IDEAS home Printed from https://ideas.repec.org/a/prs/recofi/ecofi_0987-3368_1998_num_48_4_4586.html
   My bibliography  Save this article

Les investisseurs institutionnels étrangers : vers la fin du capitalisme à la française ?

Author

Listed:
  • Daniel Baudru
  • Med Kechidi

Abstract

[eng] The foreign institutional investors : The end of the french capitalism traditional organisation ? . The first objective of the crossed shareholding system in the French capitalism organisation was to ensure the large groups of firms a stable shareholding and consequently to protect them from foreign investors. This contribution demonstrates that this kind of interfirms relations organisation is today collapsing because of the huge implementation of foreign institutional investors, especially the Anglo-Saxon pension funds, in the capital of the main firms of the CAC 40. This article points out that the application of the corporate governance principles as well as the financial valorization strategies of these pension funds are in complete opposition with the traditional French capitalism organisation. [fre] Le système des participations croisées, trait dominant de l’organisation du capitalisme français, avait pour première motivation d’assurer aux grands groupes de sociétés un actionnariat stable et une certaine protection vis à vis de l’influence du capital étranger. Cet article montre que ce mode d’organisation des relations interfirmes est en voie de déliquescence du fait de l’arrivée massive des investisseurs étrangers, notamment des fonds de pensions anglo-saxons, dans le capital des principales sociétés du CAC 40. Nous montrons que la mise en oeuvre de principes de corporate governance et les stratégies de valorisation financière vectorisées par les fonds de pensions entrent en forte opposition avec les modes de fonctionnement et d’organisation traditionnellement pratiqués au sein du capitalisme français.

Suggested Citation

  • Daniel Baudru & Med Kechidi, 1998. "Les investisseurs institutionnels étrangers : vers la fin du capitalisme à la française ?," Revue d'Économie Financière, Programme National Persée, vol. 48(4), pages 93-105.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_1998_num_48_4_4586
    DOI: 10.3406/ecofi.1998.4586
    Note: DOI:10.3406/ecofi.1998.4586
    as

    Download full text from publisher

    File URL: https://doi.org/10.3406/ecofi.1998.4586
    Download Restriction: no
    File URL: https://www.persee.fr/doc/ecofi_0987-3368_1998_num_48_4_4586
    Download Restriction: no
    File URL: https://libkey.io/10.3406/ecofi.1998.4586?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Fabrice Demarigny, 1994. "Les investisseurs institutionnels : des actionnaires neutres ?," Revue d'Économie Financière, Programme National Persée, vol. 31(4), pages 109-118.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Daniel Baudru & Stéphanie Lavigne, 2001. "Investisseurs institutionnels et gouvernance sur le marché financier français," Revue d'Économie Financière, Programme National Persée, vol. 63(3), pages 91-105.
    2. repec:dau:papers:123456789/1914 is not listed on IDEAS
    3. Carine Girard, 2001. "Une typologie de l'activisme des actionnaires minoritaires en France," Revue Finance Contrôle Stratégie, revues.org, vol. 4(3), pages 123-146, September.
    4. Daniel Arnould, 2001. "Les actionnaires, les sociétés introduites en bourse et le modèle « défection, prise de parole »," Reflets et perspectives de la vie économique, De Boeck Université, vol. 0(1), pages 229-240.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Boyer, Tristan, 2002. "Gouvernement d'entreprise et décisions d'emploi [Corporate Governance and employment decisions]," MPRA Paper 10287, University Library of Munich, Germany.
    2. Harbula, Péter, 1999. "Tulajdonosi és nagyvállalati struktúra a francia gazdaságban [Ownership and big enterprise structure in the French economy]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(3), pages 245-265.
    3. Jean-Pierre Pichard-Stamford, 2000. "Légitimité et enracinement du dirigeant par le réseau des administrateurs," Revue Finance Contrôle Stratégie, revues.org, vol. 3(4), pages 143-178, December.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prs:recofi:ecofi_0987-3368_1998_num_48_4_4586. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Equipe PERSEE (email available below). General contact details of provider: https://www.persee.fr/collection/ecofi .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.