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Au cours de ces dernières années, la notion de la gouvernance d’entreprise fait l’objet d’un regain d’intérêt en raison de la faillite spectaculaire et des pertes importantes de quelques grandes entreprises (Enron, Worldcom…). Ainsi, le thème de la gouvernance des entreprises a pris, une préoccupation cruciale des chefs d’entreprise ainsi que par les investisseurs institutionnels. En effet, l’intérêt pour les bonnes pratiques de gouvernance d’entreprise a pris une importance de premier rang. Suite à cette attention accordée par les investisseurs aux pratiques de gouvernance, la notation de la gouvernance d’entreprise est devenue une pratique de plus en plus courante soit à travers des services de notation spécialisés ou avec l’intégration du système de gouvernance d’entreprise dans la notation financière. Notre objectif est d’identifier, à partir d’un échantillon de 132 entreprises françaises cotées sur la période 2002-2008, une structure de gouvernance appréhender par le fonctionnement du conseil d’administration, la structure de propriété et les caractéristiques du dirigeant. Plus précisément, notre travail consiste à calculer un score de gouvernance d’entreprise, comportant plusieurs variables, selon la méthode d’enveloppement des données (DEA). Les résultats obtenus montrent que les firmes françaises interrogées possèdent un indice d’efficience de gouvernance de 68 %. Ainsi, nous avons pu identifier des rapports entre le score de gouvernance et les autres caractéristiques des firmes. Ensuite, nous avons pu déterminer les pratiques qui permettent d’améliorer la qualité de la gouvernance, tout en se basant sur la performance de la firme. Enfin, nous avons pu établir, à partir d’un système d’équations simultanées, un lien de causalité entre la gouvernance et la performance de la firme. / Corporate governance has been the subject of a renewed interest for a few years because of the spectacular bankruptcy and of the significant losses of some large companies (Enron, WorldCom, Vivendi…). Thus, the theme of corporate governance has taken a key concern of business leaders and institutional investors. Indeed, interest in good corporate governance practices has gained importance in the forefront. Following the attention given by investors in corporate governance practices, the rating of corporate governance has become a practice increasingly common either through specialized rating services or system integration of corporate governance in credit ratings. Our goal is to identify, from a sample of 132 French listed companies over the period 2002-2008, a governance structure for understanding the functioning of the board of directors, ownership structure and characteristics of the leader. Specifically, our work is to calculate a score of corporate governance, with multiple variables, using the method of data envelopment analysis (DEA). The results show that French firms surveyed have a governance efficiency index of 68 %. Thus, we were able to identify links between the governance score and the characteristics of firms. Finally, we have established, from a system of simultaneous equations, a causal link between governance and firm performance.

Background: The Swedish fund savings have developed strongly over the past two decades. Together with this development, the knowledge that the earth's population is facing an extensive climate challenge has also increased. For many people today, living sustainably has become a central aspect of everyday life, and when it comes to investing their savings, the majority of Sweden's fund savers state that sustainability is something that is taken into account when choosing an investment. Investments in funds that based on measuring tools, show a high degree of sustainability have thus increased. This raises the question of whether these sustainable funds can generate a higher alpha and thus a better risk-adjusted return than the less sustainable alternatives available on the market. Previous studies have shown differences of opinion, which means that it is relevant to examine how these different types of funds perform against each other in the Swedish market.   Purpose: The aim of this study is to analyze whether fund savers that are investing in sustainable funds can generate a higher alpha and thereby a better risk adjusted return than fund savers that invests in less sustainable alternatives.   Methodology: The study was conducted with a quantitative method and a deductive approach. Sustainability ratings have been collected for 253 funds from a measuring institute. For these 253 funds, data in the form of net asset value have been collected between the period 2016 - 2020 monthly. These funds have then been evaluated based on risk-adjusted returns where regression analysis has been the groundwork for finding answers to whether alpha has been achieved compared to the market or not. Results obtained have then been statistically examined through various tests.   Conclusion: After completed study, there were no signs that studied sustainable funds have given rise to a better risk-adjusted return than the less sustainable alternatives available on the market. Of the 253 funds included in the study, only five funds showed a risk-adjusted return statistically different from zero, where three had a negative return and two a positive return. When the 253 funds were divided into four different quartiles based on sustainability ratings, it appeared that the funds with a positive risk-adjusted return were placed in quartile four, which was the one with the highest sustainability rating. However, this may be based on chance and a result of two in a sample of 253 gives clear indications that efficiency prevails in the market.