The initial view of the advantages of ownership concentration in joint stock companies was determined by the concern about the opportunistic managerial behavior. The growing importance of knowledge and human capital in the operation of firms shifts the focus of concern: excessive ownership...

This paper explores the relationship between ownership structure and firm value in a transition economy. It distinguishes firms belonging to the sector of innovative technologies and firms from more "traditional" industries. For the latter, the results of the estimation of a simultaneous...

In this paper we examine the influence of minority expropriation on disclosure level in France where shareholders are poorly protected and the main agency problem is the one between controlling and minority shareholders (type II conflict) while prior studies have been undertaken in the United...

This paper examines the interrelations among five ownership and board characteristics in a sample of 260 bank and savings-and-loan holding companies. These governance characteristics, designed to reduce agency problems between shareholders and managers, are insider ownership, blockholder...

Après avoir mis en évidence les problèmes de gouvernance posés par la " nouvelle firme ", désintégrée verticalement et intensive en capital humain, nous avançons que la responsabilité sociale de l'entreprise (RSE) peut servir à réguler les rapports de force entre les partenaires...

Relative to the decision to go public, the decision to delist is less studied in the corporate finance literature despite its importance in the life of the firm. This article surveys the recent literature, both theoretical and empirical, regarding delisting in an international context...

This paper puts forward an explanation of the rapid increase in golden handshake provision in Europe over the last ten years, based on both enhanced investor protection and attractive tax codes for severance pay. This article takes up a framework in which asymmetric information about the quality...

The aim of this paper is to propose an instrumental analysis of corporate social responsibility (CSR). After underlining the corporate governance issues raised by the "new firm", which is vertically disintegrated and intensive in specific human capital, we argue that CSR can be useful as a means...

We reveal the non-separation of ownership and control for multiple blockholders in the French insider governance system. We show that overlapping directorships of large listed corporations are explained by their ownership connections. Both large and small stakes, from 20% to 1% of cash-flow...

Calée sur la légitimité du marché, la Corporate Governance vient construire une soft law qui lui permette de faire prévaloir ses intérêts dans le cadre d'une hard law, celle de la société anonyme (SA). Ce qui nous intéresse ici est de souligner le passage de la gouvernance comme...