. Par-contre, entreprise est peu performante, l'annonce d'un changement de dirigeant constitue un signal sur la santé de l'entreprise. Le changement est considéré comme rendu nécessaire par la situation de l'entreprise qui est pire que prévue. Dans ce cas, le marché apprécie positivement le recours à un dirigeant externe susceptible de modifier profondément

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