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Le rôle de l'endettement dans le contrôle du comportement managérial:le cas des firmes dégageant du free cash-flow

Author

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  • Evelyne Poincelot

    (Université de Bourgogne)

Abstract

L'objectif de cet article est de mieux cerner le rôle de l'endettement comme variable de contrôle du comportement managérial, pour les firmes dégageant du free cash-flow. L'endettement est supposé être une variable d'action utilisée par les actionnaires pour s'approprier la valeur. Les tests ont permis d'apprécier si les actionnaires exercent un contrôle sur les décisions managériales, en contraignant le dirigeant dans ses choix de financement.

Suggested Citation

  • Evelyne Poincelot, 1999. "Le rôle de l'endettement dans le contrôle du comportement managérial:le cas des firmes dégageant du free cash-flow," Working Papers CREGO 0990301, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    • Handle: RePEc:dij:wpfarg:0990301
    Note: article publié dans Finance Contrôle Stratégie, vol.2, n°1, mars 1999, p.75-89
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    References listed on IDEAS

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    11. Agrawal, Anup & Knoeber, Charles R., 1996. "Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 31(3), pages 377-397, September.
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    Cited by:

    1. Mehdi Nekhili & Afifa Wali Siala & Dhikra Chebbi-Nehkili, 2009. "Free Cash Flow, gouvernance et politique financière des entreprises françaises," Revue Finance Contrôle Stratégie, revues.org, vol. 12(1), pages 5-31, March.
    2. narjess BOUABDALLAH & jamel Eddine HENCHIRI, 2020. "L' impact des mécanismes de gouvernance interne sur le risque opérationnel bancaire," Journal of Academic Finance, RED research unit, university of Gabes, Tunisia, vol. 11(1), pages 151-189, June.

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    More about this item

    Keywords

    administrateur; conseil d'administration; décisions de financement; free cash-flow; mécanismes de contrôle; performance économique; structure de l'actionnariat.;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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