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

  • Manel Kolsi

    ()

    (MODESFI - FSEG Sfax)

  • Hanen Ghorbel

    ()

    (MODESFI - FSEG Sfax)

Registered author(s):

    Ce travail essaie d'étudier l'association entre les mécanismes de gouvernance et des mesures de performance financière et boursière de 134 entreprises canadiennes pour l'année 2007. L'étude met en évidence la non linéarité du modèle exprimant l'effet de la gouvernance sur la performance. En effet, les résultats montrent qu'un seuil relatif à l'indice de divulgation doit être dépassé pour que la gouvernance puisse se traduire par un effet positif sur la performance financière. La divulgation est ainsi indispensable pour l'amélioration de la performance financière des entreprises canadiennes.

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    File URL: http://hal.archives-ouvertes.fr/docs/00/65/05/37/PDF/Kolsi_Ghorbel.pdf
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    Paper provided by HAL in its series Post-Print with number hal-00650537.

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    Date of creation: 2011
    Date of revision:
    Publication status: Published - Presented, Comptabilités, économie et société, 2011, Montpellier, France
    Handle: RePEc:hal:journl:hal-00650537
    Note: View the original document on HAL open archive server: http://hal.archives-ouvertes.fr/hal-00650537/en/
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    1. Paul A. Gompers & Joy L. Ishii & Andrew Metrick, 2002. "Corporate Governance and Equity Prices," Center for Financial Institutions Working Papers 02-32, Wharton School Center for Financial Institutions, University of Pennsylvania.
    2. 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.
    3. Bruce E. Hansen, 1996. "Sample Splitting and Threshold Estimation," Boston College Working Papers in Economics 319., Boston College Department of Economics, revised 12 May 1998.
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    5. Durnev, Art & Kim, E. Han, 2004. "To Steal or Not to Steal: Firm Attributes, Legal Environment, and Valuation," CEI Working Paper Series 2004-7, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    6. Marek Gruszczynski, 2005. "Corporate governance and financial performance of companies in Poland," Working Papers 19, Department of Applied Econometrics, Warsaw School of Economics.
    7. 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.
    8. Laurence Godard, 2000. "La taille du conseil d'administration:déterminants et impact sur la performance," Working Papers CREGO 1010702, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations, revised Jul 2001.
    9. 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.
    10. 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.
    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, 03.
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