Maintenir un accroissement soutenu de la valeur pour les actionnaires estaujourd'hui reconnu comme un des principaux objectifs stratégiques pour les institutions financières. Générer une croissance stable de la valeur pour les actionnaires nécessite une concentration intense sur une prestation de services de meilleure qualité aux clients, le recrutement, le maintien d'un effectif motivé, et l'entretien d'excellentes relations avec les différents partenaires de la firme bancaire.Cette thèse présente une évaluation analytique de la création de la valeur actionnariale dans le secteur bancaire. La première partie : Fournit un cadre pour l'analyse théorique de la valeur actionnariale en discutant comment la valeur actionnariale peut être définie, si elle peut être considérée comme un objectif valable et stratégique pour la banque, comment la valeur actionnariale peut être mesuré et comment elle peut être créé. La deuxième partie de la thèse présente des Investigations empiriques afin de mesurer la valeur actionnariale et certains de ses déterminants. La partie finale Analyses l'importance de Ces facteurs dans lacréation de valeur pour les actionnaires.L'échantillon utilisé comprend les dix banques tunisiennes cotées sur la bourse des valeurs mobilières de Tunisie entre 1995 et 2009. Nous utilisons un modèle de panel pour examiner les déterminants de la création de valeur pour les actionnaires (Mesuré par l'EVA et ses composante, c.-à-d. profits économiques et coût de capital) comme une fonction linéaire de variables spécifique aux banques et a l?industrie bancaire et des variables macro-économique. Nous trouvons que Divers facteurs semble être d'importants déterminants significatifs des profits économiques et de la valeur actionnariale créée par les banques. En cohérence avec la littérature antérieure, nous avons des efficiences coût et revenu qui sont liées positivement à la performance des banques: à savoir, les profits économiques ont eu un lien positif avec l'amélioration de l'efficience revenu, tandis que l'EVA est positivement liée a l'amélioration de l'efficience coût. Deuxièmement, nous trouvons une relation positive entre les pertes de crédit et la valeur actionnariale, ce qui explique que des pertes élevées inattendues impliquent un plus grand volume d'affaires et peut-être de moins bonne qualité du portefeuille de prêts. Troisièmement, nous avonsobservé un lien positif entre l'endettement bancaire et les profits économiques, mais non pas avec l'EVA. Cela est dû à la relation positive entre effet de levier financier et le coût du capital. Dans l'ensemble, plus le levier financier est important plus les profits économiques seront aussi importantes, mais cela est compensé par des coûts du capital plus élevés. / Creating sustainable shareholder value is at this time accepted as one of the mostimportant strategic objectives for financial institutions. Generating stable shareholder value growth requires an intense focus on delivering benefits to customers in the most efficient way, hiring and retaining motivated personnel, maintaining excellent relationship with other firm stakeholders.This thesis provides an analytical assessment of shareholder value creation in banking. The first part of the text provides a framework for analysing shareholder value theory by discussing how shareholder value can be defined, if it can be considered a valid strategic objective for banks, how shareholder value can be measured and how it can be created.The second part of the text presents empirical investigations in order to measureshareholder value and some of it drivers. The final part analyses the importance of these drivers in creating shareholder value. In order to have a broad view of the sector, the sample analysed comprises commercial Tunisian banks listed on Tunisian stock exchange between 1995 and 2009. We use a panel model to examine the determinants of bank's shareholder value reaction (measured by EVA and its components) as a linear function of various bank-specific, industry-specific and macroeconomic. We find that various factors are found to be statistically significantdeterminants of economic profits and shareholder value created by banks. Consistently with the previous literature, we find that cost and revenue efficiency are positively related to bank performance: namely, economic profits are found to have a positive link with revenue efficiency improvements, while EVA is positively related to cost efficiency improvements. Secondly, we find a positive relationship between credit losses and shareholder value providing evidence that higher unexpected losses imply larger business volume and perhaps lower loan portfolio quality. Thirdly, we observe a positive link between bank's leverage and economic profits, but not with EVA. This is due to the positive relationship between financial leverage and the cost of capital, overall, greater financial leverage increase economic profits but this is compensate by higher costs of capital.

La multiplication des scandales financiers depuis l'an 2000 suscite des débats et des controverses sur la gouvernance des entreprises cotées en bourse. Dans le paradigme contractuel, les débats sur la gouvernance ont largement consacré la valeur actionnariale comme modèle dominant, et dans lequel les actionnaires sont les seuls créanciers résiduels. Toutefois, la théorie des parties prenantes part du principe que la relation d'agence actionnaire-dirigeant doit s'élargir aux autres partenaires intervenant dans la chaîne de valeur, et qu'il faut abandonner l'hypothèse du statut de créancier résiduel exclusif des actionnaires. Cet abandon conduit à s'interroger sur le partage de la rente organisationnelle, ou valeur partenariale créée par la firme. Plus précisément, le concept de valeur partenariale soulève les questions de sa mesure, de son appropriation par les différents partenaires, et du rôle des mécanismes de gouvernance à ce niveau. L'objectif de cette recherche est, dans un premier temps, d'examiner le rôle joué par les mécanismes de gouvernance propres à la firme (caractéristiques du conseil, structure de propriété) sur la valeur partenariale créée, puis, dans un deuxième temps, sur l'appropriation de cette valeur partenariale par la firme et par ses parties prenantes explicites. Les tests empiriques portent sur un panel de 103 sociétés françaises cotées observées sur trois années (2006, 2008 et 2010). Les résultats suggèrent que quatre mécanismes ressortent globalement positivement associés à la valeur partenariale créée : la taille et l'indépendance du conseil, le pouvoir actionnarial des salariés, et la présence d'un comité d'éthique et/ou de gouvernance (CEG). En matière d'appropriation, deux mécanismes de gouvernance semblent jouer un rôle. Premièrement, la taille du conseil permettrait aux actionnaires et aux fournisseurs de capter davantage de rente organisationnelle, au détriment des clients et de la firme elle-même. Deuxièmement, la présence d'un CEG incite à une meilleure prise en compte des intérêts de certaines parties prenantes non-financières dans le partage de la rente (clients, salariés), alors que la part de rente que s'approprient les apporteurs de capitaux financiers (actionnaires et créanciers) diminue. Dans l'ensemble, nos résultats concernant la mise en place d'un CEG s'avèrent encourageant quant à la capacité de ce mécanisme à promouvoir une véritable gouvernance partenariale au sein des firmes cotées. / The multiplication of financial scandals since year 2000 induced debates and controversies about the governance of public companies. In the contracting paradigm, the debates on corporate governance have largely relied on shareholder value as a dominant model, in which shareholders are the only residual claimants. However, the stakeholder theory builds on the principle that the shareholder-manager agency relationship has to widen to the others stakeholders who intervene in the value creation chain, and that it is necessary to get rid of the hypothesis that shareholders are exclusive residual claimants. This move brings questions about the sharing of the organizational rent, or stakeholder value created by the firm. More specifically, the concept of stakeholder value raises questions about its measurement, its appropriation by the various stakeholders, and about the role of corporate governance mechanisms on that ground. The objective of this research is to investigate the role of firm-specific governance mechanisms (board characteristics, ownership structure) on the creation of stakeholder value on the one hand, and on the distribution of that stakeholder value to the firm and to its explicit stakeholders, on the other hand. Empirical tests are based on a panel of 103 French listed companies observed over three years (2006, 2008, and 2010). The main findings suggest that four mechanisms stand out globally positively associated to the stakeholder value created: board size and board independence, employees' voting rights (shareholder power), and the presence of an Ethics and/or Governance Committee (EGC). In terms of appropriation, two governance mechanisms seem to play a role. Firstly, board size would result in a larger part of the organizational rent captured by shareholders and suppliers, at the expense of customers and the firm itself. Secondly, the presence of an EGC results in a better consideration of the interests of some non-financial stakeholders (customers and employees), whereas the share of rent that is appropriated by financial capital providers (shareholders and debt-holders) decreases. Overall, our results concerning the implementation of an EGC turn out encouraging regarding the capacity of such mechanism to promote effective stakeholder governance within listed companies.

La présentation des exigences de profitabilité, de responsabilité sociale et de leur articulation dans les discours des dirigeants : le cas Carrefour. Notre recherche a pour objet d'analyser comment les dirigeants –au nom de leur entreprise- présentent et articulent, dans leurs discours, les deux exigences majeures du capitalisme d'aujourd'hui : celle de maximisation de la valeur pour l'actionnaire et celle de Responsabilité Sociale des Entreprises (RSE). La première, portée par les investisseurs institutionnels dans le cadre d'un « capitalisme financier », s'est constituée à l'adresse des entreprises cotées et de leurs dirigeants, et semble s'imposer au modèle français de gouvernement d'entreprise. La seconde, l'exigence de RSE -portée par les acteurs de la société civile- pousse les entreprises et leurs dirigeants à se préoccuper des dimensions sociales et environnementales de leur activité. Dans cette perspective, une étude empirique longitudinale a été menée sur les messages des Rapports Annuels et des Rapports de Développement Durable du Groupe Carrefour sur la période 1993-2007. Elle a permis d'observer une domination de plus en plus totale des critères du capitalisme financier sur les discours des dirigeants et de renforcer les thèses de la concomitance de l'émergence du discours de la maximisation de la valeur pour l'actionnaire et de la RSE et de la faible articulation des deux discours. / The presentation of requirements of profitability, social responsibility and their articulation in the CEO letters: Carrefour group case. Our research aims to analyze how leaders -in the name of their company- present and articulate, in their speeches, the two major requirements of today's capitalism: On the one hand, the requirement of maximizing shareholder value -driven by institutional investors through a "financial capitalism"- to public companies and their leaders seem to win the French model of corporate governance. On the other hand, the requirement for Corporate Social Responsibility (CSR) -originated by the actors of civil society- is forcing companies and their leaders to be concerned about social and environmental dimensions. In this perspective, an empirical study was conducted on the messages of the Annual and Sustainability Reports of Carrefour Group over the period 1993-2007. It was possible to observe a progressive domination of the criteria of financial capitalism in the speeches of CEOs and strengthen the arguments of the concomitance of the emergence of the discourse of maximizing shareholder value and CSR and the poor articulation of two discourses

This study investigates the correlation between Millennial workers' sense of belonging and a company’s Corporate Social Responsibility (CSR) initiatives. Bearing in mind the gap in academic research on the introspective impact CSR has on a company’s employees, this study aims to explore how the Millennial workers at one of the biggest banking and insurance companies operating in Bulgaria understand and relate to companies’ philanthropic endeavours. To do so, this paper has used a theoretical framework, which combines four pillars that interact with and amplify one another. Two of them are empirical and present CSR and the Millennials as a generation. The other two are theoretical with social identity theory (SIT), which explains the sense of belonging innate to the Millennials, and corporate citizenship and shareholder value theory, which represent the polar opposites of what CSR should be about. As such, the thesis probes the hypotheses that, on one hand, if a company engages in genuine CSR initiatives, this will lead to an increased sense of belonging from the Millennial employees. However, on the other hand, if the company engages in greenwashing instead, this will lead to a diminished sense of belonging in the target group.  The findings infer that the Millennial workers at the banking and insurance company have strong opinions favouring their company utilizing genuine CSR practices. In addition, the majority of them have shared that if the company started utilizing CSR as means of greenwashing, this would lead to their overall disappointment and a diminished sense of association with the employer. However, the data has also shown that there might be different reasons for why people are joining CSR initiatives. These findings were produced with the help of mixed-method research combining quantitative survey plus qualitative semi-structured individual and focus group interviews.

Este trabalho procura ampliar os conhecimentos a respeito da influência do enfoque na geração do valor aos acionistas sobre as práticas de gestão de pessoas, com ênfase no ambiente da produção. Inicialmente, o trabalho resgata as origens e os fundamentos da concepção financeira e da concepção da geração de valor ao acionista das empresas, em que o principal foco é a valorização do preço das ações. Em seguida, é analisada a interface que estas concepções possuem com as práticas de gestão de pessoas, explorando o caráter bidirecional desta interface, uma vez que a função recursos humanos não só é influenciada pelas diretrizes das empresas, mas também é tida como uma das principais formas para ajudar a difundi-las, tendo em vista seu papel de agente de mudança de comportamento nas empresas. Neste sentido, são aprofundados três principais elementos que compõem, segundo a literatura, esta interface: a remuneração variável, gestão de desempenho e autonomia no trabalho. Por fim, é apresentado um estudo de casos múltiplos que busca verificar como a concepção financeira das empresas vem influenciando, de fato, estas práticas relacionadas à gestão de pessoas no nível da produção de organizações que atuam no Brasil, assim como o quanto estas práticas têm contribuído para a difusão da mentalidade de geração de valor ao acionista. O resultado deste estudo indica que, no plano conceitual, a influência da orientação à geração de valor ao acionista sobre as práticas de gestão de pessoas é nítida, mas que, na prática, ainda é pouco efetivada, apesar de mudanças já estarem ocorrendo nesta direção. / The objective of this paper is to increase knowledge about the influence of the shareholder value on people management practices, with emphasis on the production environment. Initially, the paper takes a step backwards to the origins and fundaments regarding the finance conception and the shareholder value conception of the firm, where the main focus resides in increasing share prices. The paper then goes on to analyze the interface that these concepts possess with people management practices, exploring the two-way nature of said interface, in view that the human resources function is not only influenced by company guidelines, but is also deemed one of the main forms for helping disseminate it, due to its role as a change agent of behaviors in companies. As such, it delves into the three main elements that, according to literature, comprise this interface: variable compensation, performance management and work autonomy. Lastly, the paper presents a multiple case study that aims to verify how the finance concept of companies has, in fact, been influencing these practices relating to people management at the production level of companies that operate in Brazil, as well as how much these practices have contributed to disseminate the shareholder value mentality. The result of this study shows that, at the conceptual level, the influence of shareholder value on people management practices is quite clear, but that in practice it is still used very little, despite changes that are already occurring in this sense.

Thesis (M.Com. (Accounting))--North-West University, Potchefstroom Campus, 2008.

It is acknowledged that the primary objective of any company should be the creation of shareholder-value. However, it is also recognised that there are other stakeholders, with their own financial and/or non-financial objectives, which could impact on a company's overall financial performance. Management should therefore identify stakeholder-groups which could impact on the company and formulate a model in addressing their objectives. This study integrates elements from the theory of shareholder-value, the agency-theory, the theory of property rights and different stakeholder orientation-models to develop the approach of responsible stakeholder-management in the creation of shareholder-value. Stakeholders can be grouped into economic, social and environmental components. The concept of sustainable development has exploded in recent years. Three main elements of sustainable development were identified, namely economic, social and environmental development, referred to as "Triple Bottom Line (TBL)". Several organisations have started focussing on the concept of sustainability by guiding the development of sustainability policies. However, the Global Reporting Initiative (GRI) has become the de facto global standard for reporting on sustainable development. The concept of TBL, and how the three elements of sustainability could contribute to the maximisation of shareholder-value, is discussed. The results of the empirical study, where the financial performance and shareholder-growth of companies listed on the JSE and which adopted and reported on the GRI-guidelines, were compared to a group of companies in the same index grouping of the JSE that had not formally adopted and reported on the guidelines, identified a clear trend that those reporting on their sustainability policies had had a much better growth in five of the six financial measures used than the comparative group. / Thesis (M.Com. (Accounting))--North-West University, Potchefstroom Campus, 2008.

It is acknowledged that the primary objective of any company should be the creation of shareholder-value. However, it is also recognised that there are other stakeholders, with their own financial and/or non-financial objectives, which could impact on a company's overall financial performance. Management should therefore identify stakeholder-groups which could impact on the company and formulate a model in addressing their objectives. This study integrates elements from the theory of shareholder-value, the agency-theory, the theory of property rights and different stakeholder orientation-models to develop the approach of responsible stakeholder-management in the creation of shareholder-value. Stakeholders can be grouped into economic, social and environmental components. The concept of sustainable development has exploded in recent years. Three main elements of sustainable development were identified, namely economic, social and environmental development, referred to as "Triple Bottom Line (TBL)". Several organisations have started focussing on the concept of sustainability by guiding the development of sustainability policies. However, the Global Reporting Initiative (GRI) has become the de facto global standard for reporting on sustainable development. The concept of TBL, and how the three elements of sustainability could contribute to the maximisation of shareholder-value, is discussed. The results of the empirical study, where the financial performance and shareholder-growth of companies listed on the JSE and which adopted and reported on the GRI-guidelines, were compared to a group of companies in the same index grouping of the JSE that had not formally adopted and reported on the guidelines, identified a clear trend that those reporting on their sustainability policies had had a much better growth in five of the six financial measures used than the comparative group. / Thesis (M.Com. (Accounting))--North-West University, Potchefstroom Campus, 2008.

Univ., Diss.--St. Gallen, 2004.

Este trabalho procura ampliar os conhecimentos a respeito da influência do enfoque na geração do valor aos acionistas sobre as práticas de gestão de pessoas, com ênfase no ambiente da produção. Inicialmente, o trabalho resgata as origens e os fundamentos da concepção financeira e da concepção da geração de valor ao acionista das empresas, em que o principal foco é a valorização do preço das ações. Em seguida, é analisada a interface que estas concepções possuem com as práticas de gestão de pessoas, explorando o caráter bidirecional desta interface, uma vez que a função recursos humanos não só é influenciada pelas diretrizes das empresas, mas também é tida como uma das principais formas para ajudar a difundi-las, tendo em vista seu papel de agente de mudança de comportamento nas empresas. Neste sentido, são aprofundados três principais elementos que compõem, segundo a literatura, esta interface: a remuneração variável, gestão de desempenho e autonomia no trabalho. Por fim, é apresentado um estudo de casos múltiplos que busca verificar como a concepção financeira das empresas vem influenciando, de fato, estas práticas relacionadas à gestão de pessoas no nível da produção de organizações que atuam no Brasil, assim como o quanto estas práticas têm contribuído para a difusão da mentalidade de geração de valor ao acionista. O resultado deste estudo indica que, no plano conceitual, a influência da orientação à geração de valor ao acionista sobre as práticas de gestão de pessoas é nítida, mas que, na prática, ainda é pouco efetivada, apesar de mudanças já estarem ocorrendo nesta direção. / The objective of this paper is to increase knowledge about the influence of the shareholder value on people management practices, with emphasis on the production environment. Initially, the paper takes a step backwards to the origins and fundaments regarding the finance conception and the shareholder value conception of the firm, where the main focus resides in increasing share prices. The paper then goes on to analyze the interface that these concepts possess with people management practices, exploring the two-way nature of said interface, in view that the human resources function is not only influenced by company guidelines, but is also deemed one of the main forms for helping disseminate it, due to its role as a change agent of behaviors in companies. As such, it delves into the three main elements that, according to literature, comprise this interface: variable compensation, performance management and work autonomy. Lastly, the paper presents a multiple case study that aims to verify how the finance concept of companies has, in fact, been influencing these practices relating to people management at the production level of companies that operate in Brazil, as well as how much these practices have contributed to disseminate the shareholder value mentality. The result of this study shows that, at the conceptual level, the influence of shareholder value on people management practices is quite clear, but that in practice it is still used very little, despite changes that are already occurring in this sense.