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Sous-investissement et suppression d’effectifs : vers une réduction des conflits d’agence

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  • Sentis, Patrick

Abstract

Cet article montre que la possibilité pour une firme endettée de réduire ses effectifs permet de supprimer les situations de sous-investissement et les coûts d\'agence qui leurs sont liés. L\'influence de la possibilité de réduire les effectifs sur la richesse des parties prenantes de l\'entreprise est étudiée. Seuls les créanciers et les travailleurs profitent de la politique de réduction d\'effectifs. La valeur des actions demeure inchangée. Enfin, dans le modèle, une structure du capital optimale existe et la valeur de l\'entreprise endettée apparaît supérieure à celle de l\'entreprise sans dette.

Suggested Citation

  • Sentis, Patrick, 2001. "Sous-investissement et suppression d’effectifs : vers une réduction des conflits d’agence," Accepted Papers Series 2001-2, Montpellier University, Center for Research in Finance.
    • Handle: RePEc:grf:mtpaps:ps001
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