Principes de la gouvernance d'entreprise

Revision sheet excerpt

Plan du Cours

  1. The Agency Problem
  2. Financing Without Governance
  3. Legal Protection for Investors
  4. Role of Large Investors
  5. Role of Large Creditors
  6. Costs of Large Investors
  7. Specific Governance Arrangements
  8. Debt Versus Equity Choice
  9. Leveraged Buyouts (LBOs
  10. Cooperatives and State Ownership
  11. Comparing Governance Systems
  12. Conclusion on Corporate Governance Research

1. The Agency Problem

Notions clés & Définitions

  • Separation of ownership and control : Fama, Eugene, and Michael Jensen, 1983a, Separation of ownership and control, Journal of Law and

Points essentiels

  • The manager needs the financiers’ funds because he either does not have enough capital or wants to cash out holdings.
  • The financiers need the manager’s specialized human capital to generate returns on their funds.
  • The basic contractual response is a contract that specifies what the manager does with the funds and how the returns are divided between him and the financiers.

À retenir

Corporate governance is framed here as the problem created by separating management from finance, or ownership from control. The central question is how to assure financiers that they get a return on their financial investment.

2. Financing Without Governance

Notions clés & Définitions

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Quiz preview

1. Qui a montré que les entreprises peuvent établir une réputation de bons emprunteurs en remboursant leurs prêts à court terme ?

2. Qui a formulé la théorie d’agence des paiements de dividendes ?

3. À quoi les différences entre les systèmes de gouvernance sont-elles liées ?

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Flashcards preview

Séparation propriété et contrôle — définition ?

Dissociation entre propriétaires et gestionnaires.

Financement sans gouvernance — rôle ?

Financement sans contrôle, risque de projets non productifs.

Protection légale des investisseurs — objectif ?

Assurer l'exécution des droits via la loi et la justice.

Rôle des grands investisseurs — influence ?

Concentrent le pouvoir pour discipliner la gestion.

Rôle des grands créditeurs — influence ?

Utilisent covenants et contrôles pour protéger leurs prêts.

Coûts des grands investisseurs — principaux ?

Expropriation, discipline faible, bénéfices privés.

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The revision sheet covers the essential concepts of Principes de la gouvernance d'entreprise. It is organized by topic to facilitate learning and memorization, with key definitions, explanations and summaries.

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