INFLUENCE SIMULTANEE DES INVESTISSEURS FINANCIERS ET INSTITUTIONNELS ET DES ACTIONNAIRES DE CONTROLE SUR LA PERFORMANCE DES FIRMES

Résumé

Most research on the link between shareholding structure and firm performance ignores the interaction between concentration and the nature of shareholding. The objective of this article is to determine the effect of the interaction between financial and institutional investors and controlling shareholders on the performance of non-financial corporations listed on the Bourse Régionale des Valeurs Mobilières (BRVM). Using dynamic regressions on panel data, the results show that the presence of financial and institutional investors reduces the positive effect of ownership concentration on corporate performance.