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Confiance et gouvernement des entreprises: le rôle de la confiance dans la relation capital-investisseurs et dirigeants et son influence sur la performance

Author

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  • Christophe Bonnet

    (GDF - Gestion, Droit et Finance - EESC-GEM Grenoble Ecole de Management)

Abstract

Ce papier de recherche étudie l'influence du niveau de confiance interpersonnelle existant entre capital investisseurs et dirigeants d'entreprise sur trois types de variables : les processus d'interaction qui caractérisent leur relation, les rôles tenus par les capital investisseurs vis à vis des dirigeants dans la phase post-investissement, et, par l'intermédiaire de ces processus et rôles, sur la performance financière de l'investissement dans les entreprises concernées. Notre hypothèse centrale est que la confiance favorise les processus d'interaction et les rôles des capital investisseurs qui ont une influence positive sur la performance financière des entreprises, et donc sur celle de l'investissement qui a été opéré dans ces entreprises. Nous utilisons un cadre théorique éclectique (théorie de l'agence d'une part, théories de la confiance et de la coopération d'autre part) pour construire un modèle qui fait l'objet d'un test empirique au moyen d'une enquête par questionnaire sur un échantillon d'opérations de LBOs réalisés en France. Nos résultats montrent que le niveau de confiance interpersonnelle influe sur l'ensemble des processus d'interaction, ainsi que sur un nombre limité de rôles des capital investisseurs. Par contre ils ne mettent en évidence aucune relation directe entre confiance et performance financière de l'investissement.

Suggested Citation

  • Christophe Bonnet, 2003. "Confiance et gouvernement des entreprises: le rôle de la confiance dans la relation capital-investisseurs et dirigeants et son influence sur la performance," Post-Print hal-00451522, HAL.
    • Handle: RePEc:hal:journl:hal-00451522
    Note: View the original document on HAL open archive server: http://hal.grenoble-em.com/hal-00451522
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    References listed on IDEAS

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