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Conseils d’administration : indépendance, collusion et conflits d’intérêts

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  • Sylvain Bourjade
  • Laurent Germain
  • Clément Lyon-Caen

Abstract

The corporate scandals of the early 2000s led to a large reform of corporate governance. Directors? independence from the top executives has been encouraged or has been made compulsory in many countries. Similarly, the representation of women and employees in the board is also increasing in many companies. In this article, we study the relationship between independence, representation and performance. We show that the asymmetries of information among the different stakeholders and the potential collusion that may arise between the directors and the top executives at the expense of shareholders have a significant impact on the board of directors? optimal composition. Moreover, a stronger directors? independence and diversity in boards? composition would allow improving the quality of governance. However, this would not always mean better performance.

Suggested Citation

  • Sylvain Bourjade & Laurent Germain & Clément Lyon-Caen, 2016. "Conseils d’administration : indépendance, collusion et conflits d’intérêts," Revue française d'économie, Presses de Sciences-Po, vol. 0(2), pages 3-25.
    • Handle: RePEc:cai:rferfe:rfe_162_0003
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    Cited by:

    1. Babarindé René ADEROMOU, 2020. "Influence dynamique de la séparation des fonctions de Président du Conseil d'Administration et de Dirigeant sur la performance des entreprises," Journal of Academic Finance, RED research unit, university of Gabes, Tunisia, vol. 11(1), pages 70-85, June.
    2. Babarindé René ADEROMOU, 2020. "L' Influence dynamique de la séparation des fonctions de Président du Conseil d'Administration et de Dirigeant sur la performance des entreprises," Journal of Academic Finance, RED research unit, university of Gabes, Tunisia, vol. 11(1), pages 70-85, June.

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