GOUVERNANCE FAMILIALE ET REPARTITION DE LA VALEUR : ETUDE DES POLITIQUES DE DISTRIBUTION AUX ACTIONNAIRES DES ENTREPRISES FAMILIALES COTEES

International audienceThis paper studies payout policies of listed family firms. It analyzes the amount of payout but also the choice between dividends or shares repurchase. The recent evolutions of family firms modelization bring to study two types of agency conflicts, the one between shareholders and manager (type I), and the one between majority and minority shareholders (type II). Our results show that payout policies are related to the intensity of the two types of agency conflicts which are overall less strong than in non family firms. It appears a different repartition of value in family firms, as payout is smaller. In addition, the paper suggests payout policies are used to modify the repartition of power. Family minority shareholder favours share repurchases that enables a concentration of control.Cet article analyse le montant et la forme des politiques de distribution des entreprises familiales cotées. Les évolutions récentes de la notion d'entreprise familiale amènent à s'interroger sur les effets de deux types de conflits d'agence, entre actionnaires et dirigeant (type I), et entre actionnaires majoritaires et minoritaires (type II). Nos résultats montrent que les montants distribués sont liés à ces deux composantes du conflit d'agence, qui est globalement moins fort dans les entreprises familiales. Il apparait ainsi une répartition différente des revenus dans les structures familiales, les distributions aux actionnaires y étant plus faibles. Cet article suggère également que les politiques de distribution sont utilisées pour modifier la répartition des pouvoirs : les entreprises où la famille dirigeante est minoritaire privilégient l'utilisation du rachat, outil de concentration du contrôle

RÉFLEXION SUR LA FINALITÉ DES SYSTÈMES DE GOUVERNANCE D’ENTREPRISES ET LEUR CONVERGENCE

Cet article porte sur la notion de gouvernance d’entreprise à travers ses contenus et son évolution. Depuis une vision disciplinaire jusque dans sa dimension cognitive nous nous interrogeons sur l’existence (ou non) d’un modèle unique vers lequel les systèmes de gouvernance tendent ou devraient tendreGouvernance d’entreprise, Convergence des systèmes, mécanismes disciplinaires, Référentiel cognitif

GOUVERNANCE FAMILIALE ET REPARTITION DE LA VALEUR : ETUDE DES POLITIQUES DE DISTRIBUTION AUX ACTIONNAIRES DES ENTREPRISES FAMILIALES COTEES

Cet article analyse le montant et la forme des politiques de distribution des entreprises familiales cotées. Les évolutions récentes de la notion d'entreprise familiale amènent à s'interroger sur les effets de deux types de conflits d'agence, entre actionnaires et dirigeant (type I), et entre actionnaires majoritaires et minoritaires (type II). Nos résultats montrent que les montants distribués sont liés à ces deux composantes du conflit d'agence, qui est globalement moins fort dans les entreprises familiales. Il apparait ainsi une répartition différente des revenus dans les structures familiales, les distributions aux actionnaires y étant plus faibles. Cet article suggère également que les politiques de distribution sont utilisées pour modifier la répartition des pouvoirs : les entreprises où la famille dirigeante est minoritaire privilégient l'utilisation du rachat, outil de concentration du contrôle.dividende, rachat d'actions, gouvernance familiale, conflits d'agence type I et II, répartition de la valeur

ROLE DES CONFLITS D'AGENCE, DE LA STRUCTURE D'ACTIONNARIAT ET DES MECANISMES DE GOUVERNANCE SUR LES POLITIQUES DE DISTRIBUTION : APPLICATION AUX DECISIONS DE DIVIDENDE ET DE RACHAT D'ACTIONS DES SOCIETES FRANÇAISES COTEES.

The dissertation aims at better understanding shareholder payout policies in the framework of the agency theory and to explain the choice of the payout tool: dividend or share repurchase.Taking into account the ownership structure of European firms, the classical conceptual framework was extended to a broader study of the influence of agency relationships between managers and shareholders, as well as between majority and minority shareholders. Such an analysis requires taking into account both factors influencing agency conflicts and the firm’s governance system.An empirical study of French companies listed on the SBF250 allows to illustrate the relevance of the conceptual framework and to highlight the limits of payout policies to resolve agency conflicts in France. While payout is used to reduce Free Cash Flow risk, its use is limited in a conflict situation between majority and minority shareholders. Without any efficient alternative governance mechanisms, minority shareholders cannot urge insiders to pay out. Thus the majority shareholders are free to reduce payout and to draw private benefits.The thesis also looks into the choice of the payout tool. In accordance with the various hypotheses stemming from literature survey, a major finding is that share repurchase is preferred when managers have stock-options or when firms’ earnings are temporary. Another key finding is that taxes do notinfluence in a significant way the choice of the payout tool. Eventually, it is stressed that share repurchase is not often used in France for payout, and that dividend remains the main tool.L’objectif de cette thèse est de mieux appréhender les décisions de distribution de liquidités aux actionnaires dans le cadre de la théorie de l’agence, ainsi que le choix de l’instrument de distribution : dividende ou rachat d’actions.La structure de l’actionnariat des entreprises européennes pousse à élargir le cadre classique et à étudier à la fois l’influence des conflits entre actionnaires et dirigeants, et ceux entre actionnaires majoritaires et minoritaires. Cette analyse nécessite la prise en compte des déterminants de l’intensité de ces conflits, mais aussi du système de gouvernance auquel est soumis l’entreprise. A travers une étude empirique sur les sociétés françaises du SBF250, nous montrons la pertinence de ce cadre théorique, mais aussi les limites, en France, de l’utilisation des politiques de distribution pour résoudre les conflits d’agence. Si les distributions sont utilisées pour diminuer le risque de Free Cash Flow, elles ont un effet limité face au conflit entre actionnaires majoritaires et minoritaires. Faute de mécanismes de gouvernance alternatifs et efficaces, ces derniers ne parviennent pas à provoquer des distributions, laissant ainsi l’actionnaire dominant libre de diminuer les distributions pour faciliter l’extraction de bénéfices privés.Par ailleurs, cette thèse s’intéresse au choix de l’instrument de distribution. Ainsi, conformément aux hypothèses issues de la littérature, nous montrons que le rachat est préféré lorsque les dirigeants détiennent des stock-options ou lorsque les revenus de la firme sont temporaires. En revanche, la fiscalité n’influence pas significativement le choix de l’instrument. Enfin, notre recherche souligne que le rachat est un outil de distribution peu utilisé en France et que le dividende en reste le moyen privilégié

Environments of the Four Tryptophans in the Extracellular Domain of Human Tissue Factor: Comparison of Results from Absorption and Fluorescence Difference Spectra of Tryptophan Replacement Mutants with the Crystal Structure of the Wild-Type Protein

The local environments of the four tryptophan residues of the extracellular domain of human tissue factor (sTF) were assessed from difference absorption and fluorescence spectra. The difference spectra were derived by subtracting spectra from single Trp-to-Phe or Trp-to-Tyr replacement mutants from the corresponding spectrum of the wild-type protein. Each of the mutants was capable of enhancing the proteolytic activity of factor Vila showing that the mutations did not introduce major structural changes, although the mutants were more susceptible to denaturation by guanidinium chloride. The difference spectra indicate that the Trp residues are buried to different extents within the protein matrix. This evaluation was compared with the x-ray crystal structure of sTF. There is excellent agreement between predictions from the difference spectra and the environments of the Trp residues observed in the x-ray crystal structure, demonstrating that difference absorption and particularly fluorescence spectra derived from functional single-Trp replacement mutants can be used to obtain information about the local environments of individual Trp residues in multi-tryptophan proteins

Why Are Outcomes Different for Registry Patients Enrolled Prospectively and Retrospectively? Insights from the Global Anticoagulant Registry in the FIELD-Atrial Fibrillation (GARFIELD-AF).

Background: Retrospective and prospective observational studies are designed to reflect real-world evidence on clinical practice, but can yield conflicting results. The GARFIELD-AF Registry includes both methods of enrolment and allows analysis of differences in patient characteristics and outcomes that may result. Methods and Results: Patients with atrial fibrillation (AF) and ≥1 risk factor for stroke at diagnosis of AF were recruited either retrospectively (n = 5069) or prospectively (n = 5501) from 19 countries and then followed prospectively. The retrospectively enrolled cohort comprised patients with established AF (for a least 6, and up to 24 months before enrolment), who were identified retrospectively (and baseline and partial follow-up data were collected from the emedical records) and then followed prospectively between 0-18 months (such that the total time of follow-up was 24 months; data collection Dec-2009 and Oct-2010). In the prospectively enrolled cohort, patients with newly diagnosed AF (≤6 weeks after diagnosis) were recruited between Mar-2010 and Oct-2011 and were followed for 24 months after enrolment. Differences between the cohorts were observed in clinical characteristics, including type of AF, stroke prevention strategies, and event rates. More patients in the retrospectively identified cohort received vitamin K antagonists (62.1% vs. 53.2%) and fewer received non-vitamin K oral anticoagulants (1.8% vs . 4.2%). All-cause mortality rates per 100 person-years during the prospective follow-up (starting the first study visit up to 1 year) were significantly lower in the retrospective than prospectively identified cohort (3.04 [95% CI 2.51 to 3.67] vs . 4.05 [95% CI 3.53 to 4.63]; p = 0.016). Conclusions: Interpretations of data from registries that aim to evaluate the characteristics and outcomes of patients with AF must take account of differences in registry design and the impact of recall bias and survivorship bias that is incurred with retrospective enrolment. Clinical Trial Registration: - URL: http://www.clinicaltrials.gov . Unique identifier for GARFIELD-AF (NCT01090362)

Risk profiles and one-year outcomes of patients with newly diagnosed atrial fibrillation in India: Insights from the GARFIELD-AF Registry.

BACKGROUND: The Global Anticoagulant Registry in the FIELD-Atrial Fibrillation (GARFIELD-AF) is an ongoing prospective noninterventional registry, which is providing important information on the baseline characteristics, treatment patterns, and 1-year outcomes in patients with newly diagnosed non-valvular atrial fibrillation (NVAF). This report describes data from Indian patients recruited in this registry. METHODS AND RESULTS: A total of 52,014 patients with newly diagnosed AF were enrolled globally; of these, 1388 patients were recruited from 26 sites within India (2012-2016). In India, the mean age was 65.8 years at diagnosis of NVAF. Hypertension was the most prevalent risk factor for AF, present in 68.5% of patients from India and in 76.3% of patients globally (P < 0.001). Diabetes and coronary artery disease (CAD) were prevalent in 36.2% and 28.1% of patients as compared with global prevalence of 22.2% and 21.6%, respectively (P < 0.001 for both). Antiplatelet therapy was the most common antithrombotic treatment in India. With increasing stroke risk, however, patients were more likely to receive oral anticoagulant therapy [mainly vitamin K antagonist (VKA)], but average international normalized ratio (INR) was lower among Indian patients [median INR value 1.6 (interquartile range {IQR}: 1.3-2.3) versus 2.3 (IQR 1.8-2.8) (P < 0.001)]. Compared with other countries, patients from India had markedly higher rates of all-cause mortality [7.68 per 100 person-years (95% confidence interval 6.32-9.35) vs 4.34 (4.16-4.53), P < 0.0001], while rates of stroke/systemic embolism and major bleeding were lower after 1 year of follow-up. CONCLUSION: Compared to previously published registries from India, the GARFIELD-AF registry describes clinical profiles and outcomes in Indian patients with AF of a different etiology. The registry data show that compared to the rest of the world, Indian AF patients are younger in age and have more diabetes and CAD. Patients with a higher stroke risk are more likely to receive anticoagulation therapy with VKA but are underdosed compared with the global average in the GARFIELD-AF. CLINICAL TRIAL REGISTRATION-URL: http://www.clinicaltrials.gov. Unique identifier: NCT01090362

Improved risk stratification of patients with atrial fibrillation: an integrated GARFIELD-AF tool for the prediction of mortality, stroke and bleed in patients with and without anticoagulation.

OBJECTIVES: To provide an accurate, web-based tool for stratifying patients with atrial fibrillation to facilitate decisions on the potential benefits/risks of anticoagulation, based on mortality, stroke and bleeding risks. DESIGN: The new tool was developed, using stepwise regression, for all and then applied to lower risk patients. C-statistics were compared with CHA2DS2-VASc using 30-fold cross-validation to control for overfitting. External validation was undertaken in an independent dataset, Outcome Registry for Better Informed Treatment of Atrial Fibrillation (ORBIT-AF). PARTICIPANTS: Data from 39 898 patients enrolled in the prospective GARFIELD-AF registry provided the basis for deriving and validating an integrated risk tool to predict stroke risk, mortality and bleeding risk. RESULTS: The discriminatory value of the GARFIELD-AF risk model was superior to CHA2DS2-VASc for patients with or without anticoagulation. C-statistics (95% CI) for all-cause mortality, ischaemic stroke/systemic embolism and haemorrhagic stroke/major bleeding (treated patients) were: 0.77 (0.76 to 0.78), 0.69 (0.67 to 0.71) and 0.66 (0.62 to 0.69), respectively, for the GARFIELD-AF risk models, and 0.66 (0.64-0.67), 0.64 (0.61-0.66) and 0.64 (0.61-0.68), respectively, for CHA2DS2-VASc (or HAS-BLED for bleeding). In very low to low risk patients (CHA2DS2-VASc 0 or 1 (men) and 1 or 2 (women)), the CHA2DS2-VASc and HAS-BLED (for bleeding) scores offered weak discriminatory value for mortality, stroke/systemic embolism and major bleeding. C-statistics for the GARFIELD-AF risk tool were 0.69 (0.64 to 0.75), 0.65 (0.56 to 0.73) and 0.60 (0.47 to 0.73) for each end point, respectively, versus 0.50 (0.45 to 0.55), 0.59 (0.50 to 0.67) and 0.55 (0.53 to 0.56) for CHA2DS2-VASc (or HAS-BLED for bleeding). Upon validation in the ORBIT-AF population, C-statistics showed that the GARFIELD-AF risk tool was effective for predicting 1-year all-cause mortality using the full and simplified model for all-cause mortality: C-statistics 0.75 (0.73 to 0.77) and 0.75 (0.73 to 0.77), respectively, and for predicting for any stroke or systemic embolism over 1 year, C-statistics 0.68 (0.62 to 0.74). CONCLUSIONS: Performance of the GARFIELD-AF risk tool was superior to CHA2DS2-VASc in predicting stroke and mortality and superior to HAS-BLED for bleeding, overall and in lower risk patients. The GARFIELD-AF tool has the potential for incorporation in routine electronic systems, and for the first time, permits simultaneous evaluation of ischaemic stroke, mortality and bleeding risks. CLINICAL TRIAL REGISTRATION: URL: http://www.clinicaltrials.gov. Unique identifier for GARFIELD-AF (NCT01090362) and for ORBIT-AF (NCT01165710)