LA LA FIRME FINANCIARISÉE ET SON IMPACT SUR L'ÉCONOMIE NATIONALE : UNE REVUE DE LA LITTÉRATURE

Abstract

The phenomenon that the management of large companies has known – more particularly those listed on the stock exchange these last decades – is certainly the financialisation of their strategy. This phenomenon is the result of the globalization of the economic activities with consequencies on the rapid spreading of capitals at the world level.

The choice of a strategy that relies on a strong dynamic of external growth seems to constitute an essential motor to bring together big businesses and institutional investor. Leading thus to the birth of a model of a "global and financialised" firm with the emergence of the model the "global and financialised" firm, the shareholders who have been strongly ignored by managerial theories become "principal actors" whose managers are more than "agents". The financialisation of businesses strategy accompanies the transformation of the shareholding and feeds the change of their culture. The key word of this culture is the "re­centration" on the shareholder, on the more, on the financial performance. Consequently, the domination strategy induced by the financial strategy of the firms might play against their own growth and penalize the whole taking parts, including the share holders.