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Biais cognitifs du dirigeant, conséquences et facteurs de renforcement lors de fusions-acquisitions:synthèse et illustrations

Author

Listed:
  • Michel Barabel
  • Olivier Meier

    (Université de Paris 12)

Abstract

Mergers and acquisitions generally lead to disappointing results. In this article, we give a complementary explanation of these bad results by focusing on a specific actor:the CEO of the purchasing company. In particular, this research addresses two questions:(1) What mistakes (related to cognitive biases) are made by the managers of purchasing companies during mergers and acquisitions ? (2) Given the context and characteristics of specific acquisitions, what factors increase the risk of mistakes by managers ?

Suggested Citation

  • Michel Barabel & Olivier Meier, 2002. "Biais cognitifs du dirigeant, conséquences et facteurs de renforcement lors de fusions-acquisitions:synthèse et illustrations," Revue Finance Contrôle Stratégie, revues.org, vol. 5(1), pages 5-42, March.
    • Handle: RePEc:dij:revfcs:v:5:y:2002:i:q1:p:5-42
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    References listed on IDEAS

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    Cited by:

    1. Anne-Sophie Thelisson & Olivier Meier, 2022. "Managerial biases during a merger process in a government-controlled organization," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 26(4), pages 1315-1338, December.
    2. Gérard Charreaux, 2005. "Pour une gouvernance d’entreprise «comportementale»:une réflexion exploratoire-Toward a Behavioral Corporate Governance Theory : An Exploratory View," Working Papers CREGO 1050601, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
    3. Meier, Olivier & Schier, Guillaume, 2014. "Family firm succession: Lessons from failures in external party takeovers," Journal of Family Business Strategy, Elsevier, vol. 5(4), pages 372-383.
    4. repec:dau:papers:123456789/1144 is not listed on IDEAS

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    More about this item

    Keywords

    cognitive bias; dysfonctional cognitive processes; managerial mistakes; mergers and acquisitions;
    All these keywords.

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
    • M20 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - General

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