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Les déterminants de la « qualité » des conseils d'administration français

Author

Listed:
  • Laurence Godard

    (LEG - Laboratoire d'Economie et de Gestion - UB - Université de Bourgogne - CNRS - Centre National de la Recherche Scientifique)

  • Alain Schatt

    (LEG - Laboratoire d'Economie et de Gestion - UB - Université de Bourgogne - CNRS - Centre National de la Recherche Scientifique)

Abstract

Dans cet article, nous vérifions si la "qualité" des conseils d'administration dépend de la structure de propriété et de la politique financière des grandes sociétés cotées en bourse, caractérisées par une séparation de la décision (control) et du contrôle (ownership). En nous basant sur la théorie de l'agence, nous considérons que les conseils sont de meilleure qualité lorsqu'ils comprennent une fraction élevée d'administrateurs indépendants et/ou lorsque les fonctions de direction générale et de présidence du conseil sont dissociées. Pour les 85 sociétés cotées en bourse de notre échantillon, nous confirmons notamment que la qualité des conseils croît avec la fraction d'actions détenues par le public

Suggested Citation

  • Laurence Godard & Alain Schatt, 2005. "Les déterminants de la « qualité » des conseils d'administration français," Post-Print halshs-00008411, HAL.
    • Handle: RePEc:hal:journl:halshs-00008411
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    2. Claire Gillet, 2011. "Les facteurs explicatifs de la vérification volontaire des informations sociétales," Post-Print hal-00650436, HAL.
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    4. Thomas Vallée & Joël Massol, 2013. "Firm's Network versus Board Members' Network: Who to Appoint?," Working Papers hal-00829905, HAL.
    5. Imen Khanchel El Mehdi, 2014. "Les conseils d’administration dans les PME tunisiennes," Working Papers 2014-77, Department of Research, Ipag Business School.

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    More about this item

    Keywords

    conseil d'administration; membres indépendants; dissociation des fonctions; structure de propriété; politique financière;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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