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Les facteurs explicatifs de la passivité ou de la neutralité des investisseurs institutionnels vis-àvis du contrôle des firmes de leurs portefeuilles


  • Noura Ben M'barek

    (Laboratoire Orléanais de Gestion)


L’objet de cet article est de déterminer les principaux facteurs qui empêchent les investisseurs institutionnels d’exercer leur rôle d’actionnaire dans les firmes de leurs portefeuilles. L’étude montre que la passivité ou la neutralité des actionnaires institutionnels vis à vis du système du contrôle de la firme peut être expliquée par quatre facteurs principaux : les contraintes légales et réglementaires, les problèmes de l’action collective de contrôle, les problèmes d’agence et de groupes d’intérêt et l’insuffisance du système d’évaluation et d’incitation des dirigeants des institutions financières.

Suggested Citation

  • Noura Ben M'barek, 2001. "Les facteurs explicatifs de la passivité ou de la neutralité des investisseurs institutionnels vis-àvis du contrôle des firmes de leurs portefeuilles," Working Papers 2001-6, Laboratoire Orléanais de Gestion - université d'Orléans.
  • Handle: RePEc:log:wpaper:2001-6

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    References listed on IDEAS

    1. Shleifer, Andrei & Vishny, Robert W, 1986. "Large Shareholders and Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 94(3), pages 461-488, June.
    2. Demsetz, Harold, 1983. "The Structure of Ownership and the Theory of the Firm," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 375-390, June.
    3. Roe, Mark J., 1990. "Political and legal restraints on ownership and control of public companies," Journal of Financial Economics, Elsevier, vol. 27(1), pages 7-41, September.
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