{"id":5881,"date":"2024-01-30T10:04:12","date_gmt":"2024-01-30T09:04:12","guid":{"rendered":"http:\/\/observatoire-asap.org\/?p=5881"},"modified":"2024-01-30T10:04:13","modified_gmt":"2024-01-30T09:04:13","slug":"reductions-deffectifs-et-valeur-de-marche-le-role-de-la-legitimite-de-lentreprise","status":"publish","type":"post","link":"https:\/\/observatoire-asap.org\/index.php\/2024\/01\/30\/reductions-deffectifs-et-valeur-de-marche-le-role-de-la-legitimite-de-lentreprise\/","title":{"rendered":"R\u00e9ductions d\u2019effectifs et valeur de march\u00e9\u00a0: le r\u00f4le de la l\u00e9gitimit\u00e9 de l\u2019entreprise"},"content":{"rendered":"

La question du lien entre r\u00e9ductions d\u2019effectifs et valeur de march\u00e9 fait l\u2019objet de nombreuses \u00e9tudes mais reste toujours sujette \u00e0 d\u00e9bat (Allouche et al. 2008). Alors que les m\u00e9dias se font souvent l\u2019\u00e9cho de r\u00e9actions positives des march\u00e9s \u00e0 l\u2019annonce de r\u00e9ductions d\u2019effectifs, une grande majorit\u00e9 des \u00e9tudes acad\u00e9miques r\u00e9v\u00e8lent une r\u00e9action n\u00e9gative[1]<\/a> ou non significative[2]<\/a>. Certains travaux pr\u00e9cisent que la r\u00e9action du march\u00e9 d\u00e9pend du signal que ces op\u00e9rations envoient aux actionnaires sur l\u2019\u00e9tat de sant\u00e9 de l\u2019entreprise (Allouche et al. 2008). Si les actionnaires per\u00e7oivent les op\u00e9rations comme un signal de difficult\u00e9s subies par l\u2019entreprise, la r\u00e9action du march\u00e9 semble \u00eatre n\u00e9gative[3]<\/a>. Au contraire, si l\u2019objectif de l\u2019op\u00e9ration est d\u2019am\u00e9liorer la performance d\u2019une entreprise d\u00e9j\u00e0 en croissance, la r\u00e9action du march\u00e9 est soit moins neutre[4]<\/a>, soit positive[5]<\/a>. Dans l\u2019ensemble ces \u00e9tudes ne permettent pas de conclure sur la nature du lien entre l\u2019annonce de r\u00e9ductions d\u2019effectifs et la valeur de march\u00e9.<\/p>\n

Parall\u00e8lement, un courant de litt\u00e9rature avance que la performance sociale de l\u2019entreprise (PSE) permet de pr\u00e9server sa performance financi\u00e8re en p\u00e9riode de crise. Ces travaux d\u00e9fendent l\u2019hypoth\u00e8se selon laquelle les investissements en mati\u00e8re de responsabilit\u00e9 sociale de l\u2019entreprise (RSE) sont des investissements strat\u00e9giques, au m\u00eame titre que les investissements financiers. Ainsi, en investissant dans la RSE, les entreprises cr\u00e9ent une forme de r\u00e9servoir de capital moral ou goodwill <\/em>qui peut agir comme une sorte de bouclier de protection de la l\u00e9gitimit\u00e9 de l\u2019entreprise lorsque des \u00e9v\u00e8nements controvers\u00e9s se produisent. Divers travaux empiriques mettent en \u00e9vidence un effet favorable de la PSE sur la performance financi\u00e8re en cas d’\u00e9v\u00e9nements controvers\u00e9s affectant l’entreprise (Godfrey 2005).<\/p>\n

\n

Dans un travail r\u00e9cent, Ramdani et S\u00e9verin (2022) font le lien entre ces deux courants de litt\u00e9rature et s\u2019interrogent sur l\u2019influence du score relatif \u00e0 la PSE sur la r\u00e9action des march\u00e9s \u00e0 l\u2019annonce de r\u00e9duction d\u2019effectifs. Ils constituent un \u00e9chantillon d\u2019entreprises cot\u00e9es sur le march\u00e9 fran\u00e7ais Euronext Paris ayant annonc\u00e9 des op\u00e9rations de r\u00e9ductions d\u2019effectifs en France entre 2010 et 2017. Les r\u00e9sultats de cette \u00e9tude r\u00e9v\u00e8lent un lien n\u00e9gatif entre la valeur de march\u00e9 et la PSE uniquement pour les entreprises visibles. Ces r\u00e9sultats font \u00e9cho \u00e0 l\u2019article th\u00e9orique de Janssen et al. (2015) qui s\u2019int\u00e9resse au lien entre la PSE et la performance financi\u00e8re en p\u00e9riode sp\u00e9cifique de crise. Les auteurs d\u00e9fendent l\u2019id\u00e9e selon laquelle, en p\u00e9riode de crise, le lien positif entre la PSE et la performance financi\u00e8re n\u2019est pas automatique mais d\u00e9pend de plusieurs facteurs. Les auteurs indiquent que dans certains cas la PSE peut prot\u00e9ger l\u2019entreprise des r\u00e9actions n\u00e9gatives des parties prenantes mais que dans d\u2019autres, elle peut conduire \u00e0 l\u2019effet inverse en amplifiant l\u2019influence de la crise. Ceci est notamment le cas lorsque les parties prenantes jugent que l\u2019entreprise est \u00e0 l\u2019origine de l\u2019\u00e9v\u00e8nement controvers\u00e9. Une entreprise avec un score de PSE \u00e9lev\u00e9 est cens\u00e9e avoir un comportement social irr\u00e9prochable. Dans ce cas, l\u2019\u00e9v\u00e8nement controvers\u00e9 en question peut produire un contraste avec les attentes cr\u00e9\u00e9es par la PSE de l\u2019entreprise ce qui peut expliquer la r\u00e9action n\u00e9gative des actionnaires. De plus, les m\u00e9dias seraient plus susceptibles de signaler des crises comme les mar\u00e9es noires ou les r\u00e9ductions d\u2019effectifs si les entreprises qui en sont responsables ont un fort bilan RSE. Ainsi, l\u2019attention des parties prenantes pour ces crises serait plus forte ce qui peut augmenter le risque de conflit social et participer \u00e0 expliquer pourquoi les actionnaires r\u00e9agissent n\u00e9gativement dans ce cas.<\/p>\n

Eric S\u00e9verin<\/a> et Najiba Ramdani<\/p>\n

R\u00e9f\u00e9rences<\/strong><\/p>\n

Allouche, J., Laroche, P., No\u00ebl, F. (2008). Restructurations et performances de l\u2019entreprise : une m\u00e9ta-analyse. Finance Contr\u00f4le Strat\u00e9gie 11 (2), p.105-146.<\/p>\n

Capelle-Blancard, G., Tatu, D. (2012). Stock market reaction to layoff announcements: European Evidence (2002-2010). Working paper, Universit\u00e9 Paris 1.<\/p>\n

Farber, H.S., Hallock, K. (2009). The changing relationship between job loss announcements and stock prices: 1970\u20131999. Labour Economics 16 (1), p.1\u201111.<\/p>\n

Godfrey, P.C. (2005). The relationship between corporate philanthropy and shareholder wealth: A risk management perspective. Academy of Management Review 30 (4), p.777\u2011798.<\/p>\n

Gunderson, M., Verma, A., Verma, S. (1997). Impact of layoff announcements on the market value of the firm. Relations Industrielles\/Industrial Relations 52 (2), p. 364\u2011381.<\/p>\n

Hillier, D., Marshall, A., McColgan, P., Werema, S. (2007). Employee layoffs, shareholder wealth and firm performance: Evidence from the UK. Journal of Business Finance & Accounting 34 (3\u20114), p. 467\u2011494.<\/p>\n

Janssen, C., Sen, S., Bhattacharya, C.B. (2015). Corporate crises in the age of corporate social responsibility. Business Horizons 58 (2), p. 183\u2011192<\/p>\n

Lee, P.M. (1997). A comparative analysis of layoff announcements and stock price reactions in the United States and Japan. Strategic Management Journal 18 (11), p. 879\u2011894.<\/p>\n

Ramdani N., S\u00e9verin E. R\u00e9duction d\u2019effectifs et valeur de march\u00e9\u00a0: le r\u00f4le de la l\u00e9gitimit\u00e9 de l\u2019entreprise, in La Finance responsable et durable\u00a0: Paradoxes th\u00e9oriques et pratiques, \u00e9dition ESKA, 2022, p. 245-252<\/p>\n

S\u00e9verin, E., Scoyez-Van Poppel, S. (2006). R\u00e9ductions d\u2019effectifs et cr\u00e9ation de valeur : le cas Vivarte. La revue des Sciences de Gestion 217, p. 41-57.<\/p>\n

Worrell, D.L., Davidson III, W.N., Sharma, V.M. (1991). Layoff announcements and stockholder wealth. Academy of Management Journal <\/em>34 (3), p. 662\u2011678.<\/p>\n

\n

[1]<\/a> Worrell et al. (1991) ; Allouche et al. (2008) ; Farber et Hallock (2009).<\/p>\n

[2]<\/a>; S\u00e9verin et Scoyez-Van Poppel (2006)\u00a0; Capelle-Blancard et Tatu (2012)<\/p>\n

[3]<\/a> Worrell et al. (1991) ; Gunderson et al. (1997) ; Lee (1997) ; Hillier et al. (2007).<\/p>\n

[4]<\/a> Worrell et al. (1991) ; Lee (1997) ; Hillier et al. (2007)<\/p>\n

[5]<\/a> Gunderson et al. (1997) ; Capelle-Blancard et Tatu (2012).<\/p>\n","protected":false},"excerpt":{"rendered":"

La question du lien entre r\u00e9ductions d\u2019effectifs et valeur de march\u00e9 fait l\u2019objet de nombreuses \u00e9tudes mais reste toujours sujette \u00e0 d\u00e9bat (Allouche et al. 2008). Alors que les m\u00e9dias se font souvent l\u2019\u00e9cho de r\u00e9actions positives des march\u00e9s \u00e0 l\u2019annonce de r\u00e9ductions d\u2019effectifs, une grande majorit\u00e9 des \u00e9tudes acad\u00e9miques r\u00e9v\u00e8lent une r\u00e9action n\u00e9gative[1] ou … <\/p>\n","protected":false},"author":1,"featured_media":5882,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[10],"tags":[],"class_list":["post-5881","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles"],"yoast_head":"\nR\u00e9ductions d\u2019effectifs et valeur de march\u00e9\u00a0: le r\u00f4le de la l\u00e9gitimit\u00e9 de l\u2019entreprise -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/observatoire-asap.org\/index.php\/2024\/01\/30\/reductions-deffectifs-et-valeur-de-marche-le-role-de-la-legitimite-de-lentreprise\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"R\u00e9ductions d\u2019effectifs et valeur de march\u00e9\u00a0: le r\u00f4le de la l\u00e9gitimit\u00e9 de l\u2019entreprise -\" \/>\n<meta property=\"og:description\" content=\"La question du lien entre r\u00e9ductions d\u2019effectifs et valeur de march\u00e9 fait l\u2019objet de nombreuses \u00e9tudes mais reste toujours sujette \u00e0 d\u00e9bat (Allouche et al. 2008). 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