L'engagement actionnarial : de l'industrialisation de l'actionnariat à l'expression de nouvelles responsabilités

Abstract : Ten years after the financial crisis of 2008, shareholder engagement appears as an important tool for corporate governance and corporate accountability. Yet, the theoretical foundations of these new expectations toward shareholders, and especially toward institutional investors, are still fragile. What is required of shareholders? Is shareholder engagement another way of empowering shareholders? Is this new shareholder role legitimate with regard to, notably, the interests of other stakeholders ? The aim of this thesis was thus to understand the foundations, the stakes and the theoretical and empirical implications of shareholder engagement. The thesis starts then by questioning the classical representation of shareholders in corporate governance theories. It shows how a phenomenon of industrialization of shareholder has renewed the stakes of corporate governance, that shifts toward “shareholding governance”. The doctrine of shareholder engagement hence contributes to build a shareholding governance, but whose current phrasing still lacks of a representation of the responsibility shareholders hold toward the firm, its stakeholders and its resources. Consequently, the thesis carries out an empirical exploration of engagement practices, notably shareholder voting policies, that helps identifying principles of responsible engagement for an industrialized shareholding.
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Rachelle Belinga. L'engagement actionnarial : de l'industrialisation de l'actionnariat à l'expression de nouvelles responsabilités. Gestion et management. PSL Research University, 2018. Français. ⟨NNT : 2018PSLEM026⟩. ⟨tel-02132702⟩

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