L’évolution de l’actionnariat en France: 1977-2017

Tristan Auvray

Revue d'économie financière, 2018, vol. N° 130, issue 2, 73-98

Abstract: This article presents the evolution of shareholdings in French listed and non-listed corporations since 1977, with a focus on the beginning of the 21st century, twenty years after the unlocking of the French financial core. We present an original method that combines national balance sheets and FDI statistics published by the Banque de France, and the CPIS coordinated by the IMF in order to give an order of magnitude of the localisation of French corporate owners. We present also numbers on the evolution of ownership of French CAC 40 corporations since 2002. Despite the rise of institutional investors since the late nineties, levels of ownership concentration are very stable. Nevertheless, new activist shareholders (sovereign wealth funds, hedge or private equity funds) are among the first shareholders. Moreover, the stability of the concentration of the five first shareholders, coupled with a decline of the share of the first shareholder, gives more weight to the main blockholders. Classification JEL : G32, G34.

JEL-codes: G32 G34 (search for similar items in EconPapers)
Date: 2018
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.cairn.info/load_pdf.php?ID_ARTICLE=ECOFI_130_0073 (application/pdf)
http://www.cairn.info/revue-d-economie-financiere-2018-2-page-73.htm (text/html)
free

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cai:refaef:ecofi_130_0073

Access Statistics for this article

More articles in Revue d'économie financière from Association d'économie financière
Bibliographic data for series maintained by Jean-Baptiste de Vathaire ().