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Diversification de l'entreprise, risque et aversion au risque des dirigeants : L'hypothèse d'Amihud et Lev (1981) revisitée

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  • Frédéric Perdreau

    (COACTIS - COnception de l'ACTIon en Situation - UL2 - Université Lumière - Lyon 2 - UJM - Université Jean Monnet - Saint-Étienne, CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique)

Abstract

L'hypothèse initialement avancée par Amihud et Lev (1981), selon laquelle le dirigeant serait tenté de diversifier son entreprise afin de limiter son risque d'emploi, a connu un large écho et a été largement reprise depuis (Amihud et al., 1986 ; Lewellen et al., 1989 ; Norton, 1993 ; Lane et al., 1998). Néanmoins, les résultats obtenus par ces différentes recherches ne corroborent pas tous l'hypothèse originelle. Nous nous proposons dans cette étude de reconsidérer certains aspects de l'hypothèse d'Amihud et Lev (1981) et de tester sur, le marché français, les hypothèses qui en découlent quant à l'impact de l'aversion au risque du dirigeant sur la diversification de l'entreprise . Les résultats exposés éclairent la diversification et les éventuels motifs managériaux qui la guide. Ils nous conduisent à être circonspect vis-à-vis de l'hypothèse initiale. L'hypothèse initiale n'est pas corroborée. Son coté très simple et général, si séduisant qu'il soit, nuit à son caractère explicatif. Notre conclusion invite à affiner l'hypothèse d'Amihud et Lev (1981), et à étudier l'aversion au risque des dirigeants dans un cadre plus complet incluant les enseignements de la finance comportementale et l'ensemble du système de gouvernement des entreprises.

Suggested Citation

  • Frédéric Perdreau, 2001. "Diversification de l'entreprise, risque et aversion au risque des dirigeants : L'hypothèse d'Amihud et Lev (1981) revisitée," Post-Print halshs-00522642, HAL.
    • Handle: RePEc:hal:journl:halshs-00522642
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00522642
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