Ownership Structures and Agency Problems: THE FRENCH BANKS CASE

Since its emergence, the theory of the fi rm has evolved to fi t with the fi rm environment changing and increasing complexity. Indeed, the current fi rms are different from the fi rst family fi rms that acted in closed and local markets. Therefore, we moved from the traditional theory, which considers the fi rm as a manufacturing unit with a profi t maximization goal, to the current theory of the ownership rights which consider the fi rm as a set of contractual relationship between different agents, each one works by his own interest (Williamson, 1963; Alchian and Demsetz, 1972; Jensen and Meckling, 1976;....).