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Rôle de l'actionnaire et système politique

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  • Mark J. Roe

Abstract

The author describes the limits of the legal system. He considers that a legal frame is insufficient for explaining the separation between the proprietary and the management in developed countries. A legal frame may be favourable to the minority shareholders while leading to a development of the control blocks. In fact the property concentration is essentially correlated to the high costs of managerial agencies.

Suggested Citation

  • Mark J. Roe, 2002. "Rôle de l'actionnaire et système politique," Revue française de gestion, Lavoisier, vol. 141(5), pages 305-345.
    • Handle: RePEc:cai:rfglav:rfg_141_0305
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