Evolution de la gouvernance des entreprises et impact sur la visibilité boursière en période de crise

The passage from the financial sphere to the real sphere during the economic crises results in a domino effect which accelerates the spread of crises. Some companies, however, show better resistance than others thereby limiting the spread, and the effectiveness of governance mechanisms is often put forward as an explanation of the phenomenon. In the 2006-2008 pre and crisis period, we observe significant changes in scores representative of corporate governance. We find that most firms show a fairly satisfactory level of compliance with OECD governance principles. The firm ability to resist the Asian stock market crisis is assessed by minimization of financial return's conditional volatility estimated by ARCH and GARCH models. The links between governance scores and financial return's conditional volatility are observed. Good governance practices, hired to improve shareholders confidence so the visibility of firm by the market during crisis period.