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Les firmes apprennent-elles de leurs échecs d’acquisition?

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Author Info

  • Pierre-Xavier Meschi

    ()
    (IAE Aix-en-Provence (CERGAM), Skema Business School)

  • Emmanuel Metais

    (EDHEC Business School)

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    Abstract

    (VF)Mobilisant un cadre théorique fondé sur l’apprentissage myopique et l’apprentissage des échecs, nous testons, sur un échantillon de 632 acquisitions françaises aux États- Unis, l’idée qu’une firme ayant connu des échecs dans ses acquisitions passées connaîtra davantage d’échecs dans ses acquisitions futures. Nous évaluons l’effet modérateur de la magnitude des échecs passés et du volume d’expérience des acquisitions. Les résultats montrent qu’une firme ayant échoué par le passé est davantage susceptible d’échouer dans ses acquisitions futures, surtout suite à un échec de forte magnitude. Dans ce dernier cas, les résultats suggèrent, paradoxalement, un effet démultiplicateur de l’expérience sur la probabilité d’échec de la prochaine acquisition.(VA)Through the lens of a theoretical framework based on learning myopia and learning from failure, we examine the idea that a firm that has experienced failures in its past acquisitions is more likely to fail in its future acquisitions. We also examine moderating effects linked to the magnitude of failure and to the stock of acquisition experience. Our sample is made up of 632 acquisitions made by French firms in the United States. We find that a firm which has failed in a past acquisition is more likely to fail in its future acquisitions, especially after a failure of high magnitude. Our results also suggest an experience multiplier effect on the likelihood of failure of the focal acquisition.

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    Bibliographic Info

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

    Volume (Year): 14 (2011)
    Issue (Month): 1 (March)
    Pages: 69-100.

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    Handle: RePEc:dij:revfcs:v:14:y:2011:i:q1:p:69-100.

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    Related research

    Keywords: acquisition; croissance externe internationale; échec; apprentissage organisationnel; expérience; international external growth; failure; organizational learning; experience.;

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    References

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    1. 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.
    2. 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.
    3. Pertti H. Lounamaa & James G. March, 1987. "Adaptive Coordination of a Learning Team," Management Science, INFORMS, vol. 33(1), pages 107-123, January.
    4. 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.
    5. Taher Hamza, 2009. "La performance à court et à long terme de l'acquéreur:l'impact de la détention d'une position de contrôle," Revue Finance Contrôle Stratégie, revues.org, vol. 12(1), pages 33-65, March.
    6. Morrison, J. Bradley, 2008. "Putting the learning curve in context," Journal of Business Research, Elsevier, vol. 61(11), pages 1182-1190, November.
    7. Herriott, Scott R & Levinthal, Daniel & March, James G, 1985. "Learning from Experience in Organizations," American Economic Review, American Economic Association, vol. 75(2), pages 298-302, May.
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