本研究旨在強調治理對夥伴關係的潛在影響，以特斯拉 (Tesla) 與太陽城 (Solar City) 建立合作夥伴關係為案例，發展並提出了改善總體合作夥伴關係的潛在商業方式。

This thesis aims at highlighting the potential impact of governance over partnership. The case of the partnership between Tesla and Solar City is developed and potential business way of doing to improve partnerships in general are suggested

Validation letter ..................................................................................................................... i
Preface ................................................................................................................................... ii
Chinese & English abstract ................................................................................................ iii
Introduction .......................................................................................................................... 6
Definition of the main concepts .......................................................................................... 6
Tesla’s case-study ............................................................................................................... 9
Literature review ................................................................................................................ 12
Thematic approach of the review ..................................................................................... 13
The roles of CEO and Chairperson .............................................................................. 13
Board of Directors ........................................................................................................ 15
The Committees ............................................................................................................ 17
The ownership of the company .................................................................................... 19
Stakeholder board representation ................................................................................. 21
Voting structure ............................................................................................................ 22
Partnerships .................................................................................................................. 26
Critical analysis ................................................................................................................ 30
Research questions ........................................................................................................... 32
Methods ............................................................................................................................... 33
Studied research field ....................................................................................................... 33
Sample selection ............................................................................................................... 33
Data collection .................................................................................................................. 33
Institutional data ........................................................................................................... 33
Form of data ................................................................................................................. 34
Data analysis planning .................................................................................................. 35
Findings ............................................................................................................................... 36
Tesla analysis .................................................................................................................... 36
About Tesla .................................................................................................................. 36
Partnership strategy ...................................................................................................... 39
Corporate governance structure .................................................................................... 40
Solar City analysis ............................................................................................................ 45
About Solar City ........................................................................................................... 45
Boards correlation ........................................................................................................ 46
Partnership and acquisition by Tesla ............................................................................ 47
Discussion and conclusion .................................................................................................. 50
References............................................................................................................................ 53
Appendix 1 .......................................................................................................................... 56
Appendix 2 .......................................................................................................................... 57

References
Litterature review
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Blaikie, N. 2010. Designing Social Research. The Logic of Anticipation (2nd ed.). Cambridge, UK and Malden, USA: Polity Press.
Brickley, J.A., Coles, J.L., Jarrell, G., 1997. Leadership structure: separating the CEO and chairman of the board. Journal of Corporate Finance 3, 189–220.
Child, J., Rodrigues, S.B., 2003. Corporate governance and new organizational forms: issues of double and multiple agency. Journal of Management and Governance, 7 (2003) 337-360.
Dalton, D. et all. 1998. Meta-analytic reviews of board composition, leadership structure, and financial performance. Strategic Management Journal, 19 (1998) 269-290.
Donaldson, L. and J. H. Davis. 1991. Stewardship theory or agency theory: CEO governance and shareholder returns, Australian Journal of Management, 16, pp. 49– 64.
Faleye, O., 2005. Classified boards, firm value, and managerial entrenchment. Journal of Financial Economics 83 (2007) 501- 529.
Fama, E. 1980. Agency Problems and the Theory of the Firm. Journal of Political Economy, 88(2), 288-307.
Fama, E., Jensen, M. 1983. Separation of ownership and control. The Journal of Law and Economics, 26(2): 301-325.
Jensen, M. C. 1998. Organization Theory and Methodology. Foundations of Organizational Strategy (pp. 126–149). Cambridge and London: Harvard University Press.
Jensen, M.C., 1993. Presidential Address: the modern industrial revolution, exit and the

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failure of internal control systems. Journal of Finance 48, 831–880.
Klein, A., 1998. Firm Performance and Board Committee Structure. Journal of Law and Economics, 41(1), 275-303.
Quiry, P., Le Fur, Y. 2018. Finance d’entreprise. Vernimmen, 45(1):934-9345
Mace, M. 1971. Directors: myth and reality. Havard Business School Publications
Mohr, J., Spekman, R. 1994. Characteristics of partnership success: Partnership attributes, communication behavior, and conflict resolution techniques. Strategic Management Journal, 15(2): 135-152.
Rérolle, J.F., 2017. Board members and integrated reporting: the position of the French Directors Association. Linkedin. Juil 15, 2017. https://www.linkedin.com/pulse/board-members-integrated-reporting-position-frenchr%C3%A9rolle/ Accessed on Sept 10, 2018.
Rérolle, J.F., From Shareholder engagement to Integrated Governance. Linkedin. Jun, 18, 2018. https://www.linkedin.com/pulse/from-shareholder-engagement-integratedgovernance-r%C3%A9rolle/ Accessed on Dec 26, 2018.
Tricker, B. 2015. Corporate Governance: Principles, Policies and Practices. Oxford University Press.
Williamson, O. 2007. Corporate Boards of Directors: In Principle and in Practice. The Journal of Law, Economics and Organization, 24(2): 247-272.
Williamson, O. 2005. The Economics of Governance. American Economic Review, 95(2): 1-18.
Williamson, O. E. 1985. The Economic Institutions of Capitalism. New York and London: The Free Press and Collier Macmillan Publisher.
Companies’ information, SEC filings & authoritative documents
Tesla’s website, 2017. About Tesla.
https://www.tesla.com/en_EU/about Accessed on Sept 20, 2018.
Tesla’s website, Tesla proxy Statement part 14(a). Feb. 2018.

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http://ir.tesla.com/static-files/92aad5a3-e745-4747-a6db-137793e1e3f1 Accessed on April 20th, 2019.
Tesla 2016 Shareholders meeting, https://www.youtube.com/watch?v=f9uveu-c5us
Specialized newspapers and websites
https://www.forbes.com/sites/enriquedans/2018/12/07/the-key-for-teslas-futureisbatteries-not-cars/#1422b7cb4061 Accessed on April 20th, 2019.
https://www.businessinsider.fr/tesla-licenciements-solarcity Accessed on April 20th, 2019.
https://www.lesechos.fr/industrie-services/energie-environnement/0600230878765solarcity-perd-du-terrain-aux-etats-unis-depuis-son-rachat-par-tesla-2231232.php Accessed on April 20th, 2019.
https://www.lesechos.fr/tech-medias/medias/0600514677699-comment-netflixreinvente-le-conseil-dadministration-2237507.php Accessed on May 9th, 2019.
https://www.theverge.com/2018/2/8/16990730/tesla-earnings-2017-elon-musk Accessed on May 9th, 2019.