Dissertations / Theses on the topic 'Sociétés à capital variable'
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Boissout, Agnès. "Les sociétés d'investissement à capital variable." Lyon 3, 1989. http://www.theses.fr/1989LYO33009.
Full textSicav used to be governed by the law of january 3rd. 1979. On the 23 rd december 1988, the law relative to organizations concerning investment in transferable securities (opcvm) and bonds abrogated the law of january 3 rd, 1979 concerning sicav. Since this date, the law of december 23 rd, 1988 has governed sicav. It answers a need for harmonization in eurepean financial policy, in preparation for the opening of the borders on october 1st, 1989. The policy of the law of december 23 rd, 1988 puts for ward several objectives : as for as organizations are concerned, it aims at encouraging financial innovation so that produducts proposed to investors answer more and more diversified needs while allowing them to manage risks better. In order to reduce the cost of the financial middlemen, it increases competition not only among different bank networks but also among different types of financing and of investments. As concerns shareholders, the financial policy aims at maintaining and at reinforcing market security by offering better protection to investors and savers
Plent, Adrien. "Le capital variable." Thesis, Aix-Marseille, 2016. http://www.theses.fr/2016AIXM1067.
Full textLegal specificity, introduced into our substantive law in July 24th, 1867, the variability of the share capital is still too unknown even today and should in fact be raised to the ranks of legal curiosities. We could not object such report in the fact that the legislator does not seem himself to carry him immense one interest. Indeed, the fact that the variability of the capital only results from the adoption, by a social form of common law, of a simple statutory clause, the latter does not see it necessary to enact a specific and independent legal regime in its favour. Also, should the legislator object to the creation of a new social form, it will consequently only reinforce the peculiarity of such objection. The fact remains that to stop such acceptance would be reducing in the fact that this approach would serve inexorably the specificity outlined in articles L. 231-1 in L. 231-8 of the commercial law in particular as for the numerous possibilities that she grants as long to the company being equipped with the legal specificity that to the partners making up her
Assakti, Hassan. "Les sociétés d'investissement à capital variable en droit marocain : un instrument de gestion collective de l'épargne." Perpignan, 2004. http://www.theses.fr/2004PERP0560.
Full textThe investment companies with variable capital by abreviation (icvc) are limited companies of moroccan right instituted by the bearing dahir law nʿ 1/93/213 of the 4 rebia ii 1414 (september 21, 1993) relating to undertakings for collective investment in values mobilieres. They have as a sole purpose the management of a wallet of values mobilieres and liquidites whose actions are emitted and repurchased anymoment a the request of any subscriber or shareholder with a given price called realizable value. Any (icvc) can be constituted only if the project of its statutes was approved beforehand by the minister in charge of finance after opinion of the council deontologique of values mobilieres instituted by the bearing dahir law nʿ 1/93/212 of the 4 rebia ii 1414 (september21, 1993). Having the statute of a limited company making public call a saving, and beforehand the emission of the premieres actions aupres of the public, the icvc are held to draw up a note of information and a cardsignaletique, documents require within the framework of information intended to the shareholders and the possible subscribers. On the institutional level three great structures are to note on the level of the (icvc) initially, bodies of managements gathering the administration and the direction, then the bodies qualify intermediaires, with dimension the assembly of the shareholders, and other dimension the establishment depositaire and finally the bodies responsibilities of ensure control composed, as in the limited companies, of an auditor and particularly in the (icvc) of the council deontologique of values mobilieres and of an internal controller
Lahleh, Linda. "Shareholders' Best Interest in Open-End Investment Companies : A Legal Assessment of the Jordanian Law in the light of French and European Approaches." Thesis, Toulouse 1, 2018. http://www.theses.fr/2018TOU10013/document.
Full textInvestment Companies participate in the development of national and international financial markets. They offer small and professional investors the access to various capital markets, in spite of their level of knowledge and investment awareness. They provide a healthy investment environment based on risk spreading. Throughout the investment process, investors’ interest remains at stake should be protected and secured. In the process of safeguarding this interest, the investment company acts in the best interest of its shareholders. A legally imposed obligation differing from the commonly acceptable obligation to prevail the common interest of the company rather than that of shareholders. The origin of this obligation finds its place in the type of activity investment companies perform in addition to, the common principle of shareholders’ continuous stake holding in company’s performance. Shareholders incur risks and losses further they share profits and benefits. The Investment Company performs its portfolio investment activities following a regulatory framework set nationally for this purpose while aiming to minimize the loss and maximize the profit. The regulatory framework should be effective and fulfill the needs of investors, shareholders and the securities market. The Jordanian regulatory framework of Open-end Investment Companies despite the recent amendments lack concrete investor and shareholders protective measures. The aim of this thesis is to assess the scope of protection of shareholders’ interest and its viability in the light of French and European approaches. This thesis conducts a thorough legal assessment and analysis to existing Open-End Investment Company regulatory framework. It asks questions relating to the organization of the company, financial services related conditions inter alia corporate governance, management structure, liability and remuneration. In addition to addressing the role of shareholders in achieving their proper protection and the role of competent authorities in protecting the market and its participants. The outcome of this analysis is to decide whether the current state of the world is sufficient and satisfactory in answering to challenges of shareholders protection and securities market requirements or a legislative movement should be put in place
Ouoba, Lambouado Raymond. "La variabilité du capital social en droit OHADA à la lumière du droit français." Electronic Thesis or Diss., Perpignan, 2024. https://theses-public.univ-perp.fr/2024PERP0006.pdf.
Full textThe OHADA legislator was inspired by French law to establish the legal framework for the variability of share capital; hence the study oriented towards a comparative approach. This approach allowed a confrontation between two (02) legal systems, with a view to identifying legal problems and considering an improvement of the legal framework of capital variability in OHADA law; the objective being to make a contribution to the improvement of OHADA law through comparative law. The analysis reveals that the variability of social capital includes attractive factors for economic actors. Indeed, it constitutes a mechanism for financing companies, due on the one hand, to its capacity to strengthen equity without financial burden and, on the other hand, to its capacity to constitute a shareholder base specifically oriented towards the profitability of the companies. companies. Likewise, it could arouse interest for investors interested in speed and efficiency in corporate financing operations. The effectiveness of the company's financing through the implementation of the capital variability clause depends, among other things, on its attractiveness to economic players in general, investments and legal professionals in particular. However, several factors would not militate in favor of using capital variability. Among these factors are the risks arising from the reduction of capital and the ignorance of economic actors and practitioners of the law of existence and/or the functioning of the mechanism of capital variability. However, these risks are not irremediable, to the extent that there are appropriate legal mechanisms to deal with them. In short, the analysis of the functioning of the mechanism of variability of social capital highlighted its capacities for mobilizing financing, recapitalizing the company, restructuring the company and making a contribution to improving the framework. legality of companies with variable capital. It also made it possible to demonstrate the insufficiency of the justification or basis for the disinterest of economic actors and legal practitioners with regard to the variability of social capital
Moussa, Yaya. "L'audit de gestion : Application aux sociétés financières." Paris 9, 1990. https://portail.bu.dauphine.fr/fileviewer/index.php?doc=1990PA090029.
Full textPeltier, Marc. "La participation des collectivités territoriales au capital de sociétés." Paris 1, 2005. http://www.theses.fr/2005PA010282.
Full textDannenberger, Frédéric Roger. "La liberté de créer des valeurs mobilières donnant accès au capital." Université Robert Schuman (Strasbourg) (1971-2008), 2007. http://www.theses.fr/2007STR30005.
Full textFollowing article L. 228-l of French commercial code, joint-stock companies are free to issue all kind of transferable securities. Confirmed for transferable securities giving access to the capital (article L. 228-91 of the French commercial code), freedom to create all kind of transferable securities reaches stocks, which can be preferred shares. For this purpose, the French commercial code unifies issuing processes and creates general rulings governing each branch of the legal definition of transferable securities. Contractual freedom is introduced into the field of the transferable securities and companies can create all transferable securities which they need. This freedom associated to the financial space dedicated to groups, increases the possibilities. But the example of the transferable securities giving access to the capital highlights the lakes of the new regulation, which becomes sometimes difficult to implement. Transferable securities giving access to the capital can be fundamentally different: instrument of a new capital issue or simple instrument for transfer issued shares. But this difference in the nature of those securities has not be considered. All the potentialities of the concept of transferable securities can not be reached. It misses in the French law a general legal regime devoted to securitised debt and a general principle of non-invocability of the exceptions
Menville, Jean. "Capital-risque et développement régional : contribution à l'étude du capital-risque régional." Toulouse 1, 1997. http://www.theses.fr/1997TOU10064.
Full textVenture capital is a financial innovation which is devoted to intermediate equity financing for start-up and development of innovative firms. This doctoral thesis, which is a contribution to the research on venture capital as financing source, is also an attempt for a reinstatement of financing processes in the analysis of regional development problems. Formation and development of the French venture capital system are studied with a privileged look out for its regional patterns. The regional venture capital faces the very strong constraints of venture capital (information asymmetries, agency problems, illiquidity of shares) through the advantages of proximity; nevertheless, it is, in compensation, subject to the constraints of territorialisation. Thus, despite the increase of the number of regional funds, the French venture capital market appears still strongly centralized and characterized by significant interregional disparities
Saad, Myrna. "La notion de titre de capital en droit des sociétés." Thesis, Paris 1, 2016. http://www.theses.fr/2016PA01D041.
Full textThe developments brought by the evolution of capitalisrn and finance to corporate law have led to the erosion of the traditional definition of equity securities, which were conventionally defined as a fraction of the share capital of a company that represents shareholders' rights. This is evidenced by the decline of capital contributions, the exploitation of ownership interests in the company in practice and the weakening of the traditional legal notion of capital. These conceptual uncertainties invite us to reconsider the utility of the concept of equity securities faced with the changing legal understanding of capital stock and the erosion of the traditional distinction between shares and bonds. Nonetheless, despite these developments, the concept of equity securities remains useful for two main reasons : first, upon evaluating the future of the legal capital, it becomes evident that the changes to the legal concept of capital stock should not affect the very existence of equity securities if shares with no par value are introduced ; and second, the overarching distinction between equity and debt remains essential in corporate law and cannot therefore be eliminated. However, il is necessary to redefine the boundaries between equity and debt and to clarify the legal nature of certain hybrid forms of securities
Barthe, Christophe. "Le droit des sociétés face aux besoins du capital-investissement." Paris 2, 2004. http://www.theses.fr/2004PA020094.
Full textThe increasing recourse to capital investment, as equity financing, is on one hand testing how corporate law handles the creation of value, which allows a more cautious analysis of the "affectio societatis" by reference to the concept of motive and, on the other hand, permits to question the criteria defining an investor in the context of investment transactions inasmuch as such an investor appears as a shareholder solely motivated by a financial gain. Beyond the recent legal and regulatory evolution, this work tries to provide thoughts on the application and possible structuring of corporate law on the subject
Radisic, Fabien. "La fiscalité du capital-risque." Montpellier 1, 1997. http://www.theses.fr/1997MON10028.
Full textEspesson-Vergeat, Béatrice. "Le maintien du contrôle des sociétés commerciales." Lyon 3, 1992. http://www.theses.fr/1992LYO33022.
Full textThe control of any capitalistic venture results from the holding of the capital thereof, i. E. From the ownership of the means of production as far as an individual business is concerned or from the control of the equity capital as far as a corporation, which is an independant legal entity, is concerned. When the ownership interests held in a corporation are not sufficient to confer or to keep control thereover, several other legal means can be contemplated in order to keep the control without holding a major ownership interest or to got financing without granting power to third parties. The maintaining of control over a corporation, based upon the separation between capital and power, can be performed through the use of proper securities, of specific contractual provisions between the shareholders or else through the choice of adapted legal structures
Burkhardt, Kirsten. "Le rôle des sociétés de capital-investissement dans la formation d'alliances stratégiques." Thesis, Dijon, 2014. http://www.theses.fr/2014DIJOE009/document.
Full textThis research analyses the role of Private Equity firms in the formation of strategic alliances within the field of the French Private Equity market. We start to provide evidence of its importance from new survey information, before offering an explanation of the organizational phenomenon. The study addresses the questions of how and why Private Equity firms act as relational intermediaries to help their portfolio companies form alliances. Both questions are investigated in the light of the Private Equity firms’ contribution to the value creation process that comes with alliance formation. Answers are provided by means of three jointly used theoretical frameworks: (1) mainstream theories (transaction cost theory and the positive theory of agency); (2) the knowledge based view; and 3) social network theories to complement the resulting from jointly use of the previous two theories. The theoretical construct is then tested empirically by means of a multi-method study with explanatory design, based on the pattern of joint evidence from both statistical tests and a multiple case study. Results show that French Private Equity firms do play a role in alliance formation. This role can be intentional as well as non-intentional. Furthermore, although arguments from the knowledge-based perspective finds more support in explaining this behavior than from the mainstream theories, our study highlights the benefits of the joint use of these theories and the complementary nature of them to better explaining the phenomenon as a whole
Guo, Yugang. "Les déterminants de la structure du capital pour les sociétés cotées chinoises :." Poitiers, 2009. http://www.theses.fr/2009POIT4020.
Full textGiven the socialist market economy of China, it has proven to be extremely interesting to investigate the sources of Chinese companies financing as well as their capital structure. This dissertation will explore whether this structure is the result of a free choice or is only the reflection of a planned economy whose financial system is dominated by large-scale state-owned banks. An econometric analysis is constructed on both a sample of 1,140 Chinese firms (2006 figures) and their financing choices from internal to external (from internal financing to equity financing). We try to verify whether these choices confirm the modern finance theory of capital structure (pecking order model and trade-off model). Our findings will suggest that the capital structure determinants of Chinese Companies are consistent with the capital structure determinants of both industrialized and emerging countries. The findings will also show that the modern market theory is portable to China, despite profound institutional differences between China and the western world
Ferjani, Wassim. "L'analyse du processus décisionnel d'investissement des sociétés de capital de risque québécoises." Thèse, Université du Québec à Trois-Rivières, 2000. http://depot-e.uqtr.ca/3068/1/000671920.pdf.
Full textDufresne, David. "L'influence des sociétés de capital de risque sur le développement organisationnel des PME." Thèse, Université du Québec à Trois-Rivières, 2002. http://depot-e.uqtr.ca/2564/1/000693497.pdf.
Full textDocq, Sébastien. "Essai sur le renouveau de la notion d'apport en droit des sociétés." Thesis, Paris 1, 2015. http://www.theses.fr/2015PA010261.
Full textBeing an economic and a legal data, the capital contribution remains a prerequisite for the creation of the partnership agreement. In recent years, the obligation to bring such contribution has been reduced to a minimum. Does this mean it was removed from company law ? The French company law maintains ahistorical attachment to the physicality of the goods. As proof, the different kinds of contributions are ranked. According to this hierarchy, sweat equity contributor is not recognized in the share capital, and is even relegated to the rank of the smallest partner. Ignoring its economic contribution, this contribution may be considered as out of fashion. In other words, the rise of cloud economy implies reconsidering the position of sweat equity in the partnership agreement. Moreover, asserting that a company may operate without any input ignores the economic contribution of non-formal inputs, such as notoriety. This evolution of the law creates an exacerbation of the difficulties in assessing its content and implies finding new solutions. The infinite sophistication of assessment methods shall not constitute an appropriate answer to this arising issue. The consideration for the contribution made by the procurement of social rights can be adapted, as an instance by providing share purchase warrants. These securities follow the principle of indeterminacy of the value of certain goods and apprehend more satisfactorily the economic potential. Thus, it remains possible to compensate a contribution in kind with share purchase warrants
Mouzoulas, Spilios. "La contribution des directives européennes sur le droit des sociétés à l'évolution du droit français des sociétés commerciales." Paris 10, 1988. http://www.theses.fr/1988PA100081.
Full textMany of the amendments of the 1966 companies act have been imposed by the European directives: corporate capital, company and group [--], mechanisms protecting the persons contracting with the companies are largely influenced by European law. Directives, in the effort of community organs to ensure the realization of the common market of securities, have also contributed to the development of the disclosure policy and of the statute of [--] companies. Other reforms inspired by community texts are actually in preparation in France, for instance, the draft on commercial companies’ mergers. On the other hand, ninth directive will serve as the model for a French law concerning the connected enterprises, tenth directives will facilitate international mergers of French corporations and the fifth directive will introduce substantial modifications on French law
Allain-Guéye, Sylvie. "Capitalisme familial : une autre approche du rendement, du risque et du temps." Nice, 2003. http://www.theses.fr/2003NICE0016.
Full textLarge family firms are often depicted as offering an antiquated mode of management, afflicted by governance mechanisms that are inadequate in the context of global competition, being incompatible with the prevailing values of the current economy : performance, innovation and risk. However, the fact that these organisations survive across several generations is surprising. In the present research, the author demonstrates that over the last decade (1990-2001), the large privately owned and publicly listed family firms in France outperform non-family run businesses by a solid 5% average a year. Qualitative interviews conducted with the leaders of large family firms in Europe, in the context of their capital risk activities, highlight the existence of a clearly defined attitude towards risk, time and innovation. Based primarily on recent developments in Agency theory, Governance and Resource-based theory, the research is built on a quantitative study of their profitability, followed by clinical research conducted with leading family businesses in Europe. The family companies were approached through the Family Business Network and the Lombard Odier Family Business Center at IMD. This research sheds new light on these firms and portrays them as offering a possible reconciliation between tradition and modernity
Abdoune, Radouane. "Structure financière des sociétés d'assurance en France : entre déterminants traditionnels et référentiels prudentiels." Thesis, Bordeaux, 2014. http://www.theses.fr/2014BORD0385.
Full textTo maintain the stability of the financial sector and the dynamism in the other sectors ofthe economy, the insurance companies have to improve their solvency and manage theirrisks. Despite the importance of the issue of the level of capital in maintaining the overallstability of the insurance companies sector, it has been the subject of a very fewresearches. In this context, the main objective of our thesis is to analyze the determinantsof the financial structure of French insurance companies and the effect of the integrationof prudential regulation in the formation of their level of capital. To this end, we use TOTand POT to develop our theoretical model that we then tested empirically in a sample ofFrench insurance companies in the period 2006-2012. Our main empirical result is thatprudential regulation affects the determinants of the level of capital in the Frenchinsurance companies
Gravel, Marie. "Structure et performance du réseau des sociétés de capital de risque canadiennes, américaines et européennes." Mémoire, Université de Sherbrooke, 2015. http://hdl.handle.net/11143/6692.
Full textFavier, Sylvain. "L'étendue de la liberté lors de la création des sociétés par actions à capital privé." Toulouse 1, 2004. http://www.theses.fr/2004TOU10023.
Full textIn its broadest meaning, the principle of contractual freedom recommends that a law subject may be tied to a bond of law only if he expressly wants the latter. In that regard, the company contract is of a remarkable importance when it seals fate of contracting parties within a juridical entity distinct from those who created it. Share-based companies are governed by mandatory rules which do not offer much liberty to their founders. To that extend, recent developments in company law, though not exclusive from a particular regime where contractual element is predominant, do not give up a juridical security which is eminently necessary. The founders must define the juridical form which is most appropriate to the company purpose, in accordance to the different possibilities offered by the legislation. In the contract, they determine the juridical scope of the rules which will govern their relationships (composition of organs, operation of the company, organisation and stabilisation of power. . . ). However, the definition itself of those relationships must not divert from the fundamental exigency aiming at preserving the balance of power and respective attributions of the parties, whether major or minor associaties. The company contract must strive to establish the most fair and useful relationships in the interest of the parties. The underlying opposition to the establishment of the contract thus guarantees obligations it generates respect some type of balance, since they must fulfil everybody's needs
Kolongele, Eberande Désiré. "Le pouvoir dans les sociétés à capital mixte : Aspects de droit français, OHADA et congolais." Paris 1, 2011. http://www.theses.fr/2011PA010259.
Full textLOUKAKOU, DIDIER. "Les operations sur le capital des societes par actions cotees en presence de titres conferant des droits differents." Amiens, 1999. http://www.theses.fr/1999AMIE0055.
Full textAwkar, Marouchka. "Les prises de participations dans les sociétés non cotées." Thesis, Aix-Marseille, 2017. http://www.theses.fr/2017AIXM0403.
Full textAt first sight, the subject of “The acquisition of shares in non-listed companies” seems to be relevant to the corporate law. However, with the presence of the private equity, institutional investors and different vehicles of investment, the subject is more related to business law. In fact many legal techniques were created by practitioners to respond to the investor’s needs such as preferred shares and different securities; similarly the creation of different ways to acquire shares such as holding companies and the stock carrying agreement. There is no specific regulation for the acquisition of shares in non-listed companies. The principle of contractual freedom prevails. The French and Lebanese legislation contains many similar legal principles. Nevertheless, few years ago, the French laws, influenced by the international business law, and the Anglo-Saxon approach of the subject, have evolved. This was not the case in Lebanon, although the practice of private equity was developed in Lebanon. We will proceed through this study, to clarify the notion of acquisition of shares in non-listed companies, as well as the different techniques used. It is also useful to examine how much we can apply the negotiation principles and new clauses that often accompany the sale agreement of shares, in the context of Lebanese and French law
Ameil, Christophe. "La protection des intérêts liés au capital social lors de sa modification (dans les sociétés anonymes)." Thesis, Paris 1, 2013. http://www.theses.fr/2013PA010321.
Full textDue to the multiplicity of its functions, the share capital is the scene where the interests of creditors, shareholders and the company meet. Its modification, whether it be for amplification or reduction, has an impact which corresponds to the extent of the prerogatives which the protagonists enjoy. If the latter may have conflicting objectives -and must therefore be protected separately -they nevertheless agree on the necessity of some intrinsic features of the share capital. This is why it is not surprising that the legislator has made a point of safeguarding their rights, either on an individual basis or collectively. The study of the different protection measures provided for by the positive law sometimes reveals its imperfections, sometimes its shortcomings and its inconsistencies. The adjustable nature of some specific devices will also be highlighted, thereby providing the social organs with the right to remove or shape them according to the "distributive" or "financial" vision of the social capital they will have determined. Finally, this study will highlight whether or not to allow its variability without constraint if it is set within two bounds, which would represent the "authorized" capital
Gamlath, Sharmila. "Essays on variable elasticity of substitution, economic growth, and human capital outcomes." Thesis, Queensland University of Technology, 2016. https://eprints.qut.edu.au/97976/1/Sharmila_Gamlath_Thesis.pdf.
Full textOuachem, Raymond. "Essai sur le capital social comme instrument de garantie des créanciers." Bordeaux 4, 2003. http://www.theses.fr/2003BOR40020.
Full textMejri, Imen. "Maturité de la dette, structure du capital et valeur de l'entreprise." Paris 1, 2010. http://www.theses.fr/2010PA010051.
Full textJamet, Benoît. "Structure de groupe et financement des entreprises." Paris 12, 2003. http://doxa.scd.univ-paris12.fr:80/theses/th0205342.pdf.
Full textDayoub, Issam. "Le rôle des déterminants de la performance financière en assurance : étude sur les sociétés d'assurance françaises." Thesis, Bordeaux, 2014. http://www.theses.fr/2014BORD0086.
Full textThe insurance industry currently witnesses various regulatory reforms at the Europeanlevel. These reforms aim to improve the functioning of insurers and to guarantee the stability in thefinancial markets. Insurance companies must comply with these new regulations such as capitalrequirements and the financial reporting transparency regulations. In this context, insurers need toidentify the indicators that can help to achieve a financial performance that meets the expectations ofall stakeholders. The aim of this thesis is to define the determinants of financial performance ininsurance, their indicators and their role in it. This thesis proposes a conceptual model for the financialperformance of French insurance companies in the period of (2000-2009) through a quantitativemethod. The empirical results show that the capital structure, the solvency and the profitability of aninsurance company are the main determinants of its financial performance
Thai, Thi Hong An. "Trois essais sur la structure du capital et la vitesse d'ajustement vers d’un ratio «cible» d’endettement des entreprises vietnamiennes." Thesis, Université Grenoble Alpes (ComUE), 2019. http://www.theses.fr/2019GREAG005.
Full textThe first paper stemmed from this thesis seeks to explore the determinants of the capital structure of Vietnamese listed companies, with an emphasis on outside ownership. The empirical results demonstrate that the proportion of state investment has no linear impact on firm leverage. The results, however, reveal an inverted U-shaped relationship. Besides, our empirical results show that the proportions of foreign investment and large holders are negatively associated with short-term, total and market leverage. There is no evidence about the non-linear relationship between foreign and large ownership and the capital structure of observed firms.The second study aims to explore some new aspects of the issue of adjustment speed toward the target leverage for Vietnamese publicly quoted firms by adopting a partial adjustment model. Through testing the existence of the target leverage and estimating the speed of adjustment, the study tries to find evidence of heterogeneity in adjustment behavior. Indeed, the assumption that the speed of adjustment is the same for all firms is inconsistent with the argument of the tradeoff theory which states that firms readjust their leverage by comparing the costs and benefits of adjustment. For different firms, these elements are different, leading to heterogeneity in speed. Even for a single company, the speed could change over time. To have an in-depth overview of the adjustment mechanism, this study goes inside different sub-samples of firms, i.e., above versus below the target; close versus far from the target; deficit versus surplus firms.The last essay belonging to the thesis provides the first ever evidence of the changes of adjustment behaviors over the business life cycle of Vietnam quoted firms from 2005 to 2017. The outcomes show that the adjustment speed towards the target leverage varies significantly across the five phases of life, and reaches the highest level in the stage of introduction. The results also indicate that the cash flow pattern is a more reliable proxy of business life cycle stages than firm age and growth rate. Our empirical evidence supports the pecking order theory as the best-fit framework to understand the funding behavior of Vietnam listed firms throughout corporate life
L'Italien, François. "BÉHÉMOTH CAPITAL. Contribution à une théorie dialectique de la financiarisation de la grande corporation." Thesis, Université Laval, 2012. http://www.theses.ulaval.ca/2012/28901/28901.pdf.
Full textMao, Chenguang. "Les opérations du capital social en droit français et chinois." Thesis, Paris 2, 2016. http://www.theses.fr/2016PA020020/document.
Full textThe social capital plays a role disputed, but always essential in a company. Behind the social capital the power is profiled : the person who holds the majority of parts or actions holds the real control of the company. Thus the operations of the social capital indicate in reality the operations of the power between the associates or shareholders during the social life. This is why the operations of the social capital arouse the interest of the jurists and the practitioners, both in France and in China.However, the regime of social capital, which was established with the same idea presents many differences between the French and Chinese legal systems. Our research will thus concentrate on the presentation of the difference between the two legal systems, by analyzing the subjacent reasons under a legal, social and cultural angle. Apart from these differences, while hoping to be able to make progress the Chinese regime of the operations of social capital, the present study will attempt to consider the question of how the Chinese company law can inspire French company law in this field. More generally, how the capital social should be present in both legal systems ?Our comparative study will be done by aiming at three essential operations on the social capital: increases of social capital, reductions of social capital, and the repurchase of social rights, while also wishing to be able to support mutual investors in the transnational investments
N'dri, Kan Honorine. "Origines de la surperformance des introductions en bourse des sociétés financées par des capital-investisseurs : le cas français." Phd thesis, Université de Bourgogne, 2010. http://tel.archives-ouvertes.fr/tel-00661007.
Full textNomo, Théophile Serge. "Étude exploratoire du suivi des investissements réalisés dans le secteur traditionel par les sociétés de capital de risque." Thèse, Université de Sherbrooke, 2008. http://savoirs.usherbrooke.ca/handle/11143/362.
Full textN'Dri, Kan Honorine. "Origines de la surperformance des introductions en bourse des sociétés financées par des capital-investisseurs : le cas français." Thesis, Dijon, 2010. http://www.theses.fr/2010DIJOE009/document.
Full textIn this thesis, we analyze the contractual relationship between private equity investors and entrepreneurs/managers of small and medium sized firms. More specifically, we focus on the real contribution of these financial intermediaries to the Initial Public Offering (IPO) performance of financed firms. While considering venture capitalists’ involvement in the governance of financed firms as the main explaining factor, we use the Corporate Governance theory as the relevant theoretical framework. Thus, we firstly point out the agency theory perspective and secondly the resource and knowledge based view perspective to examine the determinants of venture capitalists’ involvement and the impact of this active participation of private equity investors to financed firms’ performance. From the agency theory perspective, venture capitalists appear as active investors taking part in the governance of finance firms in order to reduce agency costs that may arise from the conflicts of interest existing between both parties. The governance structure aims at monitoring and inciting entrepreneurs to work in the company’s interests. In a resource and knowledge based view theories, these investors add more value to firms trough generating some additional knowledge, skills and facilitating knowledge transfer among parties. The entire creation process is therefore analyzed and the governance mechanisms appear as channels sustaining knowledge generation and transfer. In this sense, venture capitalists’ characteristics, such as their expertise and experience are more than critical to the success of IPOs. These two perspectives of venture capitalists’ contribution are tested from an empirical point of view through a sample gathering more than 500 IPOs occurring on the Financial French market in this period 1997- 2005. Our findings reveal that the monitoring role of venture capitalists through governance mechanisms is amplified by the level of information asymmetry and the degree of conflicting interests existing between both parties. While considering the resource and knowledge based views, it appears that venture capitalists may have a greater contribution depending on their expertise, experience, knowledge of the financed sector… In addition to these results, we find that the IPO performance of venture backed firms is correlated to the governance structure set up by these investors. The number of syndicated investors, the heterogeneity of skills between co-investors and the diversity of skills among board representatives appear as relevant governance factors related to the IPO performance of venture backed firms. Thus, this study contributes to the venture capital literature from a theoretical and empirical point of view. It also has some implications for the manager of small and medium sized firms
Aliyamutu, Jean Paul. "Les marqueurs discursifs des aspects émotionnels de la prise de décision dans les sociétés de capital de risque." Thèse, Université du Québec à Trois-Rivières, 2011. http://depot-e.uqtr.ca/2255/1/030269820.pdf.
Full textCouturier, Gaël. "Droit des sociétés et droit des entreprises en difficulté." Thesis, Lyon 3, 2011. http://www.theses.fr/2011LYO30088.
Full textIt is commonly understood that, when considering ailing companies, the conflicts that arise between concurrently applicable corporate law and insolvency law can be solved with “special law” that prevails over “ordinary law”. This understanding has lost some relevance through the transformation of “bankruptcy law” into “distressed business law”. The trend towards the use of explicit contracts in these fields is bringing about a change in their finality, content and scope. This evolution of corporate law and insolvency law is creating new apprehension on the part of both the distressed company and the creditors, with the result that both parties are looking for means to combine these subjects when organising the recovery of an ailing firm. Their coexistence in substantive law turns out to be even more subtle and complex. In the case of an amicable settlement of a dispute, a synergy exists between corporate law and insolvency law whereas when a settlement is imposed under court supervision, the prevalence of insolvency law over corporate law is notable. Despite distinct origins, differing finality and radically opposing functions, a common logic motivates the relation between corporate law and insolvency law revealing a legal corpus and case law as a testament to the existence of an “ailing company law”
Pan, Lan. "Les partenariats internationaux en capital risque en Chine : spécificités, stratégies et conditions de viabilité." Nice, 2011. http://www.theses.fr/2011NICE0047.
Full textThe goal of this thesis is to analyze the behavior of foreign venture capitalists in China. We particularly examine whether these foreign venture capitalists have different behaviors from local venture capitalists and their counterparts in their original countries. We also consider their specific skills or capabilities and the significant specificities of the strategies which make their investments viable. Based on an empirical methodology and on the processing of two databases, this thesis shows that foreign venture capitalists adjust their investment strategies to local market conditions (especially in establishing the local networks, in orientating their investments to later-stage and/or to the companies which are not necessary in the high tech industries). These strategies also aim to reduce the investment risks by selecting the projects on the recommendation of a reliable third-party, by syndicating theirs investments in riskier projects (for example, high tech companies or start-ups), or by communicating regularly with their portfolio companies. Besides, these foreign venture capitalists bring their skills accumulated from their experience (especially in evaluation of new business ideas and models, in business development and in corporate governance) in order to improve their investments’ viability
Dargham, Alain. "La place du capital-investissement dans la gouvernance des entreprises du Moyen-Orient." Paris 1, 2008. http://www.theses.fr/2008PA010068.
Full textDjimeu, Wouabe Eric. "Essays on Civil War, HIV/AIDS, and Human capital in Sub-Saharan African Countries." Phd thesis, Université d'Auvergne - Clermont-Ferrand I, 2011. http://tel.archives-ouvertes.fr/tel-00599616.
Full textArias, Arellano Liliana. "L'impact de la Solvabilité II et de l'Enterprise Risk Management sur le pilotage des sociétés d'assurance." Thesis, Orléans, 2015. http://www.theses.fr/2015ORLE0502.
Full textSolvency II implementation constitutes a revolution for insurance companies because it leads to major changes their management practices. Solvency II propositions have thus become a major concern for the insurance sector, especially regarding the potential impact of the standard formula on insurers’ investments and on the economy. Aditionnally, Solvency II governance and risk management principles will modify insurers’ risk management culture and will encourage them to adopt ERM practices. This thesis analyses the impact of Solvency II requirements and ERM on insurer’s management practices.A first analysis focuses on the effects of Solvency II calibration on insurance companies’ bond investments. We analyse the adequacy of bond SCR and the behaviour of the return-SCR couple. The results show that the regulatory risk measure for low risk bonds is overall adequate, but that it is overestimated (underestimated) for high risk bonds in non-crisis periods (in crisis periods). We also show that Solvency II calibration encourages investments in low duration bonds and especially high yield bonds. A second analysis focuses on understanding the determinants of ERM adoption and its benefits. Our main contribution is the creation of a continuous ERM index that measures the level of development of insurance companies’ ERM program. We conclude that insurers’ mutual status, size, and geographical location are determinants of ERM state of progress and that there is a positive and significant relationship between ERM state of progress and companies’ profitability
Pasquier, Isabelle. "Les raisons de l'abandon du concept de capital social, gage des créanciers dans le droit américain des sociétés anonymes." Paris 1, 1990. http://www.theses.fr/1990PA010272.
Full textSince the middle of the 1980's, a growing trend in the United States has been the elimination of the concept of legal capital from state corporate laws. The concept of legal capital, especially the role it plays as a "creditors" cushion", has long been criticized as ineffective. As it is theoretical and arbitrary, legal capital is of little interest to creditors. Moreover, state laws based on the principle that capital is not to be distributed have not prevented this from taking place. Their regulations of corporate distributions although complex, finally allow corporations, either expressly or indirectly, to distribute their assets until the point of insolvency
Muhi, Husam Abdulateef. "La protection des actionnaires à l’occasion de l’augmentation de capital des sociétés anonymes : étude comparée des droits français et irakien en vue d’une amélioration du droit irakien." Thesis, Université Grenoble Alpes (ComUE), 2016. http://www.theses.fr/2016GREAD007/document.
Full textOur study focuses on the protect shareholders during the capital increase of the joint stock companys - comparative study French and Iraqi law in order to improve Iraqi law. It focuses on the risks that may affect financial rights, political rights and the property rights of shareholders and their treatments. We note that the protect under French law seems more beneficial to shareholders that Iraqi law. We demonstrate that, although the protect of shareholders in Iraqi law includes strengths, it is not sufficient to guarantee their equal treatment. This protect can be improved by the Iraqi legislature on the basis of proposals which we reach the general conclusion of our research
Celener, Balca. "La fiscalité des sociétés holdings en Turquie." Thesis, Paris 1, 2015. http://www.theses.fr/2015PA010309/document.
Full textThe holding company is an economic reality whose importance is still increasing. Several countries offer tax benefits plans to attract holdings in their territories. The Turkish tax system does not offer such a "holding plan" but it contains several provisions that provide certain benefits to Turkish and foreign investments. Tax advantages for holding companies are important for the State to the extent that it attracts businesses and group companies. The tax provisions can make an attractive and competitive territory, yet they may increase tax evasion within the same territory. Another risk caused by the advantageous tax regime is harmful tax competition. The key elements of an ideal tax system of holding companies are about, first of all, the distribution of profits of the holding company and secondly, income from its own shares, including dividends from its subsidiaries and the capital gains disposal of their shares. Furthermore, the holding company tax system must be both competitive and attractive and at the same time it must be compatible with the principles acknowledged by international tax law
Arias, Arellano Liliana. "L'impact de la Solvabilité II et de l'Enterprise Risk Management sur le pilotage des sociétés d'assurance." Electronic Thesis or Diss., Orléans, 2015. http://www.theses.fr/2015ORLE0502.
Full textSolvency II implementation constitutes a revolution for insurance companies because it leads to major changes their management practices. Solvency II propositions have thus become a major concern for the insurance sector, especially regarding the potential impact of the standard formula on insurers’ investments and on the economy. Aditionnally, Solvency II governance and risk management principles will modify insurers’ risk management culture and will encourage them to adopt ERM practices. This thesis analyses the impact of Solvency II requirements and ERM on insurer’s management practices.A first analysis focuses on the effects of Solvency II calibration on insurance companies’ bond investments. We analyse the adequacy of bond SCR and the behaviour of the return-SCR couple. The results show that the regulatory risk measure for low risk bonds is overall adequate, but that it is overestimated (underestimated) for high risk bonds in non-crisis periods (in crisis periods). We also show that Solvency II calibration encourages investments in low duration bonds and especially high yield bonds. A second analysis focuses on understanding the determinants of ERM adoption and its benefits. Our main contribution is the creation of a continuous ERM index that measures the level of development of insurance companies’ ERM program. We conclude that insurers’ mutual status, size, and geographical location are determinants of ERM state of progress and that there is a positive and significant relationship between ERM state of progress and companies’ profitability
Ekomié, Guy. "Les actions et les valeurs mobilières donnant droit à l'attribution de titres représentant une quotité du capital d'une société anonyme." Nancy 2, 1994. http://www.theses.fr/1994NAN20013.
Full textTransferable securities are undergoing an important development and diversification in France, Europe as well as in other parts of the world. This development responds to the ceaselessly increasing needs of capitals which come from limited companies. Unfortunately, for various reasons, Gabon, and francophone African countries in general, kept out of this evolution. This comparative-based topic has a double objective: - for the French law, to make a synthetic study of composed transferable securities. - For the Gabonese law, to envisage the interest of transposing the French regulations
Ben, Hadj Mbarek Mohamed Karim. "Influence des réseaux d'administrateurs sur la stratégie de la firme : application au cadre des partenariats stratégiques." Dijon, 2005. http://www.theses.fr/2005DIJOE006.
Full textThe aim of this study is to shed some light on directors' social networks effects on their involvement in firms' strategic decision process. Using social capital theory, we propose a theoretical model which explains the link between directors' social relations and firms' strategic management, concerning partnerships decisions. Our assumptions have been tested both from a case study and an econometric analysis. We find that directors' social capital facilitates managers' access to key information on partnerships opportunities. Therefore, directors' social relations help managerial team to reach influential managers within other firms, as potential partners. Finally, these social relations ease the negotiation of partnerships agreements. Our findings show how directors' social networks can be useful to create and implement strategic opportunities. Then directors' social capital may enhance the strategic involvement of board members