La valeur actionnariale au rancart !

Belle tribune de la professeure Lynn A Stout : « The Myth of Maximizing Shareholder Value » (OpenEdNew, 23 mai 2016).

By the end of the 20th century, a broad consensus had emerged in the Anglo-American business world that corporations should be governed according to the philosophy often called shareholder primacy. Shareholder primacy theory taught that corporations were owned by their shareholders; that directors and executives should do what the company’s owners/shareholders wanted them to do; and that what shareholders generally wanted managers to do was to maximize « shareholder value, » measured by share price. Today this consensus is crumbling. As just one example, in the past year no fewer than three prominent New York Times columnists have published articles questioning shareholder value thinking. Shareholder primacy theory is suffering a crisis of confidence. This is happening in large part because it is becoming clear that shareholder value thinking doesn’t seem to work, even for most shareholders.

Je vous laisse lire la suite…

Pour rappel, j’avais eu l’occasion de faire une recension du très bel ouvrage de Lynn A Stout dans la Revue international de droit économique – 2013/3 ((t. XXVII)) – : ici.

Lynn A. STOUT, The Shareholder Value Myth: How Putting Shareholders First Harms Investors, Corporations and the Public, Berrett-Koehler Publishers, 2012

1 – Un sujet d’une grande actualité

2 – Remise en cause de la norme de primauté actionnariale

3 – Les actionnaires d’aujourd’hui

4 – Mise en perspective de l’ouvrage

À la prochaine…

Ivan Tchotourian

Ce contenu a été mis à jour le 31 mai 2016 à 11 h 43 min.