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Expérience, oubli organisationnel et motifs de désinvestissement des acquisitions internationales:le cas des acquisitions françaises aux États-Unis (1988-2004)

Author

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  • Pierre-Xavier Meschi

    (Université de la Méditerranée & Euromed Marseille EM)

  • Emmanuel Métais

    (Groupe EDHEC)

Abstract

(VF)Nous proposons dans cet article de répondre à deux questions:comment l’expérience d’acquisitions affecte-t-elle le désinvestissement ou la survie des acquisitions? Cette expérience affecte-t-elle différemment les désinvestissements selon leur motif, en particulier selon qu’ils sont liés à un échec ou non ? Ces questions ont été analysées à partir de l’analyse de la survie d’une population de 664 acquisitions réalisées par des firmes françaises aux États-Unis entre 1988 et 2004. 181 désinvestissements ont été observés au sein de cette population. Les résultats empiriques ont montré que l’expérience en matière d’acquisitions affecte la probabilité de désinvestissement en général.(VA)We attempt an answer to the following two research questions : does acquisition experience influence the divestment or the survival of acquisitions ? Does acquisition experience affect divestments differently according to their motives? These questions are addressed through the analysis of the survival of a population of 664 acquisitions conducted by French firms in the United States between 1988 and 2004. 181 acquisitions were divested before the end of the period at risk. The empirical results show that acquisition experience has a significant impact on divestments, whatever the motives.

Suggested Citation

  • Pierre-Xavier Meschi & Emmanuel Métais, 2007. "Expérience, oubli organisationnel et motifs de désinvestissement des acquisitions internationales:le cas des acquisitions françaises aux États-Unis (1988-2004)," Revue Finance Contrôle Stratégie, revues.org, vol. 10(4), pages 73-109, December.
    • Handle: RePEc:dij:revfcs:v:10:y:2007:i:q4:p:73-109
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    More about this item

    Keywords

    acquisition; analyse de survie; expérience; apprentissage et oubli; acquisition; survival analysis; experience; learning and forgetting.;
    All these keywords.

    JEL classification:

    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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