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Privatization of Air France:A Test of The Stakeholder Corporate Governance Theory;La privatisation d'Air France: un test de la théorie de la gouvernance partenariale

Celine Chatelin ()

Working Papers CREGO from Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations

Abstract: La théorie de la gouvernance partenariale permet de renouveler la lecture de la privatisation encore très controversée aujourd'hui. Nous proposons de tester le modèle organisationnel de ce phénomène issu de l'application du cadre théorique de la gouvernance à partir de l'étude du cas d'Air France partiellement privatisée en 1999. Cette étude illustre l'impact organisationnel de la privatisation sur le processus décisionnel et sur le système de gouvernance de l'entreprise, entamé bien avant l'ouverture du capital. Cette transformation organisationnelle dans le cas d'Air France semble avoir eu un impact variable (quantitativement et qualitativement) sur la valeur appropriable par chaque partenaire. Nous concluons sur la plausibilité des hypothèses de la théorie de la gouvernance, comme théorie du comportement adaptatif des organisations. The stakeholder approach of the corporate governance theory suggests a renewal of the analysis of privatization which is still much debated nowadays. We test the organizational model of that phenomenon as the application of the theory predicts it with the case study of Air France, partially privatized in 1999. The case shows the organizational impacts of privatization, both on the decision-making-process and the corporate governance system, well begun before the public offering by the French State. Organizational dynamics in the specific case of Air France, seem to have a variable impact (quantitatively and qualitatively) on the appropriable value by each stakeholder. We conclude about the plausibility of the hypothesis of the corporate governance theory, as a theory of the adaptative behavior of organizations.

Keywords: gouvernance; processus décisionnel; efficience; privatisation; valeur partenariale; corporate governance; decision-making process; efficiency; privatization; stakeholder value (search for similar items in EconPapers)
JEL-codes: G31 G32 G38 D21 D23 L21 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cfn, nep-com and nep-his
Date: 2003-01
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Persistent link: http://EconPapers.repec.org/RePEc:dij:wpfarg:1030103

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Angèle Renaud, CREGO, 2 Bd Gabriel, BP 26611, 21066 Dijon Cedex, France

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