L'impact du conseil d'administration et des attributs du PDG et du PCA sur la performance financière des entreprises françaises «CAC 40»

Auteurs-es

  • Nidhal ZIADI UNIVERSITE DE CARTHAGE
  • Haykel ZOUAOUI
  • Meriem RHOUMA

DOI :

https://doi.org/10.59051/joaf.v8i2.95

Résumé

L’objectif de notre travail de recherche  est d’examiner empiriquement la relation entre les attributs du PDG et du conseil d’administration sur la performance financière .En se basant sur un échantillon d’entreprises françaises appartenant à l’indice « CAC40 » observées sur une période allant de 2010 à 2014 .Nous avons testé l’effet des attributs du PDG sur la performance financière des entreprises nous avons trouvé que  l’âge et la nationalité du PDG ont des  effets négatifs et significatifs sur le ratio ROA. Pour les variables relatives aux mécanismes de gouvernance internes  nous trouvons, que seule la taille du conseil d’administration est significativement associée avec la performance financière des entreprises

Concept clé : Performance financière, Attributs du PDG/PCA, Mécanismes internes de gouvernance, CAC40

Téléchargements

Les données relatives au téléchargement ne sont pas encore disponibles.

Biographie de l'auteur-e

Nidhal ZIADI, UNIVERSITE DE CARTHAGE

MAITRE ASSISTANTE EN FINANCE A L ISCCB , UNIIVERSITE CARTHAGE ET DOCTEUR EN FINANCE DEPUIS 2009

Références

Adams, R., et Mehran, H. (2005). « Corporate performance, board structure and its determinants in the banking industry », in EFA 2005 Moscow Meetings.
Alexander, et al (1993). « Leadership instability in hospitals: the influence of board-CEO relations and organizational growth and decline ». Administrative Science Quarterly, 38, 74-99.
Albanes, (1978), La performance de l'entreprise, Economica, Paris.Baliga, R.et al, (1996).CEO duality and firm performance. Strategic Management Journal, 17, 41-53.
Bantel, K., et Jackson, S. (1989). « Top management and innovations in banking: Does the composition of the top team make a difference? ». Strategic Management Journal, pp, 107-124.
Bekiroglu, C,et all (2011). « Variable perceived by managers as antecedents to environmental management: An empirical study in the Turkish construction sector ». Journal of Global Strategic Management, pp.157-175.
Berger A et al, (2012), « Executive board composition and bank risk taking »journal of corporate finance, volume 28, pp : 48-65
Bertrand, M., et Schoar, A. (2003). « Managing with style: The effect of managers on firm policies ». Quarterly Journal of Economic, pp.1169–1208.
Boyd, B. (1995). « CEO duality and firm performance: A contingency model ». Strategic Management Journal, pp, 301–312.
Bozeman, B et Daniel S. (2005). « Public Failure in Science Policy. Science and Public Policy « pp, 121-134.
Brewer, M. (1979). « In-group bias in the minimal intergroup situation: A cognitive-motivational analysis ». Psychological Bulletin, pp, (307–324).
Brickley, J. et Jarrell, G. (1997). « Leadership structure: Separating the CEO and chairman of the board ». Journal of Corporate Finance), pp, 189-220.
Brockmann, E, et Simmonds,O (1997). « Strategic decision making: The influence of CEO experience and use of tacit knowledge ». Journal of Managerial Issues, pp.454-468.
Brown, R., et Turner, J. (1981). « Interpersonal and intergroup behaviour. In J. Turner & H. Giles (Eds.) », Intergroup behaviour (pp. 33–65).
Carlsson, G., et Karlsson, K. (1970). « Age, cohorts and the generation of generations ». American Sociological Review, pp.710-718.
Chalander (1991) « organizational capabilities and the economic history of the industrial enterprise »journal of Economic Perspectives, American Economic Association,vol.6.pp.79-100.
Carpenter, M. et al, (2001). « Bundling human capital with organizational context: The impact of international assignment experience on multinational firm performance and CEO pay ». Academy of Management Journal, pp.493-511.
Carter, D. et al.(2010). « The gender and ethnic diversity of US boards and board committees and firm financial performance ». Corporate Governance: An International Review, pp, 396–414.
Carter, D.et al. (2003) « Corporate governance, board diversity, and firm value ». Financial Review, pp.33-53.
Chandler, (1992). « organizational capabilities and the Economic History of the Industrial Enterprise », journal of Economic perspective, American Economic Association, Vol, 6.pp79-100
Charreaux G(1997) « vers une théorie de la gouvernance des entreprises »; in GCharreaux (Ed), le gouvernement des entreprises .Economica, pp, (421-469).
Chatelin, C., Trébucq, S. (2003). Stabilité et évolution du cadre conceptuel en gouvernance d’entreprise : un essai de synthèse. Communication pour les neuvièmes journées d’histoire de La comptabilité et du management.
Chatman, J. et Flynn, F. (2001). « The influence of demographic heterogeneity on the emergence and consequences of cooperative norms in work teams ». Academy of Management Journal, pp, 956–974.
Chin Fei G, et all (2014) «CEO duality, board independence, corporate governance and firm performance in family firms: Evidence from the manufacturing industry in Malaysia »
Choi, J., et al (2007). « The value of outside directors. Evidence from corporate Corporate Internet reporting by Egyptian listed companies ». Managerial Finance,pp, 848-867.
Darmadi, S., 2011. « Board Diversity and Firm Performance: The Indonesian Evidence ». Corporate Ownership and Control Journal, 8
Davidson,W et all(2007). « The influence of executive age, career horizonand incentives on pre-turnover earnings management ». Journal of Management and Governance, pp45–60.
Davis, S. M. (1979). « Developments, trends & useful proposals for the attention of managers: No connexion between executive age and corporate performance ». Harvard Business Review, pp6–8.
Donaldson, L. and Davis, J. H. (1994) « Boards and company performance research challenges the conventional wisdom », Corporate Governance: An International Review, 2(3), 151-160.
Fama, & Jensen. (1983). Separation of Ownership and Control. Journal of Law and Economics, pp, 301-325.
Ebrahim M (2012) « The Impact of board characteristics on Firm Performance: Evidence from Non financial Listed Companies in Kuwait Stock Exchange ».International Journal of Accounting and Financial Reporting. Vol. 2, No. 2.
Emilia P, (2012) « CEO and Chairperson characteristics and firm performance » Springer Science+Business Media, LLC. 2012
Emma García-M, et al(2014) « Board diversity and its effects on bank performance: An international analysis », Journal of Banking & Finance (2014).
Engelen, P, (2012), « Board Diversity as a Shield during the Financial Crisis », in Boubaker, S., Nguyen, B.D., and Nguyen, D.K. (eds.), Corporate Governance. Recent Developments and New Trends, Springer Publishers, pp 259-285.
Ezat, A., et El-Masry, A. (2008). « The impact of corporate governance on the timeliness of governance reform in Korea ». Journal of Financial and Quantitative Analysis, pp.941-962
Finkelstein, S et al, (2008). « Strategic leadership: Theory and research on executives, top management teams and boards ». Oxford: Oxford University Press.
Fogel, K. et al,(2013). « Foreign Direct Investors as Change Agents: The Swedish Firm Experience ». Corporate Governance »: AnInternational Review, pp516-534.
Gibbons, R etMurphy, K. (1992). « Does executive compensation affect investment? » Journal of Applied Corporate Finance, pp, 99–109.
Hafsi, T., & Turgut, G. (2013). « Boardroom diversity and its effect on social performance: Conceptualization and empirical evidence ». Journal of Business Ethics, pp, (463–479).
Hambrick, D., and P. Mason. (1984). « Upper echelons: The organization as a reflection of its top managers ». The Academy of Management Review, pp, (193–206).
Haniffa, R.,et Hudaib, M. (2006). « Corporate governance structure and performance of Malaysian listed companies ». Journal of Business Finance & Accounting, pp, 1034-1062.
Hatfield, S. (2002). « Understanding the four generations to enhance work place management. AFP Exchange », pp, 72–74.
Hillman, A. J., Cannella, A. A., Jr., & Paetzold, R. L. (2000). "The resource dependence role of corporate directors: Strategic adaptation of board composition in response to environmental change". Journal of Management Studies, pp, 235–255.
Hillman, A. J., Shropshire, C., & Cannella, A. A., Jr. (2007)."Organizational predictors of women on corporate boards". Academy of Management Journal, 50, 941–952.
Hirshleifer, D. (1993). « Managerial reputation and corporate investment decisions ». Financial Management, pp.145–160.
Hsiao, C., (1986) “Analysis of Panel Data, Econometric Society monographs No. 11, New York: Cambridge University Press.
Hua-Wei H, et al (2012) « CEO Age and Financial Reporting Quality » ; Accounting Horizons American Accounting Association Vol. 26, No. 4 pp. 725–740.
Ivan E.et al, (2006) «CEO compensation, director compensation, and firm performance: Evidence of cronyism? » ; Journal of Corporate Finance (2006) pp. 403– 423.
Jalbert, T., et al, (2002). « Does School Matter? An Empirical Analysis of CEO Education, Compensation, and Firm Performance », International Business and Economics Research Journal, pp, 83-98.
Jayne M, et Dipboye R. (2004). « Leveraging diversity to improve business influence of demographic minorities on corporate boards. Administrative Science.
Jehn, K. et al (1999). « Why differences make a difference: A field study of diversity, conflict, and performance in workgroups ». Administrative Science Quarterly, pp, 741–763.
Jensen, M. (1993). « The Modern Industrial Revolution, Exit, and The Failure of Internal Control Systems ». Journal of Finance Vol.48, Pp.831-840.
Jensen, M.,et Meckling, W (1976). « Theory of the firm: managerial behavior, agency costs and ownership structure ». Financial Economics, pp.305-360.
Jhunjhunwala, S., et Mishra, R. K. (2012). « Board diversity and corporate performance: The Indian evidence ». IUP Journal of Corporate Governance, pp, 71–79.
Kim, H. et Lim, C. 2010. « Diversity, outsider directors and firm valuation: Korean evidence ». Journal of Business Research, pp.284-291.
Konrad A,et Kramer VW. (2006). « How many women do boards need? Harvard BusinessReview » 84(12): 22.
Li, J.et al, (2011). « Age diversity and firm performance in an emerging economy: Implications for cross-cultural human resource management ». Human Resource Management, pp, 247–270.
Li, Jet all. (2011). Age diversity and firm performance in an emerging economy: Implications for cross-cultural human resource management. Human Resource Management, pp 247–270.
Loden, M., et Rosener, J. (1991). « Workforce America! Managing employee diversity as a vital resource. Homewood, IL: Business One Irwin »
MaKatiuska C et al, (2014) « Board composition and performance in Spanishnon-listed family firms: The influence of type of directors and CEO duality », Business Research Quarterly (2014).
Marion et al (2012), « Diagnostic de la performance d’entreprise, Concepts et Méthodes », Dunod 2012
Machesnay (1991) « La performance de l'entreprise », Economica, Paris
Masulis, R., et all (2012). « Globalizing the boardroom—The effects of foreign directors on corporate governance and firm performance ». Journal of Accounting and Economics, pp, 527–554.
Md. Abdur Rouf (2011) «THE ROLE OF CEO, BOARD COMPOSITION AND FIRM PERFORMANCE: AN EMPIRICAL STUDY OF LISTED COMPANIES IN BANGLADESH » ; Indian Journal of Commerce & Management Studies.
Melsa A, et al, (2015) «Haw board diversity affects firm performance in emerging markets : Evidence on channels in controlled firms » Corporate Governance: An International Review Volume 23, Issue 2, pages 83–103, March 2015
Miller, T., et Triana, M. D. C. (2009). « Demographic diversity in the boardroom: Mediators of the board diversity–firm performance relationship ». Journal of Management Studies, pp, 755–786.
Muhammad A, et al. (2013) «Board Age and Gender Diversity: A Test of Competing Linear and Curvilinear Predictions » Springer Science+Business Media Dordrecht 2013
Nesrine A, Younès B(2013) ; « Internal governance mechanisms and banks' performance: An empirical investigation », Business and Economic Horizons Volume 9 pp. 1-18.
Nilsens S (2010) «Top Management Team Internationalization and Firm Performance », Manag Int Rev .pp. :185–206.
Nixon Omoro(2015) « Demographic Diversity in Top Management Team and Financial Reporting Quality in Commercial State Corporations in Kenya »Donnish Journal of Accounting and Taxation, Vol 1(1), pp. 001-016.
Noor A et all, (2014) « Do characteristics of CEO and Chairman influence Government- Linked Companies Performance? », Procedia - Social and Behavioral Sciences (2014) pp799 – 803
Oxelheim, L.,et Randøy, T.( 2003). « The impact of foreign board membership on firmvalue ». Journal of Banking & Finance, pp.2369-2392.
Pelled, L. (1996). « Demographic diversity, conflict, and work group outcomes: An intervention process theory ». Organization Science, pp, 615–631.
Peter W, (2006) ; « compétences, conflits et création de valeur : vers une approche intégrée de la gouvernance » ; Revue Finance Contrôle Stratégie, pp, (187-201).
Pfeffer, J. (1972). « Size, composition, and function of hospital boards of directors ». Administrative Science Quarterly, pp, 349-364., Quarterly », pp, 366-398
Pfeffer, J., et Salancik, G. (1978). « The external control of organizations:A resource-dependence perspective. New York: Harper and Row » Quarterly », pp, 366-398.
Phan, P., et Hoon, L., (1995). « Human capital or social networks: What constraints CEO dismissal? ». Academy of Management Journal, pp37-41.
Ramdani, D et Witteloostuijn, Av, (2010) "The impact of board independence and CEO duality on firm performance: A quantile regression analysis for Indonesia, Malaysia, South Korea and Thailand". British Journal of Management 21(3): pp–627.
Ramdani, D., et Van, W. (2009). « Board independence, CEO duality and firm performance: A quantile regression analysis for Indonesia, Malaysia, South Korea and Thailand ». Working Papers 2009004, University of Antwerp, Faculty of Applied Economics.
Rechner, P. et Dalton, D. (1991). « CEO duality and organizational performance: a longitudinal analysis ». Strategic Management Journal,) pp, 155-160.
Rechner, P. L., & Dalton, D. R. (1991). « CEO duality and organizational performance: a longitudinal analysis ». Strategic Management Journal, pp, 155-160.
Richard, O. et al. (2013). « The impact of racial and gender diversity in management on financial performance:How participative strategy making features can unleash a diversity advantage ». The International Journal of Human Resource Management, pp, (2571–2582).
Ruigrok, W., Peck, S., Tacheva, S. 2007. « Nationality and gender diversity on Swiss corporate boards ». Corporate Governance: An International Review,pp, 546-557.
Salgado M (2013) « La performance : une dimension fondamentale pour l'évaluation des entreprises et des organisations ».
Samaha, K., et al. (2012). « The extent of corporate governance disclosure and its determinants in a developing market: The case of Egypt ». Advances Accounting, incorporating Advances in International Accounting, 28(1): 168-178.
Shakir, R. (2008). « Board size, executive directors and property firm performance in Malaysia ». Pacific Rim Property Research Journal.
Shapcott, K et al, (2006). « Member diversity and cohesion and performance in walking groups ». Small Group Research, pp, 701–720.
Shehu U, Musa A(2014) ; « Board of Director’s Characteristics and Performance of Listed Deposit Money Banks in Nigeria », Journal of Finance and Bank Management, Vol. 2, No. 1, pp. 89-105.
Spence, M. (1973). « Job market signaling. » The Quarterly Journal of Economics, pp ,355–374.
Tajfel, H. (1978). « Social categorization, social identity and social comparison. In H. Tajfel (Ed.), Differentiation between social groups: Studies in the social psychology of intergroup relations » (pp. 61–76).
Thomas, A., et al (1991). « The performance impact of strategy manager coalignment: An empirical examination ». Strategic Management Journal, pp, 509-522.
Tina Y et Shan Z(2013) « CEO duality and firm performance: Evidence from an exogenous shock to the competitive environment », Journal of Banking & Finance pp 534–552.
Triandis, H. et al (1994). « Workplace diversity. In M. D. Dunnette & L. M. Hough (Eds.) », Handbook of industrial and organizational psychology, Vol. 4, pp. (769–827). Palo Alto: Consulting Psychologists Press.
Tuggle, C. et al. (2011). « From seats at thetable to voices in the discussion: Exploring the effects of representation and prestige on minority directors’participation in board meeting discussions ». In Conference on corporate governance, Missouri University, Columbia
Turner, J., et al, (1987). « Rediscovering the social group: A self-categorization theory ». Oxford: Blackwell
Twenge, J.et al. (2010). Generational differences in work values: Leisure and extrinsic values increasing, social and intrinsic values decreasing. Journal of Management, pp, (1117–1142).
Vafeas, N., & Theodorou, E. (1998). « The relationship between board structure and firm performance in the UK ». British Accounting Review.
Van der Walt, N., et Ingley, C. (2003). « Board dynamics and the influence of professional background, gender and ethnic diversity of directors ». Corporate Governance: An International Review, pp, 218–234.
Van Knippenberg, D., et Schippers, M. C. (2007). « Work group diversity. Annual Review of Psychology », pp, 515–541.Vol. 2, pp.49-68.
Westphal, J.,et Milton, L. P. (2000). « How experience and network ties affect performance:Research findings and recommendations for organizations. Human Resource Management », pp, 409–424.
Yokishawa et Phan (2004) « Effect of board structure on firm performance : A comparaison between Japon and Australia », Asian Business & Management, pp, 105-125.
Yot Amornkitvikai(2015) « Technological Innovation, CEO Characteristics and Firm Cost Efficiency: An Application of the Stochastic Cost Frontier Model to Thai Manufacturers »
Zahra, S. et Pearce, J. (1989). « Boards of directors and corporate financial performance. A review and integrative model ». Journal of Management, pp, 291-334.

Téléchargements

Publié-e

2017-12-24

Comment citer

ZIADI, N., ZOUAOUI, H., & RHOUMA, M. (2017). L’impact du conseil d’administration et des attributs du PDG et du PCA sur la performance financière des entreprises françaises «CAC 40». Journal of Academic Finance, 8(2). https://doi.org/10.59051/joaf.v8i2.95

Numéro

Rubrique

Articles