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Lorsque la « mauvaise » gouvernance est applaudie par les marchés : le cas de l'entrée de LVMH dans le capital d'Hermès

Author

Listed:
  • Quoc Thai Huynh

    (CEREGE [Poitiers, La Rochelle] - Centre de recherche en gestion [EA 1722] - UP - Université de Poitiers = University of Poitiers - ULR - La Rochelle Université)

Abstract

Quôc Thai Maitre de conférences en sciences de gestion Université de Poitiers CEREGE RésuméLa littérature sur la gouvernance des entreprises a progressivement construit le consensus selon lequel une « bonne » gouvernance, qui met en avant l'importance de la transparence et critique toute forme de protectionnisme, est nécessaire pour la performance financière d'une entreprise. De ce point de vue, le cas de l'entrée de LVMH dans le capital familial d'Hermès est particulièrement intéressant. Notre analyse montre en effet que cette entrée a été très fortement valorisée par le marché alors même qu'elle ne respecte aucun de ces principes de « bonne » gouvernance. Ce cas permet donc d'alimenter la réflexion selon laquelle il n'existerait pas un seul modèle de « bonne » gouvernance mais plusieurs modes de gouvernance considérés par les marchés comme pertinents suivant le contexte et la nature des entreprises dans lesquels ils sont mise en oeuvre.

Suggested Citation

  • Quoc Thai Huynh, 2012. "Lorsque la « mauvaise » gouvernance est applaudie par les marchés : le cas de l'entrée de LVMH dans le capital d'Hermès," Post-Print hal-05479937, HAL.
    • Handle: RePEc:hal:journl:hal-05479937
    Note: View the original document on HAL open archive server: https://hal.science/hal-05479937v1
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