led leaders to resist the financial siren

The debate on "economic patriotism" is raging in France on a background of rampant globalization and regular attempt to take control of French industrial groups by foreign groups. It reflects the double concern of public authorities to keep hands on certain sectors considered strategic and employees to preserve their jobs would be threatened by a change of ownership.

Strengthening of the powers of the shareholders, poisoned pills, cored rounds and contre-OPA, the arsenal of countermeasures is enriched every day without that is never mentioned natural weapon that offers family capitalism for the defence of our industrial assets. Dassault, Bouygues, CMA CGM, Neuf Telecom, to mention only a few jewels of our industry, are groups of global or European controlled by families and operating in critical areas of defence, media, shipping and telecommunications. Examples could be multiplied. They are often the culmination brilliant adventure of companies that, under the leadership of a man, are passed over a few decades the status of SMEs to multinational group. These groups have all the advantages in the debate on "economic patriotism" without be exposed to any criticism: the control of the capital is the company from any attempt to OPA, even if she traded. This is not Arcelor, which launched a takeover bid on Mittal, Indian family group, but the reverse. Owners can of course take the initiative to transfer their assets to third parties, but experience has shown that, except crisis serious, the case is rarely. The dynastic ambition is usually the highest, led leaders to resist the financial siren, and transmit the business to the next generation.

Family groups are generally characterized by a source of a triple stability independence: one of the leaders, which is obvious in the case of the owner - manager and frequent for dissociation of roles; stability of the headquarters: both have its headquarters in itself; stability of the strategy, finally, much less subject to the diktat of profitability as companies whose capital is mainly on the market, in particular under the control of pension funds. This independence translates into a more strong risk taking ability, which committed to the essential family Fund. According to available studies, the growth of these companies is greater than the average, which proves its dynamism, and they lead a policy of loyalty of their personnel around a "House spirit" that meets the legitimate request of employment security. Add to this table, reactivity in decision-making related to the concentration of essential powers in a few hands. These characteristics make these family groups very tailored to the requirements of the sectors strongly exposed to international competition. They bring an offensive response to the requirement to conquer international markets by French companies in preserving of the criticism of protectionism "economic patriotism" purely defensive measures, which regularly pay the chronic. This situation is however rarely referred to as if the shameful shadows of two hundred families (who were owners of the Bank of France prior to its nationalization in 1936) disallowed it. Are mixed in this tacit opprobrium the concentration on a few heads of important capital nevertheless legitimized by risk, work and success and reeks of paternalism, actually swept away for a long time by the support of the social risks of workers by the social security and the development of social policies (housing, etc.).

The family character of these groups justify specific measures devices already adopted on the ISF on the tool and its transmission It is another matter. The recognition of their global role for the development of the economy particularly in the debate on "economic patriotism" and French is that justice and in any case meets the requirements of a healthy observation.