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La théorie contractuelle des organisations:une application au conseil d'administration;The contractual theory of organizations:An application to the board of directors of French firms


  • Gérard Charreaux


  • Jean-Pierre Pitol-Belin

    () (Université de Bourgogne)


(VF)Le renouvellement actuel du programme de recherche néo-classique se traduit par l'émergence de la théorie contractuelle des organisations, qui peut contribuer à améliorer sensiblement notre connaissance du comportement des organisations. L'objectif de cet article est, d'une part, de présenter succinctement les traits principaux de cette théorie et, d'autre part, d'exposer et de tester ses prédictions quant au rôle et à la composition du conseil d'administration dans les firmes cotées françaises. (VA)The current renewal of the neo-classical research programme is characterized by the emergence of the contractual theory of organizations, which may noticeably improve our understanding of the behaviour of organizations. The objective of this article is on the one hand to develop briefly the main characteristics of this theory and on the other hand to explain and test its predictions as to the role and composition of the board of directors in listed French firms. The test makes it impossible to invalidate the theory, so the latter appears reinforced.

Suggested Citation

  • Gérard Charreaux & Jean-Pierre Pitol-Belin, 1984. "La théorie contractuelle des organisations:une application au conseil d'administration;The contractual theory of organizations:An application to the board of directors of French firms," Working Papers CREGO 0851101, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations, revised Nov 1985.
  • Handle: RePEc:dij:wpfarg:0851101

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    References listed on IDEAS

    1. Yermack, David, 1996. "Higher market valuation of companies with a small board of directors," Journal of Financial Economics, Elsevier, vol. 40(2), pages 185-211, February.
    2. Noel Capon & John U. Farley & Scott Hoenig, 1990. "Determinants of Financial Performance: A Meta-Analysis," Management Science, INFORMS, vol. 36(10), pages 1143-1159, October.
    3. Scott W. Barnhart & M. Wayne Marr & Stuart Rosenstein, 1994. "Firm performance and board composition: Some new evidence," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 15(4), pages 329-340, July/Augu.
    4. Eisenberg, Theodore & Sundgren, Stefan & Wells, Martin T., 1998. "Larger board size and decreasing firm value in small firms," Journal of Financial Economics, Elsevier, vol. 48(1), pages 35-54, April.
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    More about this item


    théorie contractuelle des organisations; conseil d'administration; contractual theory of organizations; board of directors.;

    JEL classification:

    • L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General


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