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Au-delà de l'approche juridico-financière:le rôle cognitif des actionnaires et ses conséquences sur l'analyse de la structure de propriété et de la gouvernance

  • Gérard Charreaux

    ()

    (Université de Bourgogne)

L'approche juridico-financière dominante de la structure de propriété et de la gouvernance des entreprises est fondée sur l'hypothèse de séparation totale entre les actionnaires et les dirigeants rarement vérifiée, notamment dans les nations européennes. Cette approche repose sur les analyses initiales de Berle et Means et sur la théorie de l'agence, qui conduisent, sur la base d'hypothèses très réductrices, à supposer que les actionnaires n'assument qu'une fonction financière se limitant à l'apport de capitaux et à l'assomption du risque financier. Cette conception possédant un pouvoir explicatif faible au vu des structures réelles d'actionnariat, le présent article propose de prendre en compte le rôle cognitif - d'orientation et d'apport de compétences -, que les actionnaires conservent le plus souvent de façon à proposer un modèle explicatif plus satisfaisant de ces structures. Une telle modélisation s'inscrit également dans les développements visant à proposer une théorie de la gouvernance élargie aux considérations cognitives.

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Paper provided by Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations in its series Working Papers CREGO with number 020701.

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Length: 38 pages
Date of creation: Jul 2002
Date of revision: Jul 2002
Publication status: forthcoming in le n° spécial de la Revue Française de Gestion sur "L'actionnaire", sous le titre "L'actionnaire comme apporteur de ressources cognitives", vol.28, n°141, novembre-décembre 2002, p.77-107.
Handle: RePEc:dij:wpfarg:020701
Note: article à paraître dans le n° spécial de la Revue Française de Gestion sur "L'actionnaire", sous le titre "L'actionnaire comme apporteur de ressources cognitives", vol.28, n°141, novembre-décembre 2002, p.77-107.
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