Concentration des droits de propriété, séparation entre participation au capital et contrôle des votes et performance opérationnelle des sociétés:une étude canadienne

Yves Bozec () and Claude Laurin ()
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Yves Bozec: HEC Montréal
Claude Laurin: HEC Montréal

Revue Finance Contrôle Stratégie, 2004, vol. 7, issue 2, pages 123-164

Abstract: (VF)La relation qui existe entre la concentration des droits de vote et la performance des sociétés canadiennes est non monotone, reflétant à la fois les avantages et les inconvénients de la concentration des droits de propriété. Dans certaines circonstances, la séparation des droits de vote de la participation au capital semble nuire à la performance des sociétés canadiennes. (VA) Tests on whether ownership concentration has an impact on the performance of Canadian firms reveal that the relationship between concentration and performance is not monotonous, thereby reflecting the pros and cons of concentrated ownership. Moreover, a significantly large separation of cash-flow rights and control rights is likely to negatively affect firm performance in Canada.

Keywords: concentration du capital; droits de vote; performance des firmes; capital concentration; voting rights; firm performance. (search for similar items in EconPapers)
JEL-codes: G39 (search for similar items in EconPapers)
Date: 2004

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