Investisseurs institutionnels non-résidents, corporate governance et stratégies d'entreprise. Évaluation et Analyse à partir d'un panel de firmes françaises et allemandes (1999-2007)

Christopher Lantenois and Benjamin Coriat

Revue d'économie industrielle, 2011, vol. n° 134, issue 2, 51-84

Abstract: Based on a panel of French and German companies, listed on the CAC-40 and DAX-30 to 31 December 2007, the paper is intended to measure the impact of the foreign Institutional Investors (II) in the capital structure, and to evaluate their impact on the behaviors and strategies of these firms. After analyzing the changes in the ownership capital structure of these companies (Section 1), we examine (Section 2) the effects of the II. A series of indicators are used, such as: firms? profits, returns on equity, dividends distributed to shareholders and share buybacks. Finally (Section 3), we examine the evolution of industrial strategies that accompany the II arrival and highlight a clear trend towards refocusing of activities and consolidation. The data are extracted from annual reports and databases Thomson One Banker, Worldscope and Fininfo, and cover the period 1999-2007.

Keywords: Corporate Governance; Institutional Investors; Firms' Industrial Strategy (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (2)

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