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

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  • Sentis, Patrick

    (GESEM-Finance, Université Montpellier I)

Abstract

This paper argues that the agency costs of under-investment could be eliminated when the levered firm takes the possibility to reduce its employees. We focus on the effect of employees reductions on wealth of stakeholders in the unlevered and levered firms. Bondholders and employees only benefit from these operations. It is shown that an optimal capital structure exists and that the levered firm value is more than the unlevered firm value. 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.

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Bibliographic Info

Article provided by Société Canadienne de Science Economique in its journal L'Actualité économique.

Volume (Year): 77 (2001)
Issue (Month): 1 (mars)
Pages: 5-26

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Handle: RePEc:ris:actuec:v:77:y:2001:i:1:p:5-26

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  1. 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.
  2. Grout, Paul A, 1984. "Investment and Wages in the Absence of Binding Contracts: A Nash Bargining Approach," Econometrica, Econometric Society, vol. 52(2), pages 449-60, March.
  3. Williamson, Oliver E, 1988. " Corporate Finance and Corporate Governance," Journal of Finance, American Finance Association, vol. 43(3), pages 567-91, July.
  4. Perotti, Enrico C & Spier, Kathryn E, 1993. "Capital Structure as a Bargaining Tool: The Role of Leverage in Contract Renegotiation," American Economic Review, American Economic Association, vol. 83(5), pages 1131-41, December.
  5. Oliver Hart & John Moore, 1991. "A Theory of Debt Based on the Inalienability of Human Capital," NBER Working Papers 3906, National Bureau of Economic Research, Inc.
  6. John, Teresa A., 1993. "Optimality of Spin-Offs and Allocation of Debt," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 28(01), pages 139-160, March.
  7. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-29, May.
  8. Dasgupta, Sudipto & Sengupta, Kunal, 1993. "Sunk Investment, Bargaining and Choice of Capital Structure," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 34(1), pages 203-20, February.
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