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Le rôle de l’information de gestion dans la relation dirigeants-actionnaires:le cas des sociétés de capital investissement

Author

Listed:
  • Florence Cavelius

    (Université Paris X Nanterre)

  • Philippe Dessertine

    (Université Paris X Nanterre)

Abstract

(VF)L’exigence d’informations de gestion et leur utilisation par le capital investisseur (CI) sont appréciées grâce à une étude qualitative. Le CI, investisseur actif et soucieux de la rentabilité de son placement, peut être intéressé par une information traditionnellement réservée au dirigeant. Les résultats montrent que les CI s’impliquent à des degrés divers dans l’obtention d’informations de gestion, ce qui se traduit par une association variable aux décisions. Nous proposons une typologie du mode d’utilisation de ces informations par les CI. Nous montrons que, lorsque le CI est actif, l’information de gestion est le vecteur d’un véritable partenariat entre dirigeant et investisseur, coopération qui reste toutefois limitée par des difficultés juridiques.(VA)The demand of management control information (MCI) and its use by Venture Capitalists (VC) are examined through a qualitative study. The VC, active investor concerned with investment return, may be interested by information traditionally reserved to the manager. The results show that the VC are implied to differing levels in obtaining MCI, which is expressed by distinct levels of involvement in the decisions. We enlighten a typology of the way of using this information by the VC. When the VC is active, the MCI is the vector of a true partnership between manager and investor, limited by legal difficulties.

Suggested Citation

  • Florence Cavelius & Philippe Dessertine, 2009. "Le rôle de l’information de gestion dans la relation dirigeants-actionnaires:le cas des sociétés de capital investissement," Revue Finance Contrôle Stratégie, revues.org, vol. 12(3), pages 65-95, September.
    • Handle: RePEc:dij:revfcs:v:12:y:2009:i:q3:p:65-95.
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    More about this item

    Keywords

    gouvernance d’entreprise; capital investissement; information de gestion; contrôle; coopération.corporate governance; venture capital; management control information; control; cooperation.;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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