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Politique de la firme et système français de la participation aux résultats

Listed author(s):
  • Gilbert Koenig

[fre] Le système de la participation mis en oeuvre par l'ordonnance de 1967 n'est pas économiquement neutre malgré les précautions prises par le législateur pour éviter certains inconvénients de son instauration pour les entreprises. Il peut en effet influer sur les décisions courantes des entrepreneurs dans le domaine de la production et des prix en modifant les critères sur lequels elles se fondent : le critère du profit net après constitution de la réserve de participation peut se substituer au critère du profit net total. Les effets de ces changements de politique sur les finances de la firme s'ajoutent à ceux qu'exerce directement le système de la participation et qui varient selon que les fonds constitués restent ou non à la disposition de l'entreprise. Dans la mesure où la recherche du maximum de satisfaction des propriétaires non salariés de la firme constitue aussi l'objectif à long terme de l'entreprise, on peut s'attendre à des incidences du système de participation sur la définition de la stratégie d'expansion. Ces effets dépendent des facteurs pris en considération pour la détermination du taux de croissance de l'entreprise et du mode de financement de son développement. [eng] Policy of the firm and the French system of profit - sharing The System of profit-sharing introduced in France in August 1967 is not economically neutral in spite of precautions taken by the Government to avoid some of its inconveniences for the firms. This System can affect the production and price decisions if it leads the managers to seeck the maximization of net profit after constitution of the spécial profit-sharing reserve instead of the total net profit maximization. It influences also the financial situation of the firms through the allowed forms of payment : the profit-sharing funds may remain in the firms or may be paid to external institutions. The long~run policy of the firm can be altered if it is only based on the maximization of the « pure capitalists' » shareholder wealth and if it neglects the workers' shareholder wealth. These long-run effects depend on the factors influencing the growth rate of the firm and its financing. :

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File URL: http://dx.doi.org/doi:10.3406/reco.1975.408203
Download Restriction: Data and metadata provided by Persée are licensed under a Creative Commons "Attribution-Noncommercial-Share Alike 3.0" License http://creativecommons.org/licenses/by-nc-sa/3.0/

File URL: http://www.persee.fr/doc/reco_0035-2764_1975_num_26_2_408203
Download Restriction: Data and metadata provided by Persée are licensed under a Creative Commons "Attribution-Noncommercial-Share Alike 3.0" License http://creativecommons.org/licenses/by-nc-sa/3.0/

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Article provided by Programme National Persée in its journal Revue économique.

Volume (Year): 26 (1975)
Issue (Month): 2 ()
Pages: 245-279

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Handle: RePEc:prs:reveco:reco_0035-2764_1975_num_26_2_408203
Note: DOI:10.3406/reco.1975.408203
Contact details of provider: Web page: http://www.persee.fr/collection/reco

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