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Licenciements boursiers chez Michelin et Danone : beaucoup de bruit pour rien ?

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  • Gunther Capelle-Blancard
  • Nicolas Couderc

Abstract

[eng] The Shareholders Reaction to Massive Layoffs : Michelin and Danone Case Studies. A reduction-in-force (RIF) announcement often attracts extensive media coverage. In France, everybody has a recollection of the Michelin or Lu scandals. Beyond the newsworthiness of such events, is a RIF decision in any way correlated to the company's stock market performance ? In this paper, we show that, even in the most striking examples, such as Michelin or Lu scandals, the market value the firm does not increase. [fre] Gunther Capelle-Blancard Nicolas Couderc Licenciements boursiers chez Michelin et Danone : beaucoup de bruit pour rien ? Le débat autour des « licenciements boursiers » attire régulièrement l'attention des médias. Pourtant, contrairement à une opinion répandue, les cours boursiers baissent en général à la suite d'annonces de licenciements massifs. Dans cette note, nous mettons en œuvre deux études d'événements appliquées aux cas particulièrement médiatiques des entreprises Michelin (septembre 1999) et Lu-Danone (printemps 2001). Même dans ces cas particulièrement médiatiques, il ressort que les marchés financiers ne réagissent pas positivement.

Suggested Citation

  • Gunther Capelle-Blancard & Nicolas Couderc, 2006. "Licenciements boursiers chez Michelin et Danone : beaucoup de bruit pour rien ?," Revue Française d'Économie, Programme National Persée, vol. 21(2), pages 55-73.
    • Handle: RePEc:prs:rfreco:rfeco_0769-0479_2006_num_21_2_1596
    DOI: 10.3406/rfeco.2006.1596
    Note: DOI:10.3406/rfeco.2006.1596
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