La vague des fusions-acquisitions des années 1990 aux États-Unis. Une lecture des résultats à l'aide de la théorie de l'agence

During the 1990s merger wave in the United States, few gains and some important losses were observed for bidding firms. These mitigated results may stem from the agency relationship binding shareholders and managers of acquiring firms with dispersed shareholdings. This paper proposes a panorama of managerial motives of both acquirer and target firms, which drive to decisions not in favour of shareholder wealth, and highlights the relative insufficient power of the governance mechanisms to align both stakeholders interest. Some guidelines for future research are also proposed.