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L’influence du mode de développement sur les avantages liés à la taille : une étude empirique dans le secteur de la grande distribution au niveau mondial

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  • Valérie Moatti

    (Groupe HEC et ESCP-EAP)

  • Pierre Dussauge

    (Groupe HEC)

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    Abstract

    (VF)La relation taille-performance a, depuis la fin des années 70, généré peu d’intérêt. Malgré les nombreux travaux consacrés aux fusions-acquisitions et aux alliances stratégiques qui induisent des effets de taille, peu d’auteurs se sont intéressés à l’efficacité comparée de ces stratégies sur les effets de taille. Cette recherche constitue une première contribution en ce sens. Les tests des hypothèses formulées confirment le lien taille-performance, la supériorité globale de la croissance interne par rapport aux fusions-acquisitions, ainsi que la capacité des alliances à accroître le pouvoir de marché. Contrairement à nos attentes, les fusions-acquisitions améliorent les économies d’échelle.(VA)The size-performance relationship has generated limited interest since the late seventies. Despite much research that has been devoted recently to examining mergers and acquisitions and inter-firm alliances, both significantly affecting a firm’s size, the work on M&As or on alliances, very rarely compares these different modes of growth to one another, or to organic growth, in terms of size effects. This research aims at analyzing this issue. Our empirical tests confirm the strong impact of size on performance and suggest that organic growth outperforms both alliances and M&As. Moreover, strategic alliances increase market power, while M&As result in greater economies of scale.

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    Bibliographic Info

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

    Volume (Year): 8 (2005)
    Issue (Month): 3 (September)
    Pages: 145-176

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    Handle: RePEc:dij:revfcs:v:8:y:2005:i:q3:p:145-176

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    Related research

    Keywords: croissance organique; alliances stratégiques; fusions/acquisitions; économies d’échelle; pouvoir de marché; organic growth; strategic alliances; mergers & acquisitions; economies of scale; market;

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    1. Gatignon, Hubert & Anderson, Erin, 1988. "The Multinational Corporation's Degree of Control over Foreign Subsidiaries: An Empirical Test of a Transaction Cost Explanation," Journal of Law, Economics and Organization, Oxford University Press, vol. 4(2), pages 305-36, Fall.
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    7. Tucker, K A, 1972. "Economies of Scale in Retailing: A Note," Journal of Industrial Economics, Wiley Blackwell, vol. 20(3), pages 291-94, July.
    8. Benjamin Gomes-Casseres, 1990. "Firm Ownership Preferences and Host Government Restrictions: An Integrated Approach," Journal of International Business Studies, Palgrave Macmillan, vol. 21(1), pages 1-22, March.
    9. Canals, Jordi, 2001. "How to Think about Corporate Growth? This paper is based on the author's book, Managing Corporate Growth, Oxford University Press, Oxford, 2000," European Management Journal, Elsevier, vol. 19(6), pages 587-598, December.
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