RELATION ENTRE LA GOUVERNANCE ET LE RISQUE DES ENTREPRISES: CAS DES ENTREPRISES CANADIENNES

Michel Coulmont, Sylvie Berthelot and Maripier Drapeau
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Michel Coulmont: Faculté d'administration - UdeS - Université de Sherbrooke
Sylvie Berthelot: GREDI - Groupe de recherche en économie et développement international [Sherbrooke] - École de gestion de l'Université de Sherbrooke - UdeS - Université de Sherbrooke

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Abstract: This study aims at assessing whether good governance practices decrease the volatility of companies traded on the Toronto Stock Exchange (TSX250). Our results suggest that, indeed, the more a company has good corporate governance practices, the more its beta (systematic risk) decreases. We found that the shareholders structure and the CEO and directors compensation are the most relevant practices contributing to the reduction of risk level. Our findings should enable financial market actors, in particular institutional investors and ethical funds, to make more appropriate choice.

Keywords: Corporate governance; systematic risk; Gouvernance; risque systématique (search for similar items in EconPapers)
Date: 2014-05-27
Note: View the original document on HAL open archive server: https://hal.science/hal-01899562
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Published in Mesure, évaluation, notation – les comptabilités de la société du calcul, May 2014, lille, France. pp.cd-rom

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