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Financiarisation et globalisation des stratégies d’entreprise:le cas des multinationales agroalimentaires en Europe

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  • Florence Palpacuer

    ()
    (Université Montpellier 1)

  • Roland Pérez

    (Université Montpellier 1)

  • Selma Tozanli

    (Institut Agronomique Méditerranéen de Montpellier)

  • Julienne Brabet

    (Université Paris 12)

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    Abstract

    (VF)L’article analyse les interactions entre dynamiques actionnariales et concurrentielles dans la stratégie des grandes multinationales agroalimentaires en Europe. Il révèle l’émergence d’un nouveau modèle de firme globale et financiarisée. Ces firmes, d’origine tant européenne qu’américaine, se sont fortement rapprochées des marchés financiers tout en poursuivant des politiques de globalisation de leurs marques et portefeuilles d’activités. Plutôt qu’à une influence univoque des marchés sur la stratégie de la firme, nous concluons à l’existence d’une relation interactive entre les phénomènes de globalisation et de financiarisation.(VA)The paper analyzes interactions between shareholder and competitive dynamics in the strategy of large food multinationals in Europe. These firms of both European and American origins have developed tight linkages to financial markets while globalizing their brands and business portfolios. We highlight the rise, among the largest firms in the sample, of a new model of the global and financialized corporation, and conclude to the existence of an interactive relationship between globalization and financialization, rather than a one-way influence of financial markets on competitive strategies.

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    Bibliographic Info

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

    Volume (Year): 9 (2006)
    Issue (Month): 3 (September)
    Pages: 165-189

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    Handle: RePEc:dij:revfcs:v:9:y:2006:i:q3:p:165-189

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    Related research

    Keywords: financiarisation; globalisation; agro-alimentaire; multinationales; stratégie; financialization; globalization; agrifood; multinationals; strategy.;

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    References

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    1. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 301-25, June.
    2. Dore, Ronald & Lazonick, William & O'Sullivan, Mary, 1999. "Varieties of Capitalism in the Twentieth Century," Oxford Review of Economic Policy, Oxford University Press, vol. 15(4), pages 102-20, Winter.
    3. Batsch, Laurent, 2002. "Le capitalisme financier," Economics Papers from University Paris Dauphine 123456789/1742, Paris Dauphine University.
    4. Vives,Xavier (ed.), 2000. "Corporate Governance," Cambridge Books, Cambridge University Press, number 9780521781640.
    5. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
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