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

Author

Listed:
  • Jérôme Hubler

    () (Université de Nancy 2 (IAE))

  • Pierre-Xavier Meschi

    (Université de la Méditerranée)

  • Géraldine Schmidt

    (Université Paris 1 Sorbonne (IAE))

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 %.

Suggested Citation

  • Jérôme Hubler & Pierre-Xavier Meschi & Géraldine Schmidt, 2004. "Annonces de suppressions d’emplois et valeur boursière de l’entreprise," Revue Finance Contrôle Stratégie, revues.org, vol. 7(4), pages 107-142, December.
  • Handle: RePEc:dij:revfcs:v:7:y:2004:i:q4:p:107-142
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    References listed on IDEAS

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    1. 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.
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    Cited by:

    1. Labadi, Moufida & Nekhili, Mehdi, 2012. "Structure de propriété et partage de la valeur ajoutée : application aux entreprises françaises non financières du SBF120," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 12.

    More about this item

    Keywords

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

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • J50 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - General
    • J60 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - General

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