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Gouvernance, enracinement et performance des entreprises familiales européennes

  • Patrice Charlier

    (CESAG - Centre d'études des sciences appliquées à la gestion - Université de Strasbourg)

The performance of the family firms can be analyzed according to their modes of governance, based on answers to the various assumptions of family entrenchment. The traditional assumption of the « illegitimate » entrenchment is tested by differentiating two modes of governance likely to reduce the negative effects of them : that of the companies controlled by a family with a external leader, and that of the companies directed by a family which no longer is the principal shareholder. The assumption of the « positive » entrenchment or « legitimates » is also tested when the company is controlled and directed by the family. The results of the tests carried out on a sample of European medium-size firms seem to confirm the assumption of a negative family entrenchment.

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Date of creation: May 2008
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Publication status: Published in LA COMPTABILITE, LE CONTRÔLE ET L'AUDIT ENTRE CHANGEMENT ET STABILITE, May 2008, France. pp.CD Rom, 2008
Handle: RePEc:hal:journl:halshs-00522463
Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00522463
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  1. Mike Burkart & Fausto Panunzi & Andrei Shleifer, 2003. "Family Firms," Journal of Finance, American Finance Association, vol. 58(5), pages 2167-2202, October.
  2. Faccio, Mara & Lang, Larry H. P., 2002. "The ultimate ownership of Western European corporations," Journal of Financial Economics, Elsevier, vol. 65(3), pages 365-395, September.
  3. Maury, Benjamin, 2006. "Family ownership and firm performance: Empirical evidence from Western European corporations," Journal of Corporate Finance, Elsevier, vol. 12(2), pages 321-341, January.
  4. Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1997. "Legal Determinants of External Finance," NBER Working Papers 5879, National Bureau of Economic Research, Inc.
  5. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 301-25, June.
  6. Barth, Erling & Gulbrandsen, Trygve & Schonea, Pal, 2005. "Family ownership and productivity: the role of owner-management," Journal of Corporate Finance, Elsevier, vol. 11(1-2), pages 107-127, March.
  7. Williamson, Oliver E., 1996. "Transaction cost economics and the Carnegie connection," Journal of Economic Behavior & Organization, Elsevier, vol. 31(2), pages 149-155, November.
  8. Demsetz, Harold & Lehn, Kenneth, 1985. "The Structure of Corporate Ownership: Causes and Consequences," Journal of Political Economy, University of Chicago Press, vol. 93(6), pages 1155-77, December.
  9. Gérard Charreaux, 1998. "Le rôle de la confiance dans le système de gouvernance des entreprises," Working Papers CREGO 0980501, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
  10. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
  11. Shleifer, Andrei & Vishny, Robert W., 1989. "Management entrenchment : The case of manager-specific investments," Journal of Financial Economics, Elsevier, vol. 25(1), pages 123-139, November.
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