Débloquer la réforme sur la gestion des entreprises

CAMBRIDGE, E.-U. – Lors de leur dernière réunion au début de ce mois, les ministres des finances du G20 et les gouverneurs des banques centrales ont appelé à une meilleure gestion des entreprises. De tels appels sont souvent entendus, mais certaines pressions font qu’il est difficile pour les gouvernements de mettre en place les réformes nécessaires. Donc, si l’on veut que soient mises en œuvre des réformes sérieuses, il faudra que l’état fasse montre d’une grande fermeté et de persévérance.

De nombreux pays accordent à ceux qui investissent dans les entreprises publiques des niveaux de protection qui sont tout simplement inadéquats. Même dans les pays dotés de systèmes de gestion d’entreprise aboutis, il persiste des arrangements excessivement laxistes sur les délits d’initiés. Aux Etats-Unis, par exemple, les initiés profitent de protections de la part des repreneurs ce qui, preuves empiriques à l’appui, contribue à dévaluer l’entreprise.

Ce n’est pas par un manque de connaissances des autorités publiques que des gestions laxistes d’entreprises perdurent. Des obstacles politiques permettent souvent que perdurent de petits arrangements même après qu’ils aient été reconnus inefficaces.

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