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Systèmes de gouvernance, actionnaires dominants et performance future des entreprises

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  • Paul André

    (University of Edinburgh)

  • Eduardo Schiehll

    (HEC Montréal)

Abstract

(VF)La structure de propriété au Canada est fortement concentrée. Les résultats univariés de cette étude révèlent une relation positive entre la performance et d’une part, la proportion d’administrateurs indépendants, d’autre part, l’importance de la rémunération incitative du PDG. Ceux de l’analyse multivariée indiquent une relation négative entre la performance et le niveau de propriété du dirigeant et de l’actionnaire dominant, s’il est simultanément dirigeant. (VA)Contrary to the US, ownership in Canada is concentrated in the hands of large shareholders which often are also managers of the firm. Univariate results show a positive relationship between performance and both outsiders on the board and the level of CEO incentive compensation. Multivariate results show a negative relationship between performance and both CEO and large shareholder ownership only in the case where large shareholders are also managers.

Suggested Citation

  • Paul André & Eduardo Schiehll, 2004. "Systèmes de gouvernance, actionnaires dominants et performance future des entreprises," Revue Finance Contrôle Stratégie, revues.org, vol. 7(2), pages 165-193, June.
    • Handle: RePEc:dij:revfcs:v:7:y:2004:i:q2:p:165-193
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    2. Jean-Christophe Duhamel & Réda Sefsaf, 2017. "Valeur de la gouvernance d'entreprise et gouvernance des valeurs de l'entreprise. Recherche sur les effets des codes de gouvernance et les stratégies de communication en matière de gouvernance," Working Papers halshs-01633982, HAL.
    3. Yves Bozec & Claude Laurin, 2008. "Large Shareholder Entrenchment and Performance: Empirical Evidence from Canada," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 35(1‐2), pages 25-49, January.
    4. Sandrine Boulerne & Jean-Michel Sahut, 2010. "Les Sources D'Inefficacité Des Mécanismes De Gouvernance D'Entreprise," Post-Print halshs-02099278, HAL.
    5. Yen, Tze-Yu & Andre, Paul, 2007. "Ownership structure and operating performance of acquiring firms: The case of English-origin countries," Journal of Economics and Business, Elsevier, vol. 59(5), pages 380-405.
    6. Amon Aniké DEH & Kéba Aly GOUDIABY, 2024. "A Merged Two-Dimensional Approach to Evaluating the Efficient Performance of Non-Financial Companies Listed on the Regional Securities Exchange SA (BRVM)," International Business Research, Canadian Center of Science and Education, vol. 17(2), pages 1-1, April.
    7. Trabelsi, Mohamed Ali, 2009. "Governance and performance of Tunisian banks," MPRA Paper 76918, University Library of Munich, Germany, revised 2009.
    8. Manel Kolsi & Hanen Ghorbel, 2011. "Effet des mécanismes de gouvernance sur la performance financière et boursière : Cas des entreprises canadiennes," Post-Print hal-00650537, HAL.
    9. Paul André & Samer Khalil & Michel Magnan, 2007. "Termination Fees in Mergers and Acquisitions: Protecting Investors or Managers?," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 34(3‐4), pages 541-566, April.
    10. Guillaume Garnotel & Patrick Loux, 2011. "Définition des bonus des dirigeants et performance des entreprises de haute technologie," Revue Finance Contrôle Stratégie, revues.org, vol. 14(3), pages 119-150, September.
    11. Walid Ben‐Amar & Paul André, 2006. "Separation of Ownership from Control and Acquiring Firm Performance: The Case of Family Ownership in Canada," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 33(3‐4), pages 517-543, April.
    12. Jean-Michel Sahut & Sandrine Boulerne, 2010. "Flaws in Banking Governance," Post-Print halshs-02099282, HAL.

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    More about this item

    Keywords

    gouvernance; performance de la firme; actionnaire dominant; dirigeants; rémunération; conseil d’administration; corporate governance; firm performance; large shareholders; executive compensation; board characteristics.;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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