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Confiance et gouvernement des entreprises: le rôle de la confiance dans la relation capital-investisseurs et dirigeants et son influence sur la performance

  • Christophe Bonnet

    ()

    (GDF - Gestion, Droit et Finance - Grenoble École de Management (GEM))

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    Ce papier de recherche étudie l'influence du niveau de confiance interpersonnelle existant entre capital investisseurs et dirigeants d'entreprise sur trois types de variables : les processus d'interaction qui caractérisent leur relation, les rôles tenus par les capital investisseurs vis à vis des dirigeants dans la phase post-investissement, et, par l'intermédiaire de ces processus et rôles, sur la performance financière de l'investissement dans les entreprises concernées. Notre hypothèse centrale est que la confiance favorise les processus d'interaction et les rôles des capital investisseurs qui ont une influence positive sur la performance financière des entreprises, et donc sur celle de l'investissement qui a été opéré dans ces entreprises. Nous utilisons un cadre théorique éclectique (théorie de l'agence d'une part, théories de la confiance et de la coopération d'autre part) pour construire un modèle qui fait l'objet d'un test empirique au moyen d'une enquête par questionnaire sur un échantillon d'opérations de LBOs réalisés en France. Nos résultats montrent que le niveau de confiance interpersonnelle influe sur l'ensemble des processus d'interaction, ainsi que sur un nombre limité de rôles des capital investisseurs. Par contre ils ne mettent en évidence aucune relation directe entre confiance et performance financière de l'investissement.

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    File URL: http://hal.grenoble-em.com/docs/00/45/15/22/PDF/WPS_03-11.pdf
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    Paper provided by HAL in its series Grenoble Ecole de Management (Post-Print) with number hal-00451522.

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    Date of creation: 2003
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    Handle: RePEc:hal:gemptp:hal-00451522
    Note: View the original document on HAL open archive server: http://hal.grenoble-em.com/hal-00451522
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    1. Gérard Charreaux, 1998. "Le rôle de la confiance dans le système de gouvernance des entreprises," Working Papers CREGO 0980501, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    2. Wright, Mike & Thompson, Steve & Robbie, Ken, 1992. "Venture capital and management-led, leveraged buy-outs: A European perspective," Journal of Business Venturing, Elsevier, vol. 7(1), pages 47-71, January.
    3. Kaplan, Steven, 1989. "The effects of management buyouts on operating performance and value," Journal of Financial Economics, Elsevier, vol. 24(2), pages 217-254.
    4. Sapienza, Harry J., 1992. "When do venture capitalists add value?," Journal of Business Venturing, Elsevier, vol. 7(1), pages 9-27, January.
    5. Sahlman, William A., 1990. "The structure and governance of venture-capital organizations," Journal of Financial Economics, Elsevier, vol. 27(2), pages 473-521, October.
    6. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 301-25, June.
    7. Lerner, Josh, 1995. " Venture Capitalists and the Oversight of Private Firms," Journal of Finance, American Finance Association, vol. 50(1), pages 301-18, March.
    8. Gorman, Michael & Sahlman, William A., 1989. "What do venture capitalists do?," Journal of Business Venturing, Elsevier, vol. 4(4), pages 231-248, July.
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