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Analyse des liens entre les départs de dirigeants suite à une mauvaise performance et la création de valeur:une étude menée en France

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  • Isabelle Allemand

    (Université de Bourgogne, Groupe ESC Dijon Bourgogne)

Abstract

(VF)L'objectif de l'article est de tester sur une période récente si les changements de dirigeants suite à une mauvaise performance en France ont permis aux firmes un retour à de meilleurs résultats. L'étude empirique, menée sur un échantillon de 160 sociétés cotées à Paris ayant changé de dirigeant entre 1996 et 2004, confirme un effet positif sur la création de valeur des départs de dirigeants dans ce contexte si le successeur est un externe ou si la firme est contrôlée. La réflexion doit être prolongée pour mieux comprendre sous quelles conditions ces départs permettent un retour à de meilleurs résultats.(VA)The article studies the value creation of CEO departures in the context of poor performance in France. The empirical tests, on the basis of 160 firms listed in Paris whose CEOs were replaced between 1996 and 2004, bring evidence of the positive effect of these departures on firm performance when the successor is an outsider or when firms are controlled. Other factors should be analyzed to better understand in which cases CEO departures in the context of poor performance involve value creation.

Suggested Citation

  • Isabelle Allemand, 2009. "Analyse des liens entre les départs de dirigeants suite à une mauvaise performance et la création de valeur:une étude menée en France," Working Papers CREGO 1090101, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    • Handle: RePEc:dij:wpfarg:1090101
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    References listed on IDEAS

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    Cited by:

    1. Dubocage, Emmanuelle & Galindo, Géraldine, 2014. "Understanding founder–CEO’s replacement in venture-backed companies: A theoretical and empirical analysis," European Management Journal, Elsevier, vol. 32(3), pages 461-474.

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    More about this item

    Keywords

    gouvernance des entreprises; départs des dirigeants; performance; corporate governance; CEO departures; performance.;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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