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Evolution de la gouvernance des entreprises et impact sur la visibilité boursière en période de crise

  • Bernard Olivero

    ()

    (CRIFP - Centre de Recherche en Ingénierie financière et finance Publique - Université de Nice Sophia-Antipolis : EA1195)

  • Hanene Ezzine

    (CRIFP - Centre de Recherche en Ingénierie financière et finance Publique - Université de Nice Sophia-Antipolis : EA1195, FSEG - Université de Sfax)

Registered author(s):

    Le passage de la sphère financière à la sphère réelle lors des crises économiques a pour conséquence un effet de dominos qui accélère la propagation des crises. Pourtant certaines entreprises résistent mieux que d'autres, limitant ainsi la propagation, et l'efficacité des pratiques de gouvernance est souvent avancée comme une des explications du phénomène. Dans la période 2006-2008 (avant et pendant la crise) on observe des changements notables dans les scores représentatifs de la gouvernance des entreprises. Nous parvenons à montrer que la plupart des entreprises montrent un degré de conformité assez satisfaisant avec les principes de l'OCDE. L'influence des scores de gouvernance sur la capacité des entreprises à absorber le choc de la crise est évaluée par la minimisation de la volatilité conditionnelle des rendements financiers estimée par les spécifications ARCH et GARCH. Les liens entre les différents scores de gouvernance et la volatilité conditionnelle des rendements financiers sont observés. Les bonnes pratiques de gouvernance, gages de confiance des actionnaires amélioreraient donc la visibilité de l'entreprise par le marché en période de crise.

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    Paper provided by HAL in its series Working Papers with number hal-00589236.

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    Date of creation: 01 Mar 2011
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    Handle: RePEc:hal:wpaper:hal-00589236
    Note: View the original document on HAL open archive server: http://hal-unice.archives-ouvertes.fr/hal-00589236/en/
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    1. Johnson, Simon & Boone, Peter & Breach, Alasdair & Friedman, Eric, 2000. "Corporate governance in the Asian financial crisis," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 141-186.
    2. Gérard Charreaux & Philippe Desbrières, 1998. "Gouvernance des entreprises:valeur partenariale contre valeur actionnariale," Revue Finance Contrôle Stratégie, revues.org, vol. 1(2), pages 57-88, June.
    3. Lucian Bebchuk, . "The Costs of Entrenched Boards," American Law & Economics Association Annual Meetings 1091, American Law & Economics Association.
    4. John Y. Campbell, 1993. "Understanding Risk and Return," NBER Working Papers 4554, National Bureau of Economic Research, Inc.
    5. Grant Kirkpatrick, 2009. "The corporate governance lessons from the financial crisis," OECD Journal: Financial Market Trends, OECD Publishing, vol. 2009(1), pages 61-87.
    6. Howard Sherman, 2004. "Corporate Governance Ratings," Corporate Governance: An International Review, Wiley Blackwell, vol. 12(1), pages 5-7, 01.
    7. Peter Wirtz, 2004. "«Meilleures pratiques» de gouvernance, théorie de la firme et modèles de création de valeur: Une appréciation critique des codes de bonne conduite," Working Papers CREGO 1040401, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    8. Engle, Robert F, 1982. "Autoregressive Conditional Heteroscedasticity with Estimates of the Variance of United Kingdom Inflation," Econometrica, Econometric Society, vol. 50(4), pages 987-1007, July.
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