Budgetary process have been highly criticized for many years. Through seven case studies, this paper tries to assess the relevance of these criticisms. Two answers are defined. First, we show that criticisms are concentrated on few roles attributed to budgets. Second, thanks to a analytic...

Cet article est une réflexion à caractère épistémologique et pédagogique sur la connaissance du fait financier dans l'entreprise. Sont d'abord examinées dans cet article les différentes façons de l'identifier : de façon empirique à travers les tâches de la direction financière ou...

La fonction financière tend aujourd'hui à jouer un triple rôle : opérationnel, fonctionnel et politique. Son rôle opérationnel, son essence même, consiste à trouver et à gérer les ressources de l'entreprise; son rôle fonctionnel à gérer le système de planification et de contrôle de...

L'auteur distingue deux catégories de critères d'investissement : les critères "atemporels" qui ne tiennent pas compte du facteur temps (taux moyen de rentabilité, délai de récupération); les critères fondés sur l'actualisation (valeur actuelle nette, taux interne de rentabilité,...

Having been introduced in the European Union and in many other countries, the equal opportunity rule is seen as protecting investors in the event of a transfer of control. This rule should be analyzed in a context of appropriation of private benefits between the new controlling shareholders and...

In this paper, we develop a contingent claim analysis on shareholders' right to sell unconditionally their shares at the acquisition bid price during a takeover bid procedure. Compared with a situation without any guarantee, this regulation brings about wealth transfer towards outside...

This paper examines the combination of cash and share payments made during corporate acquisitions. Particularly, it analyzes the conditions of an optimal mixed payment in a context of asymmetry of information. Using a model, we highlight that the setting of conditions of payment is an endogenous...

Debt is not frequently analyzed in relation to the conflict between controlling and outside shareholders. At the same time, debt helps to manage the type II corporate agency conflicts because it is easier for controlling shareholders to modify the leverage ratio than to modify their share of...