The contribution of the microenterprises to the local economic development in developing countrie... more The contribution of the microenterprises to the local economic development in developing countries like Benin is significant and known. But a rigid local taxation regime contributing to the increasing of local government revenue, in terms of mobilization system, place added limits on the growth potential of these enterprises. By employing a systematic review of the literature, the study attempts to build a model that illuminates to what extent is the relationship between local tax and the sustainability of the microenterprises on the one hand and the local government self-development capacity on the other hand is moderated by the benefits in exchange for local fiscal constraints faced by microenterprises? The summary of critical points of current knowledge about the optimization of local taxation shows that some benefits (Training for microentrepreneurs, credit facilitation, documentation…) in exchange for local fiscal constraints faced by microenterprises can moderate the effect of the local tax (TPS) on the survival and the performance of the microenterprises in the one hand and the local financial capacity and self-development of the municipality in the other hand.
performance des sociétés cotées. En utilisant l'estimateur dynamique LSDVC sur les données de pan... more performance des sociétés cotées. En utilisant l'estimateur dynamique LSDVC sur les données de panel de 26 sociétés cotées sur la période de 2000 à 2014, des résultats significatifs sont obtenus. Ces résultats indiquent un effet négatif et significatif de la séparation des fonctions de PCA et de DG sur la performance des sociétés non-financières cotées. Ces résultats confirment ainsi la théorie stewardship et vont à l'encontre des préconisations qui sont souvent faites dans la logique de la sécurité financière.
DOAJ (DOAJ: Directory of Open Access Journals), Dec 1, 2019
Developing countries tend to have weak institutional structures and contracting environments. Mor... more Developing countries tend to have weak institutional structures and contracting environments. More specifically, the concentration of ownership would be a response to weak investor protection (Klapper& Love, 2004; La Porta, Lopez-de-Silanes, Shleifer, &Vishny, 2000). However, in India, despite the improved degree of investors protection, share ownership remains concentrated (Altaf & Shah, 2018). This means that the concentration of share ownership is not always dictated by the level of investor protection. The objective of this paper is to determine the effect of minority investor protection on the corporate governance practices adopted by multinationals listed on the regional stock exchange. We used dynamic panel estimator to obtain significative results. The results show that when the protection of minority investors improves, the functions of Manager and chairman of the board of directors tend to be separated; the corporate governance tends towards a bicameral type of model, share ownership tends to be less concentrated, policies and remuneration standards are put in place and compensation of the Chairman and the members of the Board of Directors published in the annual reports and CSR practices and adherence to the code of ethics and norms tend to be a reality. The results of this study plead for policies consisting in improving the level of protection of the investors, especially the level of protection of the minority investors.
DOAJ (DOAJ: Directory of Open Access Journals), Jun 1, 2020
performance des sociétés cotées. En utilisant l'estimateur dynamique LSDVC sur les données de pan... more performance des sociétés cotées. En utilisant l'estimateur dynamique LSDVC sur les données de panel de 26 sociétés cotées sur la période de 2000 à 2014, des résultats significatifs sont obtenus. Ces résultats indiquent un effet négatif et significatif de la séparation des fonctions de PCA et de DG sur la performance des sociétés non-financières cotées. Ces résultats confirment ainsi la théorie stewardship et vont à l'encontre des préconisations qui sont souvent faites dans la logique de la sécurité financière.
La plupart des recherches consacrée au lien entre la structure de l'actionnariat et la performanc... more La plupart des recherches consacrée au lien entre la structure de l'actionnariat et la performance des firmes ignorent l'interaction entre la concentration et la nature de l'actionnariat. L'objectif de cet article est de déterminer l'effet de l'interaction entre investisseurs financiers et institutionnels et actionnaires de contrôle sur la performance des sociétés non-financières cotées sur la Bourse Régionale des Valeurs Mobilières (BRVM). A partir des régressions dynamiques sur les données de panel, les résultats montrent que la présence d'investisseurs financiers et institutionnels diminue l'effet positif de la concentration de l'actionnariat sur la performance des sociétés.
Developing countries tend to have weak institutional structures and contracting environments. Mor... more Developing countries tend to have weak institutional structures and contracting environments. More specifically, the concentration of ownership would be a response to weak investor protection (Klapper& Love, 2004; La Porta, Lopez-de-Silanes, Shleifer, &Vishny, 2000). However, in India, despite the improved degree of investors protection, share ownership remains concentrated (Altaf & Shah, 2018). This means that the concentration of share ownership is not always dictated by the level of investor protection. The objective of this paper is to determine the effect of minority investor protection on the corporate governance practices adopted by multinationals listed on the regional stock exchange. We used dynamic panel estimator to obtain significative results. The results show that when the protection of minority investors improves, the functions of Manager and chairman of the board of directors tend to be separated; the corporate governance tends towards a bicameral type of model, share ownership tends to be less concentrated, policies and remuneration standards are put in place and compensation of the Chairman and the members of the Board of Directors published in the annual reports and CSR practices and adherence to the code of ethics and norms tend to be a reality. The results of this study plead for policies consisting in improving the level of protection of the investors, especially the level of protection of the minority investors.
Developing countries tend to have weak institutional structures and contracting environments. Mor... more Developing countries tend to have weak institutional structures and contracting environments. More <br> specifically, the concentration of ownership would be a response to weak investor protection <br> (Klapper& Love, 2004; La Porta, Lopez-de-Silanes, Shleifer, &Vishny, 2000). However, in India, despite <br> the improved degree of investors protection, share ownership remains concentrated (Altaf & Shah, <br> 2018). This means that the concentration of share ownership is not always dictated by the level of <br> investor protection. The objective of this paper is to determine the effect of minority investor <br> protection on the corporate governance practices adopted by multinationals listed on the regional <br> stock exchange. We used dynamic panel estimator to obtain significative results. The results show <br> that when the protection of minority investors improves, the functions of Manager and chairman of <br> the board of dir...
The contribution of the microenterprises to the local economic development in developing countrie... more The contribution of the microenterprises to the local economic development in developing countries like Benin is significant and known. But a rigid local taxation regime contributing to the increasing of local government revenue, in terms of mobilization system, place added limits on the growth potential of these enterprises. By employing a systematic review of the literature, the study attempts to build a model that illuminates to what extent is the relationship between local tax and the sustainability of the microenterprises on the one hand and the local government self-development capacity on the other hand is moderated by the benefits in exchange for local fiscal constraints faced by microenterprises? The summary of critical points of current knowledge about the optimization of local taxation shows that some benefits (Training for microentrepreneurs, credit facilitation, documentation…) in exchange for local fiscal constraints faced by microenterprises can moderate the effect of...
La question du lien entre les caracteristiques du conseil d’administration et la performance des ... more La question du lien entre les caracteristiques du conseil d’administration et la performance des firmes continue d’etre objet de debat (Abdeljawad & Masri, 2020; Alves, 2020). Deux differentes theories ont emerge de la litterature sur la dualite de role du conseil d’administration. La theorie de l'agence (Fama & Jensen, 1983) preconise que le cumul des fonctions de President du Conseil d’Administration (PCA) et de Directeur General (DG) affecte negativement les performances de l’entreprise, parce que cette pratique augmente le risque d’actions opportunistes de la part du dirigeant qui poursuivrait ses propres interets au detriment de ceux des actionnaires. Cependant, la theorie stewardship (Donaldson & Davis, 1991) suggere l'effet contraire en raison de l'unite de commandement qu'elle presente. L’objectif de cet article est de determiner l’effet de la separation des fonctions de PCA et de DG sur la performance des societes cotees. En utilisant l’estimateur dynamique ...
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Papers by René ADEROMOU