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Effet des mécanismes de gouvernance sur la performance financière et boursière : Cas des entreprises canadiennes

Author

Listed:
  • Manel Kolsi

    () (MODESFI - FSEG Sfax)

  • Hanen Ghorbel

    () (MODESFI - FSEG Sfax)

Abstract

The aim of this paper is to analyze the relationship between governance mechanisms and measures of financial and market performance for 134 Canadian firms for the year 2007. The study highlights the nonlinearity of the relation expressing the effect of governance on performance. Indeed, the results show the presence of a threshold in the disclosure index. Only beyond this threshold governance can exert a positive impact on financial performance. Disclosure is therefore essential for improving the financial performance of Canadian firms.

Suggested Citation

  • Manel Kolsi & Hanen Ghorbel, 2011. "Effet des mécanismes de gouvernance sur la performance financière et boursière : Cas des entreprises canadiennes," Post-Print hal-00650537, HAL.
  • Handle: RePEc:hal:journl:hal-00650537
    Note: View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-00650537
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    References listed on IDEAS

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    5. Gérard Charreaux, 1996. "Vers une théorie du gouvernement des entreprises," Working Papers CREGO 0960501, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    6. Peter Wirtz, 2004. "«Meilleures pratiques» de gouvernance, théorie de la firme et modèles de création de valeur: Une appréciation critique des codes de bonne conduite," Working Papers CREGO 1040401, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    7. Isabelle Huault & V. Perret & S. Charreire-Petit, 2007. "Management," Post-Print halshs-00337676, HAL.
    8. Paul André & Eduardo Schiehll, 2004. "Systèmes de gouvernance, actionnaires dominants et performance future des entreprises," Revue Finance Contrôle Stratégie, revues.org, vol. 7(2), pages 165-193, June.
    9. Marek Gruszczynski, 2006. "Corporate Governance and Financial Performance of Companies in Poland," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 12(2), pages 251-259, May.
    10. 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.
    11. Pablo de Andres & Valentin Azofra & Felix Lopez, 2005. "Corporate Boards in OECD Countries: size, composition, functioning and effectiveness," Corporate Governance: An International Review, Wiley Blackwell, vol. 13(2), pages 197-210, March.
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