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L'actionnaire comme apporteur de ressources cognitives

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  • Gérard Charreaux

Abstract

The dominant legal and financial approach of ownership structures and corporate governance is based on an unrealistic assumption, that of a complete separation between shareholders and managers, in particular in the European nations. This approach based on the seminal Berle and Means? analysis and on agency theory, postulates that shareholders carry only a financial function limited to equity financing and assumption of financial risk. In view of the actual ownership structures, this approach has a weak explanatory power. Therefore, this article proposes another model, based on the cognitive role ? directing and contribution of competences ? that the shareholders often keep. It is possible to consider this model as a component of a corporate governance theory extended to cognitive variables.

Suggested Citation

  • Gérard Charreaux, 2002. "L'actionnaire comme apporteur de ressources cognitives," Revue française de gestion, Lavoisier, vol. 141(5), pages 77-107.
    • Handle: RePEc:cai:rfglav:rfg_141_0077
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    Cited by:

    1. Caroline Virginie Lambert & Sponem Samuel, 2003. "GOUVERNANCE D'ENTREPRISE ET GESTION DU RESULTAT Les contrôleurs de gestion "de l'autre côté du miroir"," Post-Print halshs-00582793, HAL.
    2. Christine Marsal, 2015. "Professionalisation Des Administrateurs Et Fonctionnement Des Comites Issus Du Conseil D'Administration: Le Cas D'Une Banque Cooperative," Post-Print hal-01188787, HAL.
    3. Hélène Cardoni, 2020. "Contribution to the knowledge of the impact of employee share ownership on corporate governance [Contribution à la connaissance de l'impact de l'actionnariat salarié sur la gouvernance des entrepri," Post-Print halshs-02556417, HAL.
    4. Peter Wirtz, 2015. "Entrepreneurial Finance and the Creation of Value: Agency Costs vs. Cognitive Value," Post-Print hal-01178314, HAL.
    5. Gérard Charreaux, 2009. "La convergence des systèmes nationaux de gouvernance: une perspective contingente," Post-Print hal-00435251, HAL.
    6. Peter Wirtz, 2003. "A resource based interpretation of performance enhancing capital structure changes: The O.M. Scott LBO revisited," Working Papers CREGO 1030302, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    7. Peter Wirtz, 2011. "Beyond Agency Theory: Value Creation and the Role of Cognition in the Relationship Between Entrepreneurs and Venture Capitalists," Springer Books, in: Advances in Entrepreneurial Finance, chapter 0, pages 31-43, Springer.
    8. Laurence Godard, 2010. "Les comités stratégiques et l’innovation dans les entreprises françaises," Revue Finance Contrôle Stratégie, revues.org, vol. 13(1), pages 99-121., March.
    9. Stéphane Koffel & Jonathan Labbé, 2020. "Analyse comparée des financements par capital-investissement ou Business Angel : Un effet sur l'innovation ?," Post-Print hal-03161525, HAL.
    10. Sébastien Gand, 2015. "Gouvernance démocratique et circulation des savoirs : Quels dispositifs de gestion ?," Post-Print hal-01148613, HAL.
    11. Sébastien Gand, 2014. "Qualification et gestion de la tension différenciation-intégration des savoirs dans les entreprises démocratiques," Working Papers hal-01083863, HAL.
    12. Pierre-Yves Gomez, 2003. "Jalons pour une histoire des théories du gouvernement des entreprises," Revue Finance Contrôle Stratégie, revues.org, vol. 6(4), pages 183-208, December.
    13. Stéphane Koffel & Jonathan Labbé, 2020. "Comparative analysis of financing by Private Equity or Business Angels: An effect on innovation? [Analyse comparée des financements par Capital-Investissement ou Business Angels : Un effet sur l’in," Working Papers hal-03000133, HAL.
    14. Amel Ben Rhouma & Walid Ben Amar & Eustache Ebondo Wa Mandzila, 2014. "Quel Impact Des Mécanismes De Gouvernance Sur La Divulgation Des Risques Liés Au Changement Climatique ? Le Cas Des Entreprises Françaises Cotées," Post-Print hal-01899578, HAL.

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