L’impact de l’intervention des administrateurs externes et de la taille du conseil sur la performance des entreprises : application au contexte tunisien

Given the importance of governance systems in companies and to all its partners, collective responsibility of the different governance devices has been highlighted. The role of the Board which can be viewed as a body of supreme control remains highly controversial in the in different organizational theories. The various discussions and recommendations published in the literature call for a recast of roles and responsibilities of the board and its relationship with business performance. Studies on the effectiveness of this control mechanism reveal the importance given to outside directors (Ginglinger, 2002) and to the size of board (Jensen, 1993). Thus we have to transpose theories that address the impact of corporate governance systems on performance. Our empirical validation is based on a comparison of all lessons learned in the Tunisian context by deploying various tests. We apprehend the characteristics of the Tunisian context through an empirical study of 45 listed companies during a 14-year trading period from 1996 to 2009. The presence of outside directors as well as debt seem to increase business performance.