Abstract
The purpose of this paper is to clear up the role of the institutional investors in the strategic decisions of the Tunisian companies. From the econometric tests applied to Tunisian data of panel in the period between 1999 and 2005, the results corroborate the assumptions of the entrenchment theory. The institutional investors seek the maximisation of their profitability in the short run and they do not motivate to invest in the activities of research and development. They do not support the long-term growth of the company. They contribute little to the improvement of the system of corporate governance of the Tunisian companies.
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