Rôle de l'actionnaire et système politique

Mark Roe

Revue française de gestion, 2002, vol. 141, issue 5, 305-345

Abstract: The author describes the limits of the legal system. He considers that a legal frame is insufficient for explaining the separation between the proprietary and the management in developed countries. A legal frame may be favourable to the minority shareholders while leading to a development of the control blocks. In fact the property concentration is essentially correlated to the high costs of managerial agencies.

Date: 2002
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