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Abstract
Research today does not provide us with an overall vision of the managerial market role and
its contribution to the creation of value has not been tested. This is why we sought to get a
better understanding of this governance mechanism, using the synthetic theoretical grid
proposed by Charreaux (2002). In addition to the fundamental function of assessing managers,
five ways to intervene were identified : three disciplinary ways, the sanctioning of inefficient
managers, the rewarding of competent managers and the reducing of disciplinary costs ; two
cognitive ways : contributing to the strategic vision of the firm, bringing and developing skills.
Our explanatory model of the role of the managerial market includes contingency factors,
linked to the firm (ownership structure, industry sector) or to the manager (career concerns,
proximity of the retirement, support of networks). The model takes also into account, in a
systemic approach, the substitution or complementary effects of five mechanisms : the board
of directors, the large shareholders, the creditors, the market for corporate control and the
products market competition.
An empirical study of the CEOs of French listed companies was carried out. The descriptive
part draws a picture of the managerial market and profile of the managers between 1996 and
2005 in France. The tests of the explanatory model confirmed that this mechanism contributed
to the value creation in the firm, through three of the identified ways to intervene. Among the
factors of contingency, only ownership structure appeared significant. Taking into account
the other governance mechanisms did not result in the validation of the existence of
phenomena of interdependence.
Key words : corporate governance, governance mechanism, managerial market,
disciplinary, cognitive, value creation, systemic approach.