Actionnaires, dirigeants financiers et managers. Historique et perspectives

Pierre Batteau

Revue française de gestion, 2009, vol. n° 198-199, issue 8, 319-342

Abstract: The evolution of the relationship between shareholders and managers in the large firms is regarded over the last fifty years. From a state in which the managers dominate the firm with dispersed shareholders to a state in which they become subjugated to the cult of shareholder value, the various factors driving the evolution of the governance systems are considered. The power of the financial actors have been considerably extended, opening a gap with the aspirations of the other stakeholders in the firm, but raising the question of a possible reversal of the swing, fostered by the recent financial mayhem. The analysis raises the issue of the nature of the firm and the role of informational asymmetries as a cohesive factor for a company.

Date: 2009
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