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Géraldine Carminatti-Marchand, Mathieu Paquerot


Most of studies on corporate governance are based on the Anglo-Saxon view. However in France the majority of the top managers graduate from Ena and Polytechnic. Belonging to one or the other of these two clans, with the underlying link to the civil service, can have serious repercussions on the system of corporate governance. The clan tries to increase their power in the firms. In order to do this, it needs to control firms’ leaders, but also the board of directors. The control of the board allows the system to master all shareholders’ objections. It is also a means to widen its influence. This study proposes an analysis of the links between the characteristics of leaders and boards as well as the consequences of this control of the clan on the performance of the firm.

Keywords: Corporate Governance, Clan, Entrenchment

How to cite this paper: Carminatti-Marchand, G., & Paquerot, M. (2003). The elite and their boards of directors. Corporate Ownership & Control, 1(1), 112-128.