The separation of ownership and control, the different objectives of shareholders and managers and better information of the latter lead to corporate policies which are different from shareholders’ wealth maximization. The objective of this article is to survey the different mechanisms used to minimize this agency problem (internal and external control) and discusses their efficiency from an empirical viewpoint.
CHARLETY-LEPERS, P. (1994). Le gouvernement d’entreprise : un survol de la littérature théorique et empirique. Bulletin mensuel COB, pp. 3-19.