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La politique de rémunération en tant qu'incitation à la performance des dirigeants

Author

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  • Benoît Pigé

    (LATEC - Laboratoire d'Analyse et de Techniques Economiques [URA 342] - UB - Université de Bourgogne - CNRS - Centre National de la Recherche Scientifique)

Abstract

Bien que l'analyse théorique des modes de résolution des conflits entre actionnaires et dirigeants souligne le rôle de la politique de rémunération en tant qu'incitation à la performance, celle-ci n'est pas un élément essentiel du processus d'alignement des intérêts des dirigeants sur les intérêts de leurs actionnaires. Les tests effectués, tant aux Etats-Unis qu'en France, montrent la faiblesse du lien entre la rémunération en espèces et la performance. Les modes de rémunération fondés sur la performance boursière (distribution d'actions et plans d'options sur actions) ne constituent pas, pour les dirigeants, un mode de rémunération adapté aux décisions stratégiques qu'ils sont conduits à prendre pour assurer la pérennité et la croissance de l'entreprise. Le critère traditionnel de maximisation de la valeur boursière de la firme ne se traduit pas pour les dirigeants comme une finalité mais comme une contrainte : les actionnaires sont l'un des partenaires de l'entreprise, à qui il faut accorder une rémunération suffisante, au même titre que les autres parties que sont les salariés, les créanciers (notamment les banques) et les partenaires ou concurrents du marché des biens et services (clients, fournisseurs,..).

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  • Benoît Pigé, 1994. "La politique de rémunération en tant qu'incitation à la performance des dirigeants," Post-Print hal-02175846, HAL.
    • Handle: RePEc:hal:journl:hal-02175846
    Note: View the original document on HAL open archive server: https://hal.science/hal-02175846
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    References listed on IDEAS

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    1. Benoît Pigé, 1997. "Le marché boursier réagit-il à l'annonce des changements de dirigeants ?," Post-Print hal-02175842, HAL.

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