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Corporate governance, industry dynamics and firms performance on the stock market

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(1)Corporate governance, industry dynamics and firms performance on the stock market Jackie Krafft, Yiping Qu, Jacques-Laurent Ravix. To cite this version: Jackie Krafft, Yiping Qu, Jacques-Laurent Ravix. Corporate governance, industry dynamics and firms performance on the stock market. Recherches Economiques de Louvain - Louvain economic review, De Boeck Université, 2008, 74 (4), pp.455-478. �hal-00203544�. HAL Id: hal-00203544 https://hal.archives-ouvertes.fr/hal-00203544 Submitted on 10 Jan 2008. HAL is a multi-disciplinary open access archive for the deposit and dissemination of scientific research documents, whether they are published or not. The documents may come from teaching and research institutions in France or abroad, or from public or private research centers.. L’archive ouverte pluridisciplinaire HAL, est destinée au dépôt et à la diffusion de documents scientifiques de niveau recherche, publiés ou non, émanant des établissements d’enseignement et de recherche français ou étrangers, des laboratoires publics ou privés..

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(213) btsJ`6x  |cs%kh}5}jx|`(Œ _0} x|`%cs0knmp‰wˆ[gFknc( _s y Ž*d`_6knc Œ:_(‚Jc3b. qJdcŠcs%kncy8_3y[b iHinc(ghcs0k  ˆJy:c3ˆAi `ˆ:gq:ˆ[g _6kncŠu:ˆ[‚Jc(gns:_s:`c `ˆpq|_(ghcy kHˆC”bl} `ˆ_(s y ‰wˆ[aLbt_mXkHŒ:c2s:c  cs0kHgh_(s%kh} XŒ c _q:q: bd`_&kbtˆ:sCˆAi_ }hbts[uJd c  ˆLy:c ˆ:i `ˆ:gqJˆ[gh_6knc5u ˆ ‚Ac(gs:_sJ`c ˆAs3x|`cs0knmp‰ ˆ:gOknc(2_s:y Žd`%_6kncŠŒ _ }?_ qLtblinblcy kHŒ:c y:bl}jknˆ:gFkHbˆAsJ}pbts qJc(ghiHˆAg  _sJ`c Jc6k •ccs=kHŒ:c0} c btsJ`6x  Yc(s%k*`ˆpqJ_s:bdc0}R_ s y kHŒ c\sJc  cs0kHgh_(s%kh}R”bO}h`ˆ _(s y ‰wˆAa:bd _ bts:_d ‡ m=`ˆJˆ[ghy[bts:_6knbtˆ:s,iH_blrxJghc%}5bts kHŒ:c3b s `6x  |cs%kŽ*l`_6knc •c(ghc3ghc(t_&kbr‚Jct‡,dc[}&} b  qJˆ:gFkn_s0kU`(ˆ RqJ_(ghb s:u kHˆ=b kh}!bts:`&3x |cs0kU`(ˆ pqJc&kb knˆ[gh}x|`cs0kU_(s yŠ‰wˆAgOknc( Œ:bO}!`_7s Ac ghcd_6kncyŠkHˆ Ž*l`_6knc+ O} bts:b knbl_g c iOx}h_ˆJi!ijbtsJ_sJ`blcg

(214) } q:g c0} }HxJghcm_6s y kHŒ:bl}pg c _6kbr‚Ac bts c(gjknbt_ q:ghc0} c(gj‚Acy b†kh}pghc0}Hx

(215) †kh} kHŒ:ˆ[xJu:Œ kHŒ:c `ˆ pqJ_s[‡ ibtsJ_lt‡ `ˆ pqJ bdc%y •b kHŒ }hŒ _(ghcŒ:ˆLy:c(g

(216) } 5ghc{0x|bO}hb knc0} XŒ:bO}1}hŒ:_(ghcŒ ˆLty:c(g y:ˆ  btsJ_s:`c  _[}Œ -ˆ •c6‚|c(gilxJgjkHŒ c(gghcbts:iHˆAg `cy bts :%99;$Rb kHŒkHŒ c wc(guJcgŽd`_6knct~Ox|`cs0Gk  &  X

(217) : . 

(218)  . 

(219)  SS!. :1:       g 

(220)  . S 

(221) a . X

(222)    . bG  . 

(223) : n "   . c Œ:_(‚|c y:c6‚|ctˆAqJcy _ y:_6kn_0}hc&kp}OkOx|y0‡Cˆ:s kHŒ c\g c d_6knbdˆAs0Ac6k cc(sC`ˆAgnqJˆAgh_ knc2u:ˆ[‚Jc(gs _s:`cmbts:y0x}jkHgH‡ y[‡:s:_wbl`[} _(s:y ijb g12})qJc(ghiHˆAg _s:`%c bts ’#xJgˆ:qJc ˆ[‚Jcg kHŒ c qJc(gbtˆJy ˆ:i :%998:~ :%993 ’_(gtbdc(g `ˆ:s0kHg&b  x:kHbtˆAs

(224) }Ux}hb s:uC_ }hb.Šbdd_(g*y:_6kn_0} c6kUiHˆAgf„W‹ `(ˆ qJ_(s:bdc[}bts kHŒ c @@9L} ‘*ˆ(RqJc(g } DM!$#% m :%998 Œ:_(‚Ac iHˆ[x

(225) s y?kHŒ _6kŠ}nŒ:_(g c Œ ˆLty:c(gwy:ˆ  btsJ_s:`c btsJ`(ghc_0}-c%y5}jkFˆL`(a  _(gnaJc6kpqJcgiHˆAg _s `cmkHŒ ˆ xJu:Œ5} ˆ c `(ghb knbt`bO} \}WˆLikHŒ c0}hc ghc0}Hx

(226)  kh} •c(ghc g c`cs0kHr‡ _y ‚A_sJ`c%y bts kHŒ c lb knc(g _6kOxJghc  }hcc iHˆAgwb sJ}jkn_(s `%c ”ˆAg cm ‘fx|_‡ _s:y,x}jkHbd`6x} m :%99; xJg  _b s ibtsJyAbts[u bl}5kHŒ _6k pŒ:btdc }hŒ _(ghcŒ:ˆ:tyJc(g y:(ˆ  btsJ_s:`c8bj} btsJ`(ghc_[}hbts[uJ ‡ y:btiiOx}-cy _  ˆ:s[u’#xJghˆAqJc_(s`ˆ pqJ_s:blc[} mb kRghc(s y:c(g }2}jknˆJ`(aq:gb`c[}  ˆ:ghc }hcsL}h&b 

(227) dc knˆ `(Œ _ s u

(228) c%} bts `ˆ:gq:ˆ:gh_ knc u:ˆ[‚Jc(gns:_s:`cˆ[‚JcgŠkHb wcm*c0}nq

(229) c`bt_d ‡ bts bts:s:ˆ[‚|_6kHbr‚|c bts y0xT}HkHgbtc[}  bta|c }hc Šb~ `ˆ:s:y0x|`6kFˆAg-} pŒ c(ghcxJq

(230) }#_s:y y:-ˆ RsL}X_(gh,c  ˆAg cf btaJc ‡*knˆ _(q:qJc_(g *. . .   . G +  X  

(231)  . ”ˆAgnq:ˆ:gh_zknc ‘!ˆ ‚Ac(gs:_s `c=vfx|ˆ kHbtcs%k'”‘v hmiOghˆ &‹T‹  nsL}jkHb†kOx:kHbtˆAs _‹JŒ:_(g c Œ ˆLty:c(gW‹Lcgj‚Jbd`c[}bhmbl} _ `ˆ:gq:ˆ[g _6knc5u:ˆ[‚Jc(gs _s:`%c gh_&kHb s u,}‡

(232) }Hknc _s:y y:_&kn_ J_[}hc pŒ:bd`Œ bO} xJqJy:_6kncy y:_btr‡8ˆ:s ˆ[‚Jcg "/?99 `ˆ pqJ_s:bdc *}  ˆ:gty •bly:c  :/?99c6ƒJ~O„2‹`(ˆ pq|_s:bdc0}b jkc6‚J_ x|_&knc0}kHŒ c }jkHghcs[u[kHŒL} my:c(ijbd`bdcs:`bdc }•_(s:y ˆ[‚Jc(gh_t#{0xY_ tb kH‡CˆLiU_2`ˆ pqJ_s[‡ H}*`ˆ:gqJˆ[gh_ kncŠu:ˆ[‚Jc(gs _s:`cŠq:gh_`6kb`c[}hm#_(s:y Œ:ctq

(233) }bts[‚|c0}HknˆAg-}kFˆ u[xJbyLc kHŒ:cbrgy:c`bF}hbˆLs

(234) }  jk€`ˆ ‚Ac(g }ˆ ‚Ac(g :/wb s y0x}jkHghbtc0}ˆAsW_piblg J_0}hbO} L”‘pv3q:ghˆ[‚Jbty:c[}bts:iHˆAg w_6knbtˆAsW_ Jˆ[x:k RŒ:c6kHŒ c(g=iHb g 2} ˆAg b s y0x}jkHgbdc0} `ˆ:s:iHˆ:1g  knˆ kHŒ c Ac0}jkWq:gh_`6kHb`c }Hkn_(s:yJ_(ghyL} bts knc1g w}=ˆJi2`ˆ:gq:ˆ:gh_ knc.  =G9 <9 Da=G9E9`\U

(235) =G=G9 9 D lR@ F]AGC:9aIglNh\fLkL]@K8:l,9 hg\ I

(236) Lk@b8:L]9M@ Y)FRCg9DaLPlN8:J:9bI

(237) =G9`lN@aA Cg XI:AGW \D <<K=JgLkCJ Lk=@ FH9`l]\A [OlHU

(238) FR>g@`9 FRCgi\ [J;ALk=9aFNI

(239) @9 \

(240) C \9 l jCFRFNJ

(241) L]9 pI\) )FNC9 Cp?I<@ p=f> \:\

(242) @AFR;MCglR9 @ lHC:lI

(243) @ \

(244) A Cg=G<@ CC:D 9`W\D <K9b=GJ:p CLH@ =GCFk9Kh:A \ j j lHFR>g9Y)<=;@bh @`C:Ic[;FRLK 9n=GlR@ C:I:z 8.

(245) uJˆ[‚Jc(gs _s:`c Œ:bO}3y:_&kn_ J_0} c ŒJ_0}Jc%`ˆwc,_8ghc(iHcghc(s `c,bts kHŒ c,y:ˆ _b s m }hbtsJ`c,b k uJc(s c(gh_6knc%} `ˆ:s:` x}hbtˆLsJ}ˆ:spkHŒ:c*_y:ˆ:q[kHbtˆAswˆ:ikHŒ c Jc[}jkMq:gh_`6kHb`cˆ:sw_$px

(246) †kbtqJlc*`(ghb knc(ghbt_,J_[}hbO}hm

(247) _s:y s:ˆ[kMˆAs:r‡WˆAsw_ }hbts[uJdc2`(ghb knc(ghbtˆLs s y:ccy:mTkHˆ uJc(s:c(g _6knc2_2”‘v8iHˆAg*c_`(Œ `ˆRqJ_ s[‡AmXq[x%Jlbd`2y:bO}h`tˆ

(248) }jxJghc2y:ˆJ`6x  cs0kh} _(ghc x} cy kHˆ=uJ_6kHŒ c(g*y:_zkn_wˆAs //=y[btiHicghcs0k!bd}&}jx|c0}*bts kHŒ:c2iHˆLtt ˆ  bts:uCc btuJŒ0k`_6kncu:ˆ:gbtc0O} -'ˆL_(g y=ˆAi y:brghc`6knˆ[g-}hm :U_6x|y[b†knm 8&!`Œ:_(gOknc(gU_(s:y :‡Jl_ ,q:g ˆ ‚Jbl}hbˆLs

(249) }hm 0U_(s%kHbt~Fkn_(aJcˆ[‚Jcgfq[gnˆ[‚JbF}hbˆAs

(250) } _m /fc&ƒJc`6x:knbr‚Jc _(s y3yAbrg c`6knˆ:g=`(ˆ Rq

(251) csL} _6knbtˆAs m ;=q[gnˆAu:g c0} }hbr‚Jcq:gh_`6k bl`c } m = ˆ ps c(g }nŒ:b qJm = y[b ghc`6kFˆAg cy0x|`_6kHbˆAs _0}hcyˆAs kHŒ:c0} c bts:iHˆ:g Š_&kbtˆ:s_s:y_ } `ˆAghbts[u5}‡|}jknc  yLc(‚Jctˆ:qJcy :‡ &‹‹ _%$} •c tU_0}•_ s?c(ƒ[knc(gs _0 _y0‚JbO}hˆ:g‡wqJ_ s clmLkHŒ c•s c(ƒ[k}jkncq2bl}knˆ `_(t`&x

(252) d_6kncp_R”‘Rv iHˆAgc_`(ŒW`ˆ pqJ_s[‡ * Œ:bddcpc%_`ŒŠ‚J_(ghbd_ JlcpbO} c6‚A_ rx|_6kncy=ˆAs _\}Hkn_(s:y:_tˆJs:c J_[}hbO}hm} ˆ  c ‚A_(ghbl_ Jdc0}_ghcŠ_l} ˆ tˆJˆAaJcy=_zkb s `ˆ JbtsJ_6knbtˆ:s\x|s:y:c(gkHŒ:c q:ghc  bO}hc kHŒ:_&k!`ˆAgq ˆ[gh_ kncŠu:ˆ[‚Jc(gs _s:`%c\bO}*.b  q:ghˆ ‚Acy :‡ kHŒ:cŠq:ghc0} cs:`c2ˆLi!} c dc`&kncy `(ˆ JbtsJ_6knbtˆ:s

(253) }*ˆAi in_‚AˆAg _ Jdc\uJˆ[‚Jc(gnsJ_ s `c2q:ghˆ ‚JbO}hbtˆJsL} jkkHgh_`(a

(254) }R`ˆ[xJs0k gF‡}q|c`btibd7` w_(gaJc6kghc(u[x|t_6knbtˆ:sL}*qJc(gjkn_bts:bts:u knˆ c_`Œ ‚A_(ghbd_ Jdc k gh_`(aJc3y * Œ:cs  _(gaJc6kUghcu[xJt_6knbtˆAsJ}*y:ˆ=s:ˆ0kt b Šb k`ˆ:gq:ˆ[g _zknc Ac(Œ:_(‚Jbtˆ:g*_(s:7y RŒ:cs _ `ˆ pqJ_s[‡CŒJ_0}R_y:ˆAq%kncy _ŠiH_(‚AˆAgh_ Jlc `ˆ:gq:ˆ:gh_ kncŠu:ˆ[‚Jc(gns:_s:`c2q:ghˆ[‚Jbl}hbtˆLs m_(s=xJ q •_(ghy _y !jx}H/k •c s%k!bO} w_y:cŠknˆ kHŒ c `(ˆ pqJ_s[‡ j}R”‘*v }h`ˆAgh?c 

(255) xJgOkHŒ:c(ghm€c_`(ŒC`ˆ RqJ_ s[‡ j}R”‘v bO}p`(ˆ pqJ_ghcy •b kŒCˆ0kHŒ c(g `ˆ pqJ_s:bdc } bts kHŒ:c }-_ wc=b s yLc(ƒ -_tf`ˆ pqJ_s:bdc 5} c6ƒ|`cq[k!„2‹_(s y”_s:_yJ_  _(g c=`ˆ pqJ_(ghcy kFˆ kHŒ:c + ‹J” ’€Ž 

(256) ’ s:y:c(ƒ  :Ž* 

(257) kHŒ c } c }h`ˆAghc%}_(ghc*ghc(d_6kHbr‚|cm

(258) qJc(gh`cs0knb d$c J_%}hbF} LŽ*s2c(ƒJ_  qJlcm|’€s0kncgq:gbl}-cŽ }h`ˆAghc%} ;92 bts”‘*v*mkHŒ:bl} wc_sL}pkHŒ:_&k!’s%knc(gq:gbl} c Ž bO}wˆ[x[kHqJc(gniHˆA/g  bts:uJmfbts knc(/g Š}wˆ:iR`ˆAgnq:ˆ:gh_zknc uJˆ[‚Jc(gs _s:`cfq:gh_`6kb`c[}#_(s:ypqJˆLtbd`c0} m ;92 ˆAi

(259) kHŒ c!`(ˆ  qJ_(s:bdc[}#btskHŒ:c + ‹L” T’€Ž 

(260) ’ ns:y:c(ƒ . #ˆŠ_(s _ r‡|}-ckHŒ ctb s:a|c6k•cc(sw`ˆ:gq:ˆ:gh_ kncu ˆ ‚Ac(gs:_s `c%mLbts:y0x}jkHg‡wy[‡:sJ_ bd`[}_s yŠijbtg2}qJcg iHˆ:g/w_s:`cm •c `ˆ(J btsJcy kR ˆ y[bl}Hkbts `6k y:_&kn_ J _0} c0}

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