Valeur actionnariale vs. sociétale

Gouvernance Normes d'encadrement Valeur actionnariale vs. sociétale

Domination de la finance : comprendre son impact sur la gouvernance d’entreprise

Un article de The Wall Street Journal « The End of Economic Forecasting » revient (pour la critiquer sévèrement) sur la domination de la logique financière sur les grandes entreprises actuelles.

 

Because financial markets and financial investors are increasingly driving the world economy and it is inherently volatile. Total global assets under professional management have now increased to an astonishing $75 trillion, according to Boston Consulting Group. These gigantic amounts are rocketing around the globe looking for returns. The result is that commodity markets, corporations, governments and other sectors are being relentlessly financialized—or tied to the fortunes of investments in markets—and thus less predictable.

(…) Financial factors also are increasingly dominating corporations—and the result is very short-term behavior. The rise of shareholder activism, hostile takeovers and newer techniques of executive compensation have put managements and boards of directors under tremendous pressure to deliver returns to shareholders now. The result is increasing focus on immediate earnings and share-price movements.

Nearly 80% of respondents to a 2014 CFO survey in the Harvard Business Review said they would sacrifice “economic value” to meet Wall Street targets. This is why so much capital has been used for share-buyback programs, rather than for long-term investment. With corporations themselves losing focus on the long term, it is harder for anyone to forecast their performance.

 

À la prochaine…

Ivan Tchotourian