Hence the fight against the winds of the ISP

The strategic investment Fund (ISP) comes from his first defeat. Owner, with its parent, the Caisse des Dépôts, 7.5 of the capital of Accor, the ISP could not prevent the two hedge fund Colony Capital and Eurazeo push the Board of Directors to dismantle the hotel group. Cannot of course blame the arm of the State of losing battles, the ISP may not all win or means. But this rout is instructive as to the relationship of companies with their shareholders: the crisis has changed nothing. Beautiful calls "the short-termism of the markets" and the need for "long-term investment" remain dead letter.

It will be proposed to the shareholders of Accor to cut the group into two: the Ticket Restaurant which emit of cash on the one hand, the hotels which consume, on the other. The argument is that which is listed in the pediment of "shareholder value" theory which is imposed for twenty years: is not the leaders of the choice of the best investment of cash but to the shareholder. With two companies Accor instead of one, the shareholder will rule by purchasing securities of one or the other. The market knows better leadership, it is "more effective".

It is seriously doubtful that this is true for Accor. Shareholders, including hedge funds, will pocket the cash available rather than give it to the hotel industry, this is the logic. But, more broadly, that knows The control of the property of companies is one of the key elements of the type of capitalism, it differs greatly from country to another, and yet he is the subject of few empirical studies, regrets Jean-Philippe Touffut in the introduction to an informative class book that is the point on this famous "shareholder value" (1). At the time when the effectiveness of the financial markets is questioned by the crisis, the book queries this another part of the anglo-saxon capitalism is this "theory of value".

Pressure from shareholders, commener of funds activists, moves the distribution of the value added to the capital and labour, downsizing are adjusted more quickly to the situation: this 'macro' - there is known. But at the level of the undertaking, was able to demonstrate empirically that the rule of the shareholder really maximizes the social value "No", said Margaret Blair, Professor at Vanderbilt University. The merits of his argument is that shareholders are not all of the same and that some have more ways to "protect" than others and take control. In addition, the dispossession of the other "stakeholders" would have a negative effect on the creation of value. Except, said Margaret Blair, for leaders, who, once they are paid as shareholders (stock), can capture a portion of the annuity. Conclusion: the question is allowed.

Analysis to refine must distinguish between the countries. In Britain, the shareholder is King but it is dispersed, people might have said Mr. Balladur. In the United States, the leading teams are armed legal devices including the "poison pills", the power is firmly in the hands of the Board of Directors, notes Gregory Jackson, Professor at King's College London. And "this contributes much to preserve the interests of stakeholders-shareholders of the company".And Professor Jackson of wonder that it is not the case in continental Europe.

Jean-Louis Beffa, Chairman of the Supervisory Board of Saint-Gobain, and Xavier Ragot of CNRS, give an explanation for the France. Moved from the "control" by the State (nationalization) of "hard cores" (privatizations) that it was then "broken" leaving all the shareholder activists, like hedge funds. France, who has neither a popular ownership or "poison pills" is, if it can be summarized, available. Hence the fight against the winds of the ISP.

For authors, the purpose of reorienting towards long-term French companies through tax and regulatory pathways which penalize short-termism. The ISP is enough. Paradoxically, it is better to follow the American model.

(1) "A what are the shareholders", Symposium of the Cournot Centre under the direction of Jean-Philippe Touffut, Albin Michel.