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La gestion des risques financiers par les entreprises : explications théoriques versus études théoriques

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  • Constantin Mellios

    (Laboratoire Orléanais de Gestion)

Abstract

La gestion des risques financiers ou couverture des risques, à l'aide des produits dérivés, est une des composantes de la politique financière des entreprises. Paradoxalement, le même raisonnement d'absence d'opportunités d'arbitrage qui permet, par exemple, de déterminer le nombre de contrats de ces actifs, peut conduire, dans le cadre du paradigme de Modigliani-Miller, à l'impertinence de la gestion des risques. En relâchant certaines des hypothèses de ce paradigme, il est possible de montrer que les entreprises peuvent être amenées à couvrir leurs risques. Nous discutons et analysons la logique sous-jacente des apports théoriques et du lien, notamment, entre la gestion des risques financiers et la valeur de la firme, ainsi que de résultats des tests empiriques. L'utilisation des produits dérivés exige une compréhension approfondie de ces produits et de leurs mécanismes, ainsi que des déterminants de la gestion des risques par les entreprises. Cette recherche s’appuie sur une enquête qualitative menée par le biais d’entretiens auprès de responsables financiers de 8 clubs professionnels de 5 sports collectifs. Elle s’intéresse à la fois à ce que font et disent les responsables. Elle aboutit à des logiques explicatives du type de contrôle dans les organisations en fonction des pressions de l’environnement. On constate que ce sont les clubs évoluant dans les disciplines sportives les moins médiatisées qui subissent les plus fortes pressions de l’environnement institutionnel, conduisant à un contrôle de conformité. A l’opposé les clubs évoluant dans les disciplines sportives les plus médiatisées ont mis en place un véritable contrôle d’opportunité (sur le triptyque objectifs/moyens/résultats). Entre ces deux logiques il existe des clubs en situation d’apprentissage pour lesquels la gouvernance institutionnelle constitue un formidable levier.

Suggested Citation

  • Constantin Mellios, 2001. "La gestion des risques financiers par les entreprises : explications théoriques versus études théoriques," Working Papers 2001-9, Laboratoire Orléanais de Gestion - université d'Orléans.
    • Handle: RePEc:log:wpaper:2001-9
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    References listed on IDEAS

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