Are the new shareholders tyrants ?

• Damien CARROZ
  Ingénieur des Mines
  
• Guillaume TEXIER
  Ingénieur des Mines
  

Summary

The shareholding structure in French companies has changed significantly in the last ten years. The withdrawal of the State has been offset by an increase in strength of primarily Anglo-Saxon institutional shareholders. New shareholding structures have brought with them new relationships with shareholders. The current state of affairs consists of corporate governance and the participation of shareholders in company management. Nevertheless, Damien Carroz and Guillaume Texier consider that managers still have some room for manoeuvre. Institutional shareholders are often in the minority and rarely in agreement, but their influence is not as dominant as it might seem. In fact, good financial communication may allow managers to take advantage of divisions within financial markets and escape certain trends which these markets sometimes impose.

Summary translated from French by Rachel MARLIN.

• The entire article was written by Thomas PARIS.

To obtain this article, you can :

• download it for free in French (PDF help) or contact ecopar@paris.ensmp.fr (Reference VA080199).

The entire article appears in French in the Journal de l'École de Paris du management N° 18.