IDEAS home Printed from
   My bibliography  Save this paper

Privatization of Air France:A Test of The Stakeholder Corporate Governance Theory;La privatisation d'Air France : un test de la théorie de la gouvernance partenariale




La théorie de la gouvernance partenariale permet de renouveler la lecture de la privatisation encore très controversée aujourd'hui. Nous proposons de tester le modèle organisationnel de ce phénomène issu de l'application du cadre théorique de la gouvernance à partir de l'étude du cas d'Air France partiellement privatisée en 1999. Cette étude illustre l'impact organisationnel de la privatisation sur le processus décisionnel et sur le système de gouvernance de l'entreprise, entamé bien avant l'ouverture du capital. Cette transformation organisationnelle dans le cas d'Air France semble avoir eu un impact variable (quantitativement et qualitativement) sur la valeur appropriable par chaque partenaire. Nous concluons sur la plausibilité des hypothèses de la théorie de la gouvernance, comme théorie du comportement adaptatif des organisations. The stakeholder approach of the corporate governance theory suggests a renewal of the analysis of privatization which is still much debated nowadays. We test the organizational model of that phenomenon as the application of the theory predicts it with the case study of Air France, partially privatized in 1999. The case shows the organizational impacts of privatization, both on the decision-making-process and the corporate governance system, well begun before the public offering by the French State. Organizational dynamics in the specific case of Air France, seem to have a variable impact (quantitatively and qualitatively) on the appropriable value by each stakeholder. We conclude about the plausibility of the hypothesis of the corporate governance theory, as a theory of the adaptative behavior of organizations.

Suggested Citation

  • Céline Chatelin, 2003. "Privatization of Air France:A Test of The Stakeholder Corporate Governance Theory;La privatisation d'Air France : un test de la théorie de la gouvernance partenariale," Working Papers CREGO 1030103, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
  • Handle: RePEc:dij:wpfarg:1030103

    Download full text from publisher

    File URL:
    Download Restriction: no

    References listed on IDEAS

    1. Gérard Charreaux, 1999. "Gouvernement d'entreprise et comptabilité," Working Papers CREGO 0990601, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    2. Vining, Aidan R & Boardman, Anthony E, 1992. "Ownership versus Competition: Efficiency in Public Enterprise," Public Choice, Springer, vol. 73(2), pages 205-239, March.
    3. Gérard Charreaux & Philippe Desbrières, 1998. "Gouvernance des entreprises:valeur partenariale contre valeur actionnariale," Revue Finance Contrôle Stratégie,, vol. 1(2), pages 57-88, June.
    4. James A. Brickley & Clifford W. Smith & Jerold L. Zimmerman, 1997. "Management Fads And Organizational Architecture," Journal of Applied Corporate Finance, Morgan Stanley, vol. 10(2), pages 24-39.
    5. Carine Catelin & Céline Chatelin, 2001. "Privatisation, gouvernement d'entreprise et processus décisionnel:une interprétation de la dynamique organisationnelle à travers le cas France Télécom," Revue Finance Contrôle Stratégie,, vol. 4(2), pages 63-90, March.
    6. Gérard Charreaux, 1998. "La théorie positive de l'agence:lecture et relectures..," Working Papers CREGO 0980901, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    Full references (including those not matched with items on IDEAS)

    More about this item


    gouvernance; processus décisionnel; efficience; privatisation; valeur partenariale; corporate governance; decision-making process; efficiency; privatization; stakeholder value;

    JEL classification:

    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm

    NEP fields

    This paper has been announced in the following NEP Reports:


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:dij:wpfarg:1030103. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Angèle RENAUD). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.