The current economic crisis of Japan may be attributed largely to the dysfunction of the corporate goverance system. The post-war break-up of Zaibatsu family trusts resulted in management control. The President has shielded himself from the discipline of the capital market through...

Do firms that have voluntary gone private have different characteristics from firms which have not gone private ? Using financial ratios and data concerning ownership structure, managerial discretion and composition of the board of directors, statistical analysis have been performed to explain...

This study is about the choice of the form of interfirm linkages in the financial sector. The article examines more specifically the incidence of the degree of diversification (economic and geographic) and that of corporate governance systems on the choice between partial linkage (minority...

(VF)L'objectif de l'article est de tester sur une période récente si les changements de dirigeants, suite à une mauvaise performance en France, ont permis aux firmes un retour à de meilleurs résultats. L'étude empirique, menée sur un échantillon de 160 sociétés cotées à Paris ayant...

The CEO, as an agent, tries to be better entrenched, in order to reduce the risk of being dismissed. Our entrenchment model develops the importance for the CEO to get access to networks and to attain a higher performance. From a sample of 1 747 annual observations concerning 258 CEOs of public...

What kind of modifications does bankruptcy induce on corporate governance in the French context? This issue is addressed using a conceptual framework that links together the bankruptcy process, institutional factors and the firm stakeholders' behaviour. The hypotheses built with the help of the...

(VF)Résumé : Cette étude analyse la relation présumée entre certaines caractéristiques d’entreprises de la nouvelle économie et de leur PDG et la proba-bilité de leur remplacement lors d’une chute de performance. Sur un échantillon de 100 entreprises du NASDAQ ayant subi une chute...

Unsatisfied with the dominating shareholders'view, that we find unfitted to build a relevant theory of corporate governance, we propose an enlarged definition of the value which may be called, the stakeholder value. This definition and the associated measure are supposed to be more fitted to the...

(VF)Une bonne gouvernance d’entreprise s’articule autour des principes de transparence, d’imputabilité, d’équité et de croissance saine de l’entreprise. Cette étude examine l’évolution des caractéristiques du conseil d’administration des sociétés d’État canadiennes de...

(VF)Cet article propose d’évaluer les relations entre les réformes en matière de gouvernance d’entreprise et la réorganisation du système financier en France. L’objectif est de discuter la thèse selon laquelle il existe une relation forte et stable entre tradition juridique, niveau...