Privatizzazioni e corporate governance in Francia (Privatizations and corporate governance in France)

Abstract

From the middle of 1993, the French government has followed an ambitious privatisation programme. Nine major state-owned enterprises have been at least partially sold; other companies some of which are amongst the largest in France, will be sold in the next few years. An analysis is undertaken of how the post-1993 privatisations have related to changes in both the mechanisms of corporate governance and the market for corporate control. Privatisation in France is found to be tactically motivated rather than being spurred by efficiency. Privatisation opened more political than economic opportunities, and corporate governance stayed in stable entities to protect managers from take-over threats. However, a move that will allow organisational competition between Anglo-Saxon and German-Japanese mechanisms may further improve governance of large French corporations.

JEL: E00, G34