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Concentration des droits de propriété, séparation entre participation au capital et contrôle des votes et performance opérationnelle des sociétés:une étude canadienne

Author

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  • Yves Bozec

    (HEC Montréal)

  • Claude Laurin

    (HEC Montréal)

Abstract

(VF)La relation qui existe entre la concentration des droits de vote et la performance des sociétés canadiennes est non monotone, reflétant à la fois les avantages et les inconvénients de la concentration des droits de propriété. Dans certaines circonstances, la séparation des droits de vote de la participation au capital semble nuire à la performance des sociétés canadiennes. (VA) Tests on whether ownership concentration has an impact on the performance of Canadian firms reveal that the relationship between concentration and performance is not monotonous, thereby reflecting the pros and cons of concentrated ownership. Moreover, a significantly large separation of cash-flow rights and control rights is likely to negatively affect firm performance in Canada.

Suggested Citation

  • Yves Bozec & Claude Laurin, 2004. "Concentration des droits de propriété, séparation entre participation au capital et contrôle des votes et performance opérationnelle des sociétés:une étude canadienne," Revue Finance Contrôle Stratégie, revues.org, vol. 7(2), pages 123-164, June.
    • Handle: RePEc:dij:revfcs:v:7:y:2004:i:q2:p:123-164
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    Cited by:

    1. Waseem Ullah & Shahid Ali & Sajid Mehmood, 2017. "Impact of Excess Control, Ownership Structure and Corporate Governance on Firm Performance of Diversified Group Firms in Pakistan," Business & Economic Review, Institute of Management Sciences, Peshawar, Pakistan, vol. 9(2), pages 49-72, June.
    2. Bozec, Yves & Rousseau, Stephane & Laurin, Claude, 2008. "Law of incorporation and firm ownership structure: The law and finance theory revisited," International Review of Law and Economics, Elsevier, vol. 28(2), pages 140-149, June.
    3. Jackie Di Vito, 2011. "Concentration de propriété et investissements en R&D:une perspective d’agence," Revue Finance Contrôle Stratégie, revues.org, vol. 14(2), pages 67-100, June.

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    More about this item

    Keywords

    concentration du capital; droits de vote; performance des firmes; capital concentration; voting rights; firm performance.;
    All these keywords.

    JEL classification:

    • G39 - Financial Economics - - Corporate Finance and Governance - - - Other

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