| Titre | Restructurations et rentabilité économique dans l'industrie française de 1985 à 1992 | |
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| Auteur | Elisabeth Kremp | |
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Revue | Economie et prévision |
| Numéro | no 120, 1995/4 | |
| Page | 29-44 | |
| Résumé anglais |
Restructuring and the Return on Capital Invested in French Industry from 1985 to 1992 by Elisabeth Kremp
This paper analyzes how industrial restructuring operations influence the return on capital invested. Firstly, an overview of the existing literature is presented to identify the different factors likely to explain differences in conclusions. The paper then examines the sensitivity of the results to the chosen concept of return on capital invested, then to the consideration of the heterogeneity of companies' behaviour, their survival characteristics, their size, their past performance, and lastly to the distance taken to judge the effect of restructuring. Several hypotheses are tested: the effect of restructuring can be interpreted as a "lesser of two evils", being the result of a simple effect of a return towards the average, or as a way of improving performance, once the initial values have been taken into account. The results incline towards the latter hypothesis. Companies taking part in a restructuring operation find that they have improved their return on capital invested five years later, even though this improvement is not always good enough for the level attained to be comparable with that of companies that have not taken part in such an operation during the same period. Source : Éditeur (via Persée) |
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| Article en ligne | http://www.persee.fr/web/revues/home/prescript/article/ecop_0249-4744_1995_num_120_4_5742 |
