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Restructurations et performances de l’entreprise:une méta-analyse

Listed author(s):
  • José Allouche


    (Université Paris 1 Panthéon-Sorbonne)

  • Patrice Laroche


    (Université de Nancy 2)

  • Florent Noël


    (Université Paris 1 Panthéon-Sorbonne)

(VF)Les restructurations occupent une place centrale dans la vie des entreprises occidentales. Or, les preuves de leur capacité à améliorer ou redresser les performances restent ténues et la littérature empirique apporte des résultats ambigus et parfois contradictoires. Cet article a pour but d’explorer cette littérature en recourant aux outils de la méta-analyse. Il ressort de l’examen de 52 publications académiques que les restructurations ne se révèlent positives qu’à long terme et lorsque l’opération s’inscrit dans une reconfiguration de l’organisation. Par ailleurs, leur incidence sur les cours boursiers, contrairement à l’idée couramment admise, est plutôt négative, les marchés marquant leur méfiance à l’égard d’opérations trop simplistes et potentiellement révélatrices de difficulté. Il ressort de ces résultats que les restructurations ne sont efficaces qu’à la condition d’être mises en œuvre de façon proactive.(VA)Downsizing is now an important feature of western economies. However, their economic outcomes remain uncertain, as past academic empirical literature leads to ambiguous and sometimes contradictory results. This article aims at examining this literature using meta-analysis. It is shown from a 52-publication sample that downsizing leads to positive outcomes on the long run only, and when it is included in a wide organizational change process. Further, the effects of downsizing on shareholders’ wealth are negative, contrary to popular belief. Investors seem worried about too simplistic operations that may reveal previously unknown difficulties. Finally, our results show that downsizing is more about to be efficient when implemented in a proactive way.

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Article provided by in its journal Revue Finance Contrôle Stratégie.

Volume (Year): 11 (2008)
Issue (Month): 2 (June)
Pages: 105-146

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Handle: RePEc:dij:revfcs:v:11:y:2008:i:q2:p:105-146.
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  1. Diana R. Franz & Dean Crawford & Deborah J. Dwyer, 1998. "Downsizing, Corporate Performance, and Shareholder Wealth," American Journal of Business, Emerald Group Publishing, vol. 13(1), pages 11-20.
  2. McMahon, Thomas F., 2000. "Lifeboat Ethics in Business," Business Ethics Quarterly, Cambridge University Press, vol. 10(01), pages 269-276, January.
  3. Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May.
  4. Baily, Martin Neil & Bartelsman, Eric J & Haltiwanger, John, 1996. "Downsizing and Productivity Growth: Myth or Reality?," Small Business Economics, Springer, vol. 8(4), pages 259-278, August.
  5. Laroche, P., 2000. "What do Unions do to Productivity? A Meta-Analysis," Papers 2000-5, Groupe de recherche en économie financière et en gestion des entreprises, Universite Nancy 2.
  6. Patrick Sentis, 1998. "Performances à long terme et caractéristiques financières des entreprises qui réduisent leurs effectifs," Revue Finance Contrôle Stratégie,, vol. 1(4), pages 115-150, December.
  7. Richard W. Pouder & Hugh D. Hindman & R. Stephen Cantrell, 2004. "How Unions Affect Shareholder Wealth in Firms Announcing Layoffs," Journal of Labor Research, Transaction Publishers, vol. 25(3), pages 495-502, July.
  8. 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.
  9. Espahbodi, Reza & John, Teresa A & Vasudevan, Gopala, 2000. "The Effects of Downsizing on Operating Performance," Review of Quantitative Finance and Accounting, Springer, vol. 15(2), pages 107-126, September.
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