Gouvernance durable des entreprises et impact sur la performance financière : une perspective de la théorie des parties prenantes
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Abstract
Cette étude explore l’impact de la gouvernance durable sur la performance financière des entreprises en mobilisant la théorie des parties prenantes. Elle repose sur l’idée que la performance économique à long terme dépend de la qualité des relations entre l’entreprise et ses parties prenantes, et de l’intégration cohérente des enjeux environnementaux, sociaux et de gouvernance (ESG) dans la stratégie. Huit dimensions de la gouvernance durable sont étudiées : l’engagement actionnarial responsable, la gestion éthique et durable de la relation client, la valorisation du capital humain, l’intégration durable de la chaîne d’approvisionnement, l’ancrage sociétal et territorial, la transparence extra-financière, l’innovation écoresponsable et la gestion stratégique des risques liés aux parties prenantes. L’analyse empirique, menée auprès de 170 PME, montre que plusieurs de ces leviers – notamment l’engagement des actionnaires, la relation client, la chaîne d’approvisionnement, la transparence, l’innovation et l’ancrage territorial – sont associés positivement à la performance financière. En revanche, la valorisation du capital humain et la gestion des risques n’affichent pas d’effet direct. Les variables de contrôle – taille, niveau d’éducation et genre du dirigeant – sont intégrées afin de mieux cerner les effets contextuels. Les résultats soulignent que l’efficacité de la gouvernance durable repose sur la cohérence stratégique des engagements, leur ancrage organisationnel, et la capacité des entreprises à articuler rentabilité et responsabilité dans une perspective de long terme.
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