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Remodeler le capitalisme : le jeu profond du Leveraged Buy-Out en France, 2001-2009

Abstract : This dissertation deals with the transformations of contemporary French capitalism by analyzing the case of a take­over technique called the Leveraged Buy­Out (LBO). Based on both quantitative and qualitative materials, it examines the conditions under which investors, bankers and managers mobilize this “organizational weapon” and penetrates within companies to asses its effects. As an organizational weapon the LBO reveals both the extent and the limits of the transformation of French capitalism during the last decades. The extent of this transformation can be measured by the impressive growth of LBOs in France and the diversity of actors involved. They produce value to be captured to build enormous fortunes for shareholders and managers. They accelerate the process of creative destruction and the rationalization of production. By emphasizing the efficiency criterion of profitability, they reconfigure power relations within the firm. But change also contains significant limits. This organizational weapon had to be translated into the language of French capitalism and had to be appropriated by cautious bankers and suspicious managers. The LBO is somewhat self­limited: its mechanics contains an inherent fragility that can lead to company bankruptcies and credit bubbles. Finally, value creation plans have to survive the destabilization of the corporate order to be effective and create considerable uncertainty towards the future. In the end, the LBO derives its paradoxical power from it contributing to the bifurcation of French capitalism away from the « post­war compromise » while maintaining its underlying institutional structure.
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Fabien Foureault. Remodeler le capitalisme : le jeu profond du Leveraged Buy-Out en France, 2001-2009. Sociologie. Institut d'études politiques de paris - Sciences Po, 2014. Français. ⟨NNT : 2014IEPP0039⟩. ⟨tel-03510566⟩

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