Abstract:
This study analyzes the effects of the evolution of governance initiated by Édouard Michelin (6th generation) and continued after his death by Michel Rollier on the specificities of agency and entrenchment conflicts, in a listed family limited partnership, a form of governance that has been little studied. Our results show that this evolution has reduced type I and II agency conflicts. They also show that the evolution of the entrenchment of managers since 2012 has considered the interests of "minority" shareholders while allowing managers to be able to make their decisions over the long term.
Keywords: Corporate governance, family business, limited partnership, agency theory, embeddedness theory
