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Impact du financement par fonds de pension sur la performance des entreprises du CAC 40 ?

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  • Pierre Durand

    (EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique)

Abstract

As pension saving managers, pension funds are able to finance long term investment, R&D and innovation while assuring their role as traditional institutional investors (activism, outsourcing of internal management bias...). As such pension funds can play a crucial role in the French investment dynamic which is mostly characterized by the use of credit. However, among the studies on the influence of institutional investors, few are those specifically interested in pension funds, and none focuses on the French case. This article aims to fill this gap in the literature by studying the impact of pension fund investments of CAC 40 firms' performance. Our results, over the period 2004-2016, highlight a negative influence of pension funds' participation. We explain those findings by the weakness of pension funds' participation and their foreign origin.

Suggested Citation

  • Pierre Durand, 2018. "Impact du financement par fonds de pension sur la performance des entreprises du CAC 40 ?," Working Papers hal-04141801, HAL.
    • Handle: RePEc:hal:wpaper:hal-04141801
    Note: View the original document on HAL open archive server: https://hal.science/hal-04141801
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    References listed on IDEAS

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