Résumés
Résumé
Cet article se propose d’étudier si les caractéristiques de gouvernance des entreprises socialement responsables diffèrent de celles des autres entreprises. A partir d’un échantillon d’entreprises socialement responsables (classées dans Business Ethics magasine) et d’un échantillon témoin pour la période 2006-2009, nous avons cherché à savoir si la responsabilité sociale était un levier déterminant qui contribuerait à l’amélioration de la qualité de gouvernance. Sur les échantillons concernés, la démonstration n’a pu être faite d’un lien entre la responsabilité sociale et la gouvernance.
Mots-clés :
- Gouvernance,
- Responsabilité Sociale des Entreprises
Abstract
This study examines whether socially responsible firms behave differently from other firms in their corporate governance. Specifically, we question whether firms that exhibit corporate social responsibility (CSR) also behave in a responsible manner to enhance corporate governance practices. Using Business Ethics lists for 2006 to 2009, we have constructed a sample with 350 U.S. companies receiving an ethics rating and 350 other firms (considered as matching firms and not considered as socially responsible firms in any CSR ratings). Our results show no differences in corporate governance characteristics between the two samples of firms.
Keywords:
- corporate governance,
- corporate social responsibility
Resumen
El objetivo de este trabajo es establecer si las características de gobernanza de las empresas socialmente responsables difieren de las de otras empresas. Basados en una muestra de empresas socialmente responsables (clasificación Business Ethics) y en una muestra testigo por el período 2006-2009, hemos intentado establecer si la responsabilidad social es un factor deter- minante que contribuye al mejoramiento de la calidad de la gobernanza. Sobre la base de dichas muestras, no se pudo demostrar que existe un nexo entre responsabilidad social y gobernanza.
Palabras clave:
- Gobernanza,
- Responsabilidad Social de las Empresas
Parties annexes
Bibliographie
- Acquier, A. et Aggeri, F. (2008). « Une généalogie de la pensée managérial sur la RSE », Revue Française de Gestion, N°180, p. 131-157.
- Abrahamson, E. (1991). « Managerial fads and fashions : the diffusion and rejection of innovation”, Academy of Management Review, Vol. 16, N° 3 , p. 586-612.
- Agrawal, A. et Mandelker, G. (1992). “Shark repellents and the role of institutional investors in corporate governance”, Managerial and Decision Economics, Vol.13,N°1, p. 15-22
- Asthana, S.C., Balsam S., et Krishnan, J. (2004). “Audit Firm Reputation and Client Stock Price Reactions : Evidence from the Enron Experience”, The Auditor’s Report, Vol. 27, n°. 3, p. 8-11.
- Bathala, C, Moon, K. et Rao, R. (1994). « Managerial ownership, debt policy, and the impact of institutional holdings : an agency perspective”, Financial Management, Vol.23, N°3, p. 38-50.
- Beasley, M. (1996). ‘‘An empirical analysis of the relation between Board of Director Composition and Financial Statement Fraud’’, The Accounting Review, Vol. 71, N° 4, p. 443–466
- Bédard, J., Chtourou S.M., et courteau, L.C. (2004). “The Effect of Audit Committee Expertise, Independence, and Activity on Aggressive Earnings Management”, Auditing, Vol. 23, N° 2, p. 13-23.
- Beiner, S., Drobetz, W., Schmid, M. M. et Zimmermann, H. (2006). “An integrated framework of corporate governance and firm valuation”, European Finanacial Management, Vol. 12, N°2, p. 249–83.
- Blair, M (1995). “Ownership and Control. Rethinking Corporate Governance for the Twenty-First century”, Washington, D.C., The Brookings Institution.
- Blair, M. et Stout, L. (1999). “A team production theory of corporate law”, Virginia Law Review, Vol. 85, N°2 p. 247-328.
- Brown, d.l. et Caylor, m.l. (2009). “Corporate Governance and Firm Operating Performance”, Review of Quantitative Finance and Accounting, Vol. 32, N°2, p. 129-144
- Byrd, J. et Hickman, K. (1992). “Do outside directors monitor managers ? Evidence from tender offer bids”, Journal of Financial Economics, Vol. 32, N° 2 p. 195-207.
- Campbell, J.L (2006). “Institutional analysis and the paradoxe of corporate Social responsibility”, The American Behavioral Scientist, Vol. 49, N°7, p. 925-938.
- Carroll, A.B. (1979). “A three dimensional conceptual model of corporate performance”, Academy of Management Review, Vol. 4, N° 4, p. 497-505.
- Carter, D., B. Simkins et Simpson W. (2003). ‘‘Corporate governance, board diversity, and firm value’’, Financial Review, Vol. 38, N°1 p. 33–53.
- Clarkson, M. (1995). “A stakeholder framework for analysing and evaluating Corporate social Performance”, Academy of Management Review, Vol.20, N°1, p.92 117.
- Commissiondel’Unioneuropéenne, 2011, Responsabilité sociale des entreprises : Une nouvelle stratégie de l’UE pour la période 2011-2014, Bruxelles.
- Committeeoncorporategovernance (1999). “Code of best practices for corporate governance”.
- Core, j.e., Holthausen, r.w. et Larcker, d.f (1999). “Corporate governance, chief executive officer compensation, and firm performance”, Journal of Financial Economics, Vol. 51, N° 3, p. 371-406.
- Deloitte, 2006, « L’opinion des administrateurs au sujet de la Gouvernance d’Entreprise »
- Demsetz, H. (1983). “The Structure of Ownership and the Theory of the Firm”,Journal of Law and Economics, Vol. 26, N° 2, p. 375-390
- Denis, k.d. et McConnell, j.j. (2003).“International corporate governance”, Journal of Financial and Quantitative Analysis, Vol. 38, N° 1, p. 1-36.
- DiMaggio, P.J. et Powell, W.W. (1983). “The iron cage revisited : institutional isomorphism and collective rationality in organizational fields”, American Sociological Review, Vol. 48, N° 2, p. 147-160.
- Donaldson, T. et Preston L. E. (1995). “The Stakeholder Theory of the Corporation : Concepts, Evidence and Implications”, Academy of Management Review, Vol. 20, N°1, p. 65-91.
- Donaldson, T. et Dunfee T. W. (1999). Ties That Bind : a Social Contracts Approach to Business Ethics, Harvard Business School Books.
- Fama, E.F. et Jensen, M.C. (1983). “Separation of Ownership and Control”, Journal of Law and Economics, Vol.26, N° 2, p. 301-325.
- Fassin, Y. (2008). “Imperfections and Shortcomings of the Stakeholder Model’s Graphical Representation”, Journal of Business Ethics, Vol. 80, N° 4, p. 879-888.
- Fassin, Y. (2009). “The Stakeholder Model Refined”, Journal of Business Ethics, Vol. 84, N° 1 p.113-135.
- Freeman, E. R. (1984). Strategic Management : A Stakeholder Approach, Pitman, Boston
- Friedman, M. (1962). “Capitalism and Freedom, Chicago”, The University of Chicago Press, p. 122-124.
- Friedman, M. (1970). “The Social Responsibility of Business is to Increase its Profits”, New York Times Magazine, 13 September, p.32-33.
- Garriga, E. et Melé D. (2004). “Corporate Social Responsibility Theories : Mapping the Territory”, Journal of Business Ethics, Vol. 53, N°1-2, p. 51-71.
- Gompers, P., Ishii, J. et Metrick, A. (2003). “Corporate governance and equity prices”, Quarterly Journal of Economics, Vol. 118, N° 1, p. 107–55.
- Gond, J-P. (2006,). “Social Reporting as an Organisational Learning Tool ? A Theoretical Framework”, Journal of Business Ethics, Vol. 65 , N°4, p. 359-371.
- Goodpaster, K.E (1991). “Business Ethics and Stakeholder Analysis”, Business Ethics Quarterly, Vol.1, N°1, p. 53-73
- Graves, S. B. et Waddock, S. (1994). “Institutional Owners and Corporate Social Performance”, Academy of Management Review, Vol. 37, N°4, p.1034–1046.
- Gul, F. et Leung, S. (2004). “Board leadership, outside directors’ expertise and voluntary corporate disclosures”, Journal of Accounting and Public Policy, Vol. 23, N° 5, p.351–379
- Handelman, J. et Arnold, S. (1999). “The role of marketing actions with a social dimension : appeals to the institutional environment”, Journal of Marketing, Vol. 63, N°3, p. 33-48.
- Heracleou, L. (2001). “What is the impact of corporate governance on organisational performance ?” Corporate Governance : An International Review, Vol.9, N°3, p.165- 173.
- Hermalin, b.e. et Weisbach m.s. (2003). “Board of directors as an endogenously determined institution : A survey of the economic literature”, Economic Policy Review, Vol. 9, N° 1, p. 7-26.
- Huson, m., Parrino, r. et Starks, l. (2001). “Internal Monitoring and ceo Turnover : A Long-Term Perspective”, The Journal of Finance, Vol. 6, N°6, p. 2265-2297
- Jackson, G, et Apostolakou, A. (2010). “Corporate Social Responsibility in Western Europe : An Institutional Mirror or Substitute ?”, Journal of Business Ethics, Vol. 94, N°3, p.371-394.
- Jensen, M.C. (1993). ‘‘The Modern Industrial Revolution, Exit and the Failure of Internal Control Systems’’, Journal of Finance, Vol. 48, N° 3, p. 831–880
- Jensen, M.C. (2002). “Value Maximization, Stakeholder Theory, and the Corporate Objective Function”, Business Ethics Quarterly, Vol. 12, N°2, p. 235-256.
- Johnson, J.L., Daily, C.M. et Ellstrand, A.E. (1996). “Board of directors : A review and research agenda”, Journal of Management, Vol. 22, N°4, p. 409-438.
- john, k. et senbet, l.w. (1998). “Corporate governance and board effectiveness”, Journal of Banking and Finance, 22, N°4, p.371-403
- Kaler, J. (2009). “An Optimally Viable Version of Stakeholder Theory”, Journal of Business Ethics, Vol. 86, N° 3, p. 297-312
- Kempf, A. et Osthoff, P. (2007). “The Effect of Socially Responsible Investing on Portfolio Performance”, European Financial Management, Vol. 13, N°5, p.908–922
- Khanchel, I. (2007a). “Indice de gouvernance et rendements anormaux”, Gestion 2000, n°4, p.199-216.
- Khanchel, I. (2007b). “Corporate Governance : Measurement and Determinant Analysis”, Managerial Auditing Journal, Vol 22, N°8, p.740-760.
- Kim, Y. Park M.S. et Wier B., 2012, « Is earnings quality associated with corporate social responsibility”, The Accounting Review, Vol. 87, N°3, p. 761-796.
- Koehn, D. et Ueng, J. (2005). “Evaluating the Evaluators : Should Investors Trust Corporate Governance Metrics Ratings ?”, Journal of Management & Governance, Vol. 9, N°2, p. 111-129.
- Kosnik, R.D. (1987). “Greenmail : A study of board performance in corporate governance”, Administrative Science Quarterly, Vol 32, N° 2, p.163–185
- Lemenestrel, M., (2003). “Ethical Business and the Two Faces of Corporate Social Responsibility”, 2nd EABIS Colloquiu, Copenhague, 19-20 septembre 2003.
- Maignan, I. et O.C. Ferrell (2003). “Nature of Corporate Responsibilities. Perspectives from American, French, and German Consumers”, Journal of Business Research, Vol.56, N°1, p.55-67
- Mercier, S. (2010). “Une analyse historique du concept de parties prenantes : Quelles leçons pour l’avenir ? ”, Revue management & Avenir, Vol. 33, p.142-156.
- North, D.C. (1991). “Towards a theory of institutional change”, Quarterly Review of Economics and Business, Vol. 31, N°4, p. 3-11.
- Parmar, B. L., Freeman, R. E., Harrison, J. S., Wicks A. C., Purnell L., deColle S. (2010). “Stakeholder Theory : The State of the Art”, The Academy of Management Annals, Vol.4, N°1, p. 403-445
- Parson, T. (1937). The Structure of Social Action, Mc Graw Hill.
- Parsons, T., (1951). The Social System, Glencoe Ill : Free Press
- Pasquero, J. (2005). “La responsabilité sociale de l’entreprise comme objet des sciences de gestion : un regard historique”, in Bouthillier-TurcottE M. F. et Salmon A. (Eds.), responsabilité sociale et environnemental del’entreprise, Presses universitaires du Québec, Montreal
- Pasquero, J. (2007). “Commentaire : éthique des affaires, responsabilité sociale et gouvernance sociétale : démêler l’écheveau”, Gestion, Vol. 32, N°1, p.112-116.
- Pîgé, B. (2008). “Éthique, marché et gouvernance : espace discrétionnaire et responsabilité sociale des grandes entreprises”, Revue Sciences de gestion, N°64, p.225-247.
- Pound, J. (1988). “Proxy contests and the efficiency of shareholder oversight”; Journal of Financial Economics, Vol. 20, N°1-2, p. 237-266.
- Salmon, A. (2005). “L’éthique économique comme objet sociologique”, in Turcotte M.F., Salmon A (dir.), Responsabilité sociale et environnementale de l’entreprise, Presse de l’Université du Québec, p. 201-212.
- Selznick, P. (1949). TVA and the Grass Roots : A Study in the Sociology of Formal Organization, Univ. of California Press, Berkley.
- Shivdasani, A. (1993). ‘‘Board Composition, Ownership Structure, and Hostile Takeovers’’, Journal of Accounting and Economics, Vol 16, N°1-3, p.167-199
- Shivdasani, a. et Yermack, d. (1999). “ceo Involvement in the Selection of New Board Members : An Empirical Analysis”, Journal of Finance, Vol.54, N°5, p.1829-1854.
- Shleifer, A. et Vishny, R.W. (1986). « Large Shareholders and Corporate Control”,The Journal of Political Economy, Vol. 94, No. 3, p. 461-488.
- Shleifer, A. et Vishny R.W. (1989). “Management Entrenchment : the case of managers specific investments”, Journal of Financial Economics, Vol. 25, N°1, p.123-139.
- Sternberg, E. (2001). The Stakeholder Concept : A Mistaken Doctrine, Foundation for Business Responsibilities, N° 4, London
- Suchman, M..C. (1995). “Managing Legitimacy : Strategic and Institutional approaches”, AcademyManagement Review, Vol. 20, N°3, p. 571-610.
- Webb, E. (2004). “An examination of socially responsible firms, board structure”, Journal of Management and Governance, Vol. 8, N°8, p. 255-277.
- Weisbach, m.s. (1988). “Outside directors and ceo turnover”, Journal of Financial Economics, Vol. 20, N°1-2, p.431-460.
- Westphal, J.D. et Milton, L.P. (2000). “How experience and network ties affect the influence of demographic minorities on corporate boards”, Administrative Science Quarterly, Vol.45, N°2, p.366–398.
- Wirtz, P. (2005). “Meilleures pratiques de gouvernance et création de valeur : Une appréciation critique des codes de bonne conduite », Comptabilité, Contrôle, Audit, Vol.11, N°1, p. 141-159.
- Wolfe, R.A. et Putler D.S. (2002). “How Tight Are the Ties that Bind Stakeholder Groups”, Organization Science, Vol. 13, N°1, p. 64-80.
- Wood, J. (1991). “Corporate Social Performance revisited”, Academy of Management Review, Vol. 16, N°4, p. 691-718.
- Yermack, d. (1996). “Higher market valuation of companies with a small board of directors”, Journal of Financial Economics, Vol. 40, N°2, p.185-212.