L’État actionnaire

Anémone Cartier-Bresson

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State ownership is not yet a thing of the past. Paradoxically, it is in a context of a shrinking public sector that the subject has undergone a real revival in recent years.

This study focuses on the extent to which the qualities of state and shareholder can be reconciled and how the state differs from "ordinary" private shareholders. It shows how the State appropriates the mechanisms of the capital company by adapting them to its needs. It shows that the State plays less naturally the role of a shareholder concerned with making its investments profitable, hence the multiplication of rules designed to force it to do so. This growing framework tends to improve the efficiency of the State as shareholder by bringing its behaviour closer to that of a private shareholder. At the same time, it reduces the possibility of pursuing in a discretionary manner the general interest objectives that may motivate state ownership of company capital.

More broadly, the study illustrates how the state uses common law techniques to intervene in the economy and the resulting interactions. This issue is renewed by the emergence of rules, in particular those of competition law, which push the State to better define its various roles.

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Author

  • Lallemand & Legros (Brussels)

Quotation

Audrey Blot, L’État actionnaire, September 2010, Concurrences N° 3-2010, Art. N° 32147, pp. 202-203

Publisher LGDJ

Date 19 January 2010

Number of pages 496

ISBN 978-2275034768

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