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Relations entre les firmes et les actionnaires institutionnels : promotion de l'investissement relationnel

Listed author(s):
  • Noura Ben M'barek

    (Laboratoire Orléanais de Gestion)

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    L’investissement relationnel est un nouveau mécanisme de contrôle des dirigeants par les investisseurs institutionnels. La pratique de cette forme de contrôle suppose la détention d'une part importante de capital, sur un horizon long et un engagement réciproque entre les investisseurs institutionnels, les administrateurs et les dirigeants sur la politique de la firme et les prises des décisions. L’investissement relationnel est basé sur la construction d’une relation capital / gestion étroite et durable. Il s’exerce surtout au moyen de la négociation. La pratique de l’investissement relationnel permet de réduire l’asymétrie informationnelle, les coûts de transaction et les coûts d’agence. Du côté de l’entreprise, ce mécanisme de contrôle permet de protéger les dirigeants contre les prises de contrôle hostiles et donc d’avoir une vision de long terme sur l’industrie. Toutefois, les investisseurs relationnels peuvent être opportunistes et cherchent de profiter de leurs relations aux dirigeants pour réaliser des gains privés. Enfin, les investisseurs institutionnels peuvent ne pas avoir de l'expertise suffisante pour gérer l'entreprise.

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    Paper provided by Laboratoire Orléanais de Gestion - université d'Orléans in its series Working Papers with number 2001-5.

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    Date of creation: 2001
    Handle: RePEc:log:wpaper:2001-5
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    1. Masahiko Aoki, 2013. "Toward an Economic Model of the Japanese Firm," Chapters,in: Comparative Institutional Analysis, chapter 18, pages 315-341 Edward Elgar Publishing.
    2. Lex Donaldson & James H. Davis, 1991. "Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns," Australian Journal of Management, Australian School of Business, vol. 16(1), pages 49-64, June.
    3. 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 1155-1177, December.
    4. Stiglitz, Joseph E, 1985. "Credit Markets and the Control of Capital," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 17(2), pages 133-152, May.
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