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Droit et gouvernance:l'apport du courant comportemental

Author

Listed:
  • Gérard Charreaux

    (LEG - Laboratoire d'Economie et de Gestion - UB - Université de Bourgogne - CNRS - Centre National de la Recherche Scientifique)

Abstract
Under the dominant approach to corporate governance, the role of law is to help reduce the impact of conflicts of interest and intentional strategic behavior of the different actors, including managers. The managers' decisions that are detrimental to shareholders and other stakeholders do not all have their origin in an intentional behavior. Some of them result of misjudgment, cognitive and behavioral biases. Based on Behavioral Law and Economics, which has expanded greatly in the United States, the objective of the paper is to show that the role of law within the corporate governance system is also to contribute to "debias" managerial decisions or correct any adverse effects of these biases.

Suggested Citation

  • Gérard Charreaux, 2010. "Droit et gouvernance:l'apport du courant comportemental," Post-Print hal-00486485, HAL.
    • Handle: RePEc:hal:journl:hal-00486485
    as

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    References listed on IDEAS

    as
    1. Christine Jolls & Cass R. Sunstein, 2006. "Debiasing through Law," The Journal of Legal Studies, University of Chicago Press, vol. 35(1), pages 199-242, January.
    2. Oliver Marnet, 2008. "Behaviour and rationality in corporate governance," International Journal of Behavioural Accounting and Finance, Inderscience Enterprises Ltd, vol. 1(1), pages 4-22.
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    5. David Hirshleifer, 2008. "Psychological Bias as a Driver of Financial Regulation," European Financial Management, European Financial Management Association, vol. 14(5), pages 856-874, November.
    6. Gérard Charreaux & Peter Wirtz, 2006. "Gouvernance des entreprises : nouvelles perspectives," Post-Print halshs-00144927, HAL.
    7. Fama, Eugene F, 1980. "Agency Problems and the Theory of the Firm," Journal of Political Economy, University of Chicago Press, vol. 88(2), pages 288-307, April.
    8. Michael C. Jensen, 2005. "Agency Costs of Overvalued Equity," Financial Management, Financial Management Association, vol. 34(1), Spring.
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    Cited by:

    1. Gérard Charreaux, 2011. "Quelle théorie pour la gouvernance?De la gouvernance actionnariale à la gouvernance cognitive et comportementale," Working Papers CREGO 1110402, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.

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    More about this item

    Keywords

    behavioral bias; behavioral law and economics; libertarian patrenalism; behavioral corporate governance; biais comportemental; théorie comportementale du droit; paternalisme libertarien; théorie comportementale de la gouvernance;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • K29 - Law and Economics - - Regulation and Business Law - - - Other

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