Les leviers de contrôle des actionnaires majoritaires

La litterature academique en gouvernance d’entreprise etudie en particulier la separation entre propriete et controle au sein de l’actionnariat des entreprises privees. Apres avoir presente les resultats relatifs au benefice prive de controle et leur impact potentiel sur les marches financiers, cet article detaille et illustre les mecanismes par lesquels les actionnaires dominants peuvent accroitre le controle d’une entreprise : structures pyramidales, participations croisees, actions a droits de vote multiples, etc. La quantification du niveau de controle au sein d’un empire industriel peut etre obtenue a l’aide de diverses methodes. Les developpements recents en la matiere sont resumes et l’application a des cas internationaux reels est discutee.

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