dimanche, mars 24, 2013

Les mythes de la gouvernance d'entreprise

En cette fin de semaine où le March Madness tire vers sa fin, un peu de lecture distrayante ! Vous pourrez lire avec intérêt cette synthèse de MM. Larcker et Tayan intitulé : "Seven Myths of Corporate Governance" (mis à jour tout récemment). Quels sont ces mythes ? Que faut-il en penser ?

In recent years, there has been much discussion over how to improve governance systems broadly. In the process, certain myths have developed that continue to be accepted, despite a lack of robust supporting evidence. These myths include the beliefs that:
1. The structure of the board always tells you something about the quality of the board
2. CEOs in the U.S. are overpaid
3. Pay for performance does not exist in CEO compensation contracts
4. Companies are prepared to replace the CEO if needed
5. Regulation improves corporate governance
6. The voting recommendations of proxy advisory firms are correct
7. Best practices are the solution to bad governance

We examine each of these myths in closer detail and explain why they are false. So long as these myths are accepted by practitioners and the public, how can we expect managerial behavior and firm performance to improve?
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