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Le recours aux leviers de contrôle : le cas des sociétés cotées françaises

Author

Listed:
  • Sabri Boubaker

    (Groupe ESC Troyes en Champagne, IRG - Institut de Recherche en Gestion - UPEM - Université Paris-Est Marne-la-Vallée - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12)

  • Florence Labégorre

    (LEM - Lille - Economie et Management - Université de Lille, Sciences et Technologies - CNRS - Centre National de la Recherche Scientifique)

Abstract

En France, les actions à droit de vote double, les actions sans droit de vote et les participations indirectes, croisées ou pyramidales, permettent de contrôler une société avec un apport minimal en capital. Cet article analyse l'utilisation et l'effet de levier de ces mécanismes sur un échantillon de 560 sociétés cotées françaises en 2000. Les résultats révèlent le recours peu fréquent aux actions sans droit de vote et aux participations croisées. À l'inverse, les trois quarts des sociétés présentent des actions à droit de vote double et un tiers sont contrôlées via une pyramide. Mais au-delà d'un succès commun, actions à droit de vote double et pyramides ne se confondent pas : les actionnaires publics et financiers paraissent préférer les pyramides ; les actionnaires familiaux, les actions à droit de vote double. Les pyrami- des dissocient les droits aux cash-flows du contrôle de 43% en moyenne et les actions à droit de vote double, de 12%. Les pyramides apparaissent donc comme le levier de contrôle le plus puissant.

Suggested Citation

  • Sabri Boubaker & Florence Labégorre, 2008. "Le recours aux leviers de contrôle : le cas des sociétés cotées françaises," Post-Print hal-01155603, HAL.
    • Handle: RePEc:hal:journl:hal-01155603
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    Cited by:

    1. Nader Mansouri, 2014. "The Determinants Of Management Provisions After The Introduction Of Ias / Ifrs Standards In France [Les Determinants De La Gestion Des Provisions (Prc) Apres L’Introduction Des Normes Ias/Ifrs En France]," Post-Print hal-01899131, HAL.
    2. Marc Lévy, 2010. "La «Pax Electrica» a-t-elle réduit le contrôle de Suez sur Elia, le transporteur belge d’électricité?," Revue Finance Contrôle Stratégie, revues.org, vol. 13(4), pages 139-159, December.
    3. Zeineb Barka & Taher Hamza, 2020. "The effect of large controlling shareholders on equity prices in France: monitoring or entrenchment?," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 24(3), pages 769-798, September.

    More about this item

    Keywords

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    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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