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Enjeux éthiques des formules d'actionnariat des dirigeants

Author

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  • Samuel Mercier

    (DRM - Dauphine Recherches en Management - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique)

Abstract

Cet article a pour ambition de construire une réflexion théorique portant sur les enjeux éthiques des formules d'actionnariat des dirigeants. Une croissance économique soutenue et la performance des marchés boursiers ont, en effet, conduit de nombreuses firmes à introduire des plans d'option sur actions (POA ou stock-options) et des formules d'actionnariat ou à accroître leur importance dans le panier de rémunération de leurs dirigeants. Or, compte tenu des montants en jeu, ces mécanismes font depuis quelques années l'objet d'une vive controverse. Sur le plan théorique, notre contribution s'inscrit dans une vision partenariale de la gouvernance (au sens de Charreaux et Desbrières, 1998), associant les dirigeants à l'ensemble des parties prenantes. Nous analysons donc les incidences de ces formules de rémunération sur les processus de création et de répartition de valeur en nous appuyant sur les études théoriques et empiriques qui ont pu être menées ainsi que sur des observations factuelles. Nous étudions, dans un premier temps, les conséquences pour les actionnaires, qui en prennent la décision, de l'adoption de ces formules de rémunération. La question est alors de savoir si ces pratiques favorisent l'amélioration de la performance organisationnelle et la politique de recrutement, la motivation et la fidélisation des dirigeants. Puis, nous analysons cette pratique du point de vue des autres parties prenantes en distinguant, d'une part, les changements du niveau de risque supporté par les dirigeants, et d'autre part, les incidences des formules d'actionnariat sur la stabilité de la coalition organisationnelle. En conclusion, quelques pistes sont suggérées pour donner à la politique de rémunération des dirigeants un fort contenu éthique.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Samuel Mercier, 2001. "Enjeux éthiques des formules d'actionnariat des dirigeants," Post-Print hal-00155571, HAL.
    • Handle: RePEc:hal:journl:hal-00155571
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    1. Dalton, Dan R. & Daily, Catherine M., 2001. "Director Stock Compensation: An Invitation to a Conspicuous Conflict of Interests?," Business Ethics Quarterly, Cambridge University Press, vol. 11(1), pages 89-108, January.
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    Cited by:

    1. Philippe Desbrières, 2006. "Les normes comptables actuelles permettent-elles une comptabilisation des stock-options à leur juste valeur?," Working Papers CREGO 1061002, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    2. 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.

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    More about this item

    JEL classification:

    • 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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