Advanced Search
MyIDEAS: Login to save this article or follow this journal

Annonces de suppressions d’emplois et valeur boursière de l’entreprise

Contents:

Author Info

  • Jérôme Hubler

    ()
    (Université de Nancy 2 (IAE))

  • Pierre-Xavier Meschi

    (Université de la Méditerranée)

  • Géraldine Schmidt

    (Université Paris 1 Sorbonne (IAE))

Registered author(s):

    Abstract

    (VF)Outre la mesure de l’impact de l’annonce des suppressions d’emplois, réalisée à travers une d’étude d’événements, cette recherche intègre une série de critères qui caractérisent les suppressions d'emplois. Deux résultats majeurs sont à noter. 1) Aucun impact significatif n’est mis en évidence dans trois cas : a) si le motif exprimé est offensif, b) si la société appartient à un secteur industriel ou à celui des services des technologies de l’information, c) si les suppressions d’emplois ne concernent qu’un site particulier. 2) Un impact significatif négatif apparaît dans trois cas : a) si la source de l’information de l’annonce des suppressions d’emplois est syndicale et que le motif est réactif, b) si la société concer-née appartient à un secteur des servi-ces autre que celui des technologies de l’information, et c) si les suppressions d’emplois sont supérieures à 10 % de l’effectif total.(VA) The impact of layoff announcements on shareholder value is measured through event study methodology. Furthermore, the study includes several factors that characterize the type of downsizing. Two main results can be pointed out. 1) The absence of a significant impact in three cases : a) if the expressed motives of layoffs are offensive, b) if the company belongs to an industrial sector or to the IT sector, and c) if only one site is concerned. 2) A significant negative impact is observed in three cases : a) if the information source is labor unions and the expressed motivation is reactive, b) if the company belongs to the services sector excluding the IT sector, and c) if the overall percentage of layoffs is more than 10 %.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL: http://leg2.u-bourgogne.fr/rev/074142.pdf
    Download Restriction: no

    Bibliographic Info

    Article provided by revues.org in its journal Revue Finance Contrôle Stratégie.

    Volume (Year): 7 (2004)
    Issue (Month): 4 (December)
    Pages: 107-142

    as in new window
    Handle: RePEc:dij:revfcs:v:7:y:2004:i:q4:p:107-142

    Contact details of provider:
    Web page: http://www.revues.org/

    Order Information:
    Email:

    Related research

    Keywords: suppressions d’emplois; plans sociaux; études d’événements; création de valeur pour l’actionnaire; layoffs; downsizing; event studies; shareholder value creation;

    Find related papers by JEL classification:

    References

    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
    as in new window
    1. Robert J. Shiller, 1998. "Human Behavior and the Efficiency of the Financial System," NBER Working Papers 6375, National Bureau of Economic Research, Inc.
    2. Steven E. Abraham & Dong-One Kim, 1999. "Layoff and Employment Guarantee Announcements: How Do Shareholders Respond?," Departmental Working Papers 199902, Department of Economics, SUNY-Oswego, revised 20 Apr 1999.
    3. Poon, Percy S & Newbould, Gerald D & Durtschi, Cindy, 2001. " Market Reactions to Corporate Restructurings," Review of Quantitative Finance and Accounting, Springer, vol. 16(3), pages 269-90, May.
    4. Fama, Eugene F, et al, 1969. "The Adjustment of Stock Prices to New Information," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 10(1), pages 1-21, February.
    5. John M. Abowd & George T. Milkovich & John M. Hannon, 1990. "The effects of human resource management decisions on shareholder value," Industrial and Labor Relations Review, ILR Review, Cornell University, ILR School, vol. 43(3), pages 203-236, February.
    6. Fama, Eugene F, 1991. " Efficient Capital Markets: II," Journal of Finance, American Finance Association, vol. 46(5), pages 1575-617, December.
    7. Hallock, Kevin F, 1998. "Layoffs, Top Executive Pay, and Firm Performance," American Economic Review, American Economic Association, vol. 88(4), pages 711-23, September.
    8. Spivey, Michael F. & Blackwell, David W. & Marr, M. Wayne, 1994. "Advance notice of plant closings and firm value," Journal of Business Research, Elsevier, vol. 31(1), pages 49-53, September.
    9. Michael J. Gombola & George P. Tsetsekos, 1992. "The Information Content of Plant Closing Announcements: Evidence From Financial Profiles and the Stock Price Reaction," Financial Management, Financial Management Association, vol. 21(2), Summer.
    10. Chan-Lau, Jorge A., 2002. "Corporate restructuring in Japan: an event-study analysis," Japan and the World Economy, Elsevier, vol. 14(4), pages 367-377, December.
    11. Oded Palmon & Huey-Lian Sun & Alex P. Tang, 1997. "Layoff Announcements: Stock Market Impact and Financial Performance," Financial Management, Financial Management Association, vol. 26(3), Fall.
    Full references (including those not matched with items on IDEAS)

    Citations

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:dij:revfcs:v:7:y:2004:i:q4:p:107-142. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Gérard Charreaux).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.