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PSA : une financiarisation endogène. Construire le contrôle financier d'une firme industrielle et familiale de 1965 à 2020

Abstract : We offer a longitudinal analysis of finance transformations within PSA company. We analyze together the industrial, financial and family dimensions that give shape to the automotive group. In doing so, we originally light to transformations associated with financialization from an endogeneous approach.On the one hand, the analysis of its archives allows to restitute the transformation of the functions, actors, devices and problems of the corporate finance from the 1960s onwards. This time is little considered from a financial point of view. We continue the analyze until 2019. We underline the evolution factors, the more or less strong formalization of internal and external financial control, but also the institutional conditions for their organizational efficiency.In the other hand, we rely on the analysis of forty semi-directive interviews with former and current senior financial and family executives of PSA. In addition, we reconstruct the trajectories and the managers perception – part of family or not - of the family companies located at the very top of the automotive group. We address the subjectivity of these transformations, tools, rationality and tensions that underlie them and determine their uses.We emphasis that the Peugeot family has sought, for a large part of its history, to preserve family control of the industrial group in order to protect itself from external investors. Nevertheless, from the 1990s, the search for this control led to list the controlling holding company itself on the stock exchange. Thus, we originally observe a parallel evolution : on the one hand, the preservation of family control over the company until 2014 ; on the other hand the family assets diversification at the higher level : the main financial and family company, FFP.
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Submitted on : Tuesday, May 25, 2021 - 3:19:22 PM
Last modification on : Friday, June 18, 2021 - 3:27:51 AM
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  • HAL Id : tel-03234848, version 1

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Quentin Couloumies - Belot. PSA : une financiarisation endogène. Construire le contrôle financier d'une firme industrielle et familiale de 1965 à 2020. Sociologie. Université Paris-Saclay, 2021. Français. ⟨NNT : 2021UPASU001⟩. ⟨tel-03234848⟩

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