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Efficacité et compétences spécifiques des dirigeants: l’arbitrage entre incitations externes et incitations internes

Author

Listed:
  • Christian At

    () (CRESE - Centre de REcherches sur les Stratégies Economiques (EA 3190) - UBFC - Université Bourgogne Franche-Comté [COMUE] - UFC - Université de Franche-Comté)

  • Nathalie Chappe

    () (CRESE - Centre de REcherches sur les Stratégies Economiques (EA 3190) - UBFC - Université Bourgogne Franche-Comté [COMUE] - UFC - Université de Franche-Comté)

  • Pierre-Henri Morand

    ()

  • Lionel Thomas

    () (CRESE - Centre de REcherches sur les Stratégies Economiques (EA 3190) - UBFC - Université Bourgogne Franche-Comté [COMUE] - UFC - Université de Franche-Comté)

Abstract

Nous ́etudions la politique de r ́emun ́eration optimale des dirigeants d'en- treprises lorsqu'ils peuvent d ́etourner une partie des revenus sous la forme de b ́en ́efices priv ́es. Nous consid ́erons ́egalement que les dirigeants disposent d'opportunit ́es d'em- bauche ext ́erieures, li ́ees au caract`ere sp ́ecifiques ou transf ́erables de leurs comp ́etences. Dans ce cadre, nous faisons apparaˆıtre trois r ́egimes caract ́eris ́es par des niveaux de b ́en ́efices priv ́es et de salaire diff ́erents. Nos r ́esultats mettent en ́evidence la sensibilit ́e du contrat manag ́erial a` la nature des comp ́etences des dirigeants. Nous montrons que la transf ́erabilit ́e des comp ́etences des dirigeants apparaˆıt comme socialement optimale. En revanche, le r ́esultat est plus ambigu du point de vue des actionnaires.

Suggested Citation

  • Christian At & Nathalie Chappe & Pierre-Henri Morand & Lionel Thomas, 2009. "Efficacité et compétences spécifiques des dirigeants: l’arbitrage entre incitations externes et incitations internes," Post-Print halshs-01308329, HAL.
  • Handle: RePEc:hal:journl:halshs-01308329
    Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-01308329
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