L'actionnaire comme apporteur de ressources cognitives

Gerard Charreaux

Revue française de gestion, 2002, vol. 141, issue 5, 77-107

Abstract: The dominant legal and financial approach of ownership structures and corporate governance is based on an unrealistic assumption, that of a complete separation between shareholders and managers, in particular in the European nations. This approach based on the seminal Berle and Means? analysis and on agency theory, postulates that shareholders carry only a financial function limited to equity financing and assumption of financial risk. In view of the actual ownership structures, this approach has a weak explanatory power. Therefore, this article proposes another model, based on the cognitive role ? directing and contribution of competences ? that the shareholders often keep. It is possible to consider this model as a component of a corporate governance theory extended to cognitive variables.

Date: 2002
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