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Performances à long terme et caractéristiques financières des entreprises qui réduisent leurs effectifs

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  • Patrick Sentis

    (Université de Montpellier 1)

Abstract

Using data for 1991-1995 on 90 large firms which have a minimum drop of 10 % in their total staff, we investigate whether corporate performance and shareholder wealth are related to staff reduction. More specifically, we test the wealth redistribution hypothesis between shareholders and employees when a firm reduces its staff. We find that staff reduction leads to a weak improvement of corporate performance and that industry-adjusted shareholder return is positively related to change in wealth allocated to staff.

Suggested Citation

  • Patrick Sentis, 1998. "Performances à long terme et caractéristiques financières des entreprises qui réduisent leurs effectifs," Revue Finance Contrôle Stratégie, revues.org, vol. 1(4), pages 115-150, December.
    • Handle: RePEc:dij:revfcs:v:1:y:1998:i:q4:p:115-150
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    References listed on IDEAS

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    Cited by:

    1. José Allouche & Patrice Laroche & Florent Noël, 2008. "Restructurations et performances de l’entreprise:une méta-analyse," Revue Finance Contrôle Stratégie, revues.org, vol. 11(2), pages 105-146, June.
    2. Bénédicte Reynaud & Arnaud Degorre, 2007. "Workforce reduction and firm performance: a comparison between French publicly-listed and non-listed companies, 1994-2000," Working Papers halshs-00588011, HAL.
    3. Corinne Gourmel-Rouget & Véronique Bon, 2003. "Politique d’attribution différenciée de stock options : analyse des conflits d’intérêts induits et de leurs modes de résolution - Cas d’Alcatel," Revue d'Économie Financière, Programme National Persée, vol. 72(3), pages 317-336.
    4. Labadi, Moufida & Nekhili, Mehdi, 2012. "Structure de propriété et partage de la valeur ajoutée : application aux entreprises françaises non financières du SBF120," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 12.
    5. Camille Signoretto & Julie Valentin, 2012. "Pratiques des employeurs en matière de licenciements : une analyse sur données d'entreprises," Documents de travail du Centre d'Economie de la Sorbonne 12049, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    6. Bénédicte Reynaud, 2010. "Workforce reduction and firm performance: Evidence from French firm data," PSE Working Papers halshs-00564828, HAL.
    7. Camille Signoretto & Julie Valentin, 2012. "Pratiques des employeurs en matière de licenciements : une analyse sur données d'entreprises," Post-Print halshs-00719764, HAL.

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