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

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  • Pierre-Xavier Meschi

    ()
    (Université de la Méditerranée & Euromed Marseille EM)

  • Emmanuel Métais

    (Groupe EDHEC)

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    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.

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    Bibliographic Info

    Article provided by revues.org in its journal Revue Finance Contrôle Stratégie.

    Volume (Year): 10 (2007)
    Issue (Month): 4 (December)
    Pages: 73-109

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    Handle: RePEc:dij:revfcs:v:10:y:2007:i:q4:p:73-109

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    Related research

    Keywords: acquisition; analyse de survie; expérience; apprentissage et oubli; acquisition; survival analysis; experience; learning and forgetting.;

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    References

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    1. Linda Argote & Sara L. Beckman & Dennis Epple, 1990. "The Persistence and Transfer of Learning in Industrial Settings," Management Science, INFORMS, vol. 36(2), pages 140-154, February.
    2. Kaplan, Steven N & Weisbach, Michael S, 1992. " The Success of Acquisitions: Evidence from Divestitures," Journal of Finance, American Finance Association, vol. 47(1), pages 107-38, March.
    3. Very, Philippe & Schweiger, David M., 2001. "The acquisition process as a learning process: Evidence from a study of critical problems and solutions in domestic and cross-border deals," Journal of World Business, Elsevier, vol. 36(1), pages 11-31, April.
    4. Charles D. Bailey, 1989. "Forgetting and the Learning Curve: A Laboratory Study," Management Science, INFORMS, vol. 35(3), pages 340-352, March.
    5. C. Lanier Benkard, 2000. "Learning and Forgetting: The Dynamics of Aircraft Production," American Economic Review, American Economic Association, vol. 90(4), pages 1034-1054, September.
    6. Markides, Constantinos & Oyon, Daniel, 1998. "International acquisitions:: Do they create value for shareholders?," European Management Journal, Elsevier, vol. 16(2), pages 125-135, April.
    7. Meschi, Pierre-Xavier & Metais, Emmanuel, 2006. "International acquisition performance and experience: A resource-based view. Evidence from French acquisitions in the United States (1988-2004)," Journal of International Management, Elsevier, vol. 12(4), pages 430-448, December.
    8. Moeller, Sara B. & Schlingemann, Frederik P. & Stulz, Rene M., 2004. "Firm size and the gains from acquisitions," Journal of Financial Economics, Elsevier, vol. 73(2), pages 201-228, August.
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