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L'Impact De La Structure Financiere Sur Les Decisions Strategiques : Le Cas Du Negoce De Vin Bourguignon

Author Info

Listed author(s):
  • Olivier Saulpic

    (ESCP-EAP - ESCP-EAP - Ecole Supérieure de Commerce de Paris)

  • Hervé Tanguy

    (INRA - Institut National Agronomique Paris-Grignon)

Registered author(s):

    Abstract

    Nous montrons au travers du cas du négoce de vin bourguignon que l'influence de la structure financière sur les décisions (théorie financière moderne) repose implicitement sur des mesures de la performance. Si ces mesures sont inadaptées, les effets positifs attendus sont annulés. Cela nous conduit à poser la question de l'utilisation des outils de pilotage internes dans les relations avec les apporteurs de capitaux.

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    File URL: https://halshs.archives-ouvertes.fr/halshs-00587511/document
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    Paper provided by HAL in its series Post-Print with number halshs-00587511.

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    Date of creation: May 2000
    Publication status: Published in 21ÈME CONGRES DE L'AFC, May 2000, France. pp.CD-Rom, 2000
    Handle: RePEc:hal:journl:halshs-00587511
    Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00587511
    Contact details of provider: Web page: https://hal.archives-ouvertes.fr/

    Keywords: Structure financière; pilotage; mesure de la performance; incitations;

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    1. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
    2. repec:hrv:faseco:30728046 is not listed on IDEAS
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    4. Tirole, Jean, 2001. "Corporate Governance," Econometrica, Econometric Society, vol. 69(1), pages 1-35, January.
    5. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-329, May.
    6. Shleifer, Andrei & Vishny, Robert W, 1997. " A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-783, June.
    7. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November.
    8. Philippe Aghion & Patrick Bolton, 1992. "An Incomplete Contracts Approach to Financial Contracting," Review of Economic Studies, Oxford University Press, vol. 59(3), pages 473-494.
    9. Harris, Milton & Raviv, Artur, 1991. " The Theory of Capital Structure," Journal of Finance, American Finance Association, vol. 46(1), pages 297-355, March.
    10. Biddle, Gary C. & Bowen, Robert M. & Wallace, James S., 1997. "Does EVA(R) beat earnings? Evidence on associations with stock returns and firm values," Journal of Accounting and Economics, Elsevier, vol. 24(3), pages 301-336, December.
    11. Mike Burkart & Denis Gromb & Fausto Panunzi, 1997. "Large Shareholders, Monitoring, and the Value of the Firm," The Quarterly Journal of Economics, Oxford University Press, vol. 112(3), pages 693-728.
    12. Holmstrom, Bengt & Tirole, Jean, 1993. "Market Liquidity and Performance Monitoring," Journal of Political Economy, University of Chicago Press, vol. 101(4), pages 678-709, August.
    13. Mathias Dewatripont & Jean Tirole, 1994. "A Theory of Debt and Equity: Diversity of Securities and Manager-Shareholder Congruence," The Quarterly Journal of Economics, Oxford University Press, vol. 109(4), pages 1027-1054.
    14. Sanford J. Grossman & Oliver D. Hart, 1980. "Takeover Bids, the Free-Rider Problem, and the Theory of the Corporation," Bell Journal of Economics, The RAND Corporation, vol. 11(1), pages 42-64, Spring.
    15. Harris, Milton & Raviv, Artur, 1990. " Capital Structure and the Informational Role of Debt," Journal of Finance, American Finance Association, vol. 45(2), pages 321-349, June.
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    Cited by:

    1. Séverine Gaucher & Louis-Georges Soler & Hervé Tanguy, 2002. "Incitation à la qualité dans la relation vignoble-négoce," Cahiers d'Economie et Sociologie Rurales, INRA Department of Economics, vol. 62, pages 7-40.

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