10. L’argent dirige-t-il les entreprises ?

François-Xavier Dudouet

Regards croisés sur l'économie, 2019, vol. n° 24, issue 1, 163-171

Abstract: The idea that money governs companies is largely based on the belief that firms are the property of shareholders and as such are subordinated to them. This view of the economic world is flawed. It does not take into account three major revolutions?legal, financial, and organizational?which have separated share capital from productive capital, distanced shareholders from the management of firms, and brought them a new kind of ruler : managers. If money rules companies, in the sense that shareholders succeed in imposing their financial logic, it is because of managers? adherence to the ideology of shareholder value.

Date: 2019
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