Le rôle des banques dans la gouvernance des entreprises non financières

Abstract

Our article consists in studying the important role of banks in the governance of the Tunisian listed companies observed from 2004 to 2008. Analyses within the framework of this work also reveal important results. At first, the presence of the bank within the firm, as creditor or shareholder, is expensive for the firm and engenders the destruction of the latter's value. Moreover, variables as growth opportunities, performance, largest shareholder's ownership, bank loans, bank share, as well as the profitability ratio exert an important impact on the banks motivation to acquire holdings and to leads to better access to bank loans to non-financial firms. Finally, in the Tunisian context, a bank relationship increases conflicts of interests to the detriment of the advantages of supervision. This is due to the multiple roles that the bank exerts within the firm, which weakens the efficiency of banks as monitors and leads to the destruction of the firm value.