidence from Kenyan Manufacturing in the 1990s," Economics Series Working Papers WPS/2005-04, University of Oxford, Department of Economics.
    4. André Fourçans & Radu Vranceanu, 1996. "Chômage structurel et emploi dans les économies en transition," Revue Française d'Économie, Programme National Persée, vol. 11(2), pages 3-28.

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