Droit, gouvernance d'entreprise et structure du système financier

Afef Boughanmi and Bruno Deffains ()
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Afef Boughanmi: BETA - Bureau d'Économie Théorique et Appliquée - INRA - Institut National de la Recherche Agronomique - UNISTRA - Université de Strasbourg - UL - Université de Lorraine - CNRS - Centre National de la Recherche Scientifique
Bruno Deffains: BETA - Bureau d'Économie Théorique et Appliquée - INRA - Institut National de la Recherche Agronomique - UNISTRA - Université de Strasbourg - UL - Université de Lorraine - CNRS - Centre National de la Recherche Scientifique

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Abstract: This paper challenges the thesis supported by La Porta, Lopez-de-Silanes, Shleifer and Vishny (LLSV) that there is a strong and stable relationship between legal origin, investor protection and financial system. LLSV affirm, in addition, that the causality is from law to finance. This paper considers the dynamic aspect of corporate governance. The key question the study addresses is how over-time changes in corporate governance rules and financial system in France affected financial development. Our empirical study suggests that financial indicators may be independent from legal origin.

Keywords: Corporate governance; Investor protection; Financial development; Droits des investisseurs; Gouvernance d’entreprise; Développement financier (search for similar items in EconPapers)
Date: 2005
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Published in Finance Contrôle Stratégie, 2005, 9 (4), pp.33-66

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-00279035

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