Advanced Search
MyIDEAS: Login to save this article or follow this journal

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


Author Info

  • Pierre-Xavier Meschi

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

  • Emmanuel Metais

    (EDHEC Business School)

Registered author(s):


    (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.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL:
    Download Restriction: no

    Bibliographic Info

    Article provided by in its journal Revue Finance Contrôle Stratégie.

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

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

    Contact details of provider:
    Web page:

    Order Information:

    Related research

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

    Find related papers by JEL classification:


    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
    as in new window
    1. 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.
    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. Morrison, J. Bradley, 2008. "Putting the learning curve in context," Journal of Business Research, Elsevier, vol. 61(11), pages 1182-1190, November.
    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. Pertti H. Lounamaa & James G. March, 1987. "Adaptive Coordination of a Learning Team," Management Science, INFORMS, vol. 33(1), pages 107-123, January.
    6. 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.
    7. 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,, vol. 12(1), pages 33-65, March.
    Full references (including those not matched with items on IDEAS)



    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.


    Access and download statistics


    When requesting a correction, please mention this item's handle: RePEc:dij:revfcs:v:14:y:2011:i:q1:p:69-100.. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Gérard Charreaux).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.