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HEC-Ecole de gestion de l'Université de Liège
HEC-Ecole de gestion de l'Université de Liège
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Etude des liens entre les caractéristiques du conseil d'administration et la performance de l'entreprise: application aux contextes belge et français

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Prémont, Antoine ULiège
Promotor(s) : Sougné, Danielle ULiège
Date of defense : 6-Sep-2016/12-Sep-2016 • Permalink : http://hdl.handle.net/2268.2/1930
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Title : Etude des liens entre les caractéristiques du conseil d'administration et la performance de l'entreprise: application aux contextes belge et français
Author : Prémont, Antoine ULiège
Date of defense  : 6-Sep-2016/12-Sep-2016
Advisor(s) : Sougné, Danielle ULiège
Committee's member(s) : Defer, Jacques ULiège
Delloye, Charles 
Language : French
Keywords : [fr] Gouvernance d'entreprise
[fr] conseil d'administration
[fr] administrateur
[fr] administrateurs
[fr] performance de l'entreprise
Discipline(s) : Business & economic sciences > General management & organizational theory
Institution(s) : Université de Liège, Liège, Belgique
Degree: Master en sciences de gestion, à finalité spécialisée en Financial Analysis and Audit
Faculty: Master thesis of the HEC-Ecole de gestion de l'Université de Liège

Abstract

[fr] Nowadays corporate governance has become an important topic in the economic literature.
A lot of actors, such as market authorities, states and companies now care about corporate governance. It is a real asset for companies because of the benefits for their reputation and their internal functioning. The study of corporate governance is born with the publication of the research of Berle and Means about the separation of ownership and control which is still the main principle in the corporate governance science. The famous failure of the American enterprises Enron and WorldCom made a lot of noise and paved the way to an improvement of the corporate governance practices all over the world. The answer to those disasters was the massive publication of codes of good practices which gives guidelines to the companies to help them to enhance their governance. The answer was also the publication of legal forms with the obligation for the companies to implement an audit committee inside their board of directors or to follow a code of good practices.

Due to the poor research about the Belgian market, we have decided to focus on the situation of Belgium and to compare it with the French one. We analyse the links between the attributes of the board of directors such as the size of the board and of the executive committee, the proportion of independents, executive, state, women and foreign administrators inside the board. We also look at the board’s activity and the number of committees of the board. To evaluate the effects of these variables on the performance, we have chosen two financial ratios: the return on assets (ROA) and the Tobin Q. We conducted linear regression and correlation analyses to discover links between the variables and the financial ratios on a sample composed by companies of the BEL 20 and CAC 40 indexes.

Our main findings are fairly neutral concerning the size, the independence and the activity of the board. Nonetheless, we found a positive relationship between the proportion of women and foreign administrators and a negative relationship between state administrators and the performance.


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Author

  • Prémont, Antoine ULiège Université de Liège > Master sc. gest., fin. spéc. fin. analysis & aud (ex 2e ma.)

Promotor(s)

Committee's member(s)

  • Defer, Jacques ULiège Université de Liège - ULg > HEC-Ecole de gestion de l'ULg : UER > UER Finance et Droit
    ORBi View his publications on ORBi
  • Delloye, Charles
  • Total number of views 252
  • Total number of downloads 17656










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