کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
1002884 1377580 2017 16 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Complex ownership structures, corporate governance and firm performance: The French context.
ترجمه فارسی عنوان
ساختارهای پیچیده مالکیت، حاکمیت شرکتی و عملکرد شرکت: بافت فرانسه.
کلمات کلیدی
حاکمیت شرکتی؛ ارزش سهام. مالکیت مجتمع. اجرای خصوصی
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار و مدیریت بین المللی
چکیده انگلیسی

This study seeks to understand the leading role played by the blockholders and their true governance mechanism, in the French context, characterised by complex ownership structures. We focus on the role that second-tier shareholders can play in the optimal governance of companies and in their capacity to solve both principal/agent and principal/principal agency conflicts. Using a sample of 2118 observations between 2000 and 2009, we find that second-tier shareholders exercise effective additional monitoring when power is contestable but increase principal/principal agency costs in the presence of a controlling owner. We also show that shareholder homogeneity reduces agency conflicts. Our results demonstrate that the level of control contestability is essential in the understanding of governance mechanisms. Such contestability is to be found simultaneously at institutional level, at the level of the balance of power between blockholders, and according to the nature of the shareholders. Thus, the usual agency theory conclusions are debateable when the legal framework offers little protection of minority shareholders, and when ownership structure is complex and heterogeneous in nature. The study of corporate governance must therefore encompass a twofold analytical perspective, namely, an institutional and a socio-organisational one. The analysis and findings could be particularly useful in assessing corporate governance in the context of several European countries with a similar self-dealing legal environment to the French one, including Italy and Greece.

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ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Research in International Business and Finance - Volume 39, Part A, January 2017, Pages 291–306
نویسندگان
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