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L'environnement informationnel et la structure de propriété et de contrôle des sociétés cotées françaises

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  • S. Boubaker
  • F. Labégorre

    (LEM - Lille - Economie et Management - Université de Lille, Sciences et Technologies - CNRS - Centre National de la Recherche Scientifique)

Abstract

À partir d'un échantillon de 423 entreprises françaises observées sur la période 1999-2000, nous montrons que l'existence d'une séparation entre la propriété du capital et le contrôle des votes, ou d'un contrôle pyramidal ne dissuade pas les analystes de suivre une société. L'erreur de prévision augmente avec l'écart entre les pourcentages de contrôle et de capital de l'actionnaire le plus important. Les analystes ne pourraient satisfaire les besoins informationnels des actionnaires minoritaires que de façon imprécise. Les analystes semblent, enfin, éviter les entreprises au contrôle concentré. Mais quand ils les suivent, ils se trompent peu dans leurs estimations.
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Suggested Citation

  • S. Boubaker & F. Labégorre, 2006. "L'environnement informationnel et la structure de propriété et de contrôle des sociétés cotées françaises," Post-Print hal-00184132, HAL.
    • Handle: RePEc:hal:journl:hal-00184132
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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
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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