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Diversification de l'entreprise, risque et aversion au risque des dirigeants : L'hypothèse d'Amihud et Lev (1981) revisitée

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  • Frédéric Perdreau

    ()
    (COACTIS - Université Lumière - Lyon II : EA4161 - Université Jean Monnet - Saint-Etienne, CREM - Centre de Recherche en Economie et Management - CNRS : UMR6211 - Université de Rennes I - Université de Caen)

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    Abstract

    L'hypothèse initialement avancée par Amihud et Lev (1981), selon laquelle le dirigeant serait tenté de diversifier son entreprise afin de limiter son risque d'emploi, a connu un large écho et a été largement reprise depuis (Amihud et al., 1986 ; Lewellen et al., 1989 ; Norton, 1993 ; Lane et al., 1998). Néanmoins, les résultats obtenus par ces différentes recherches ne corroborent pas tous l'hypothèse originelle. Nous nous proposons dans cette étude de reconsidérer certains aspects de l'hypothèse d'Amihud et Lev (1981) et de tester sur, le marché français, les hypothèses qui en découlent quant à l'impact de l'aversion au risque du dirigeant sur la diversification de l'entreprise . Les résultats exposés éclairent la diversification et les éventuels motifs managériaux qui la guide. Ils nous conduisent à être circonspect vis-à-vis de l'hypothèse initiale. L'hypothèse initiale n'est pas corroborée. Son coté très simple et général, si séduisant qu'il soit, nuit à son caractère explicatif. Notre conclusion invite à affiner l'hypothèse d'Amihud et Lev (1981), et à étudier l'aversion au risque des dirigeants dans un cadre plus complet incluant les enseignements de la finance comportementale et l'ensemble du système de gouvernement des entreprises.

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    Bibliographic Info

    Paper provided by HAL in its series Post-Print with number halshs-00522642.

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    Date of creation: Dec 2001
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    Publication status: Published - Presented, AFFI décembre 2001, 2001, Paris, France
    Handle: RePEc:hal:journl:halshs-00522642

    Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00522642/en/
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    Related research

    Keywords: fusion; acquisition; risque; aversion au risque; finance comportementale;

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    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.:
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    1. Norton, Edgar, 1993. "Test of the rationale for conglomerate merger: Agency costs or pecking order?," Journal of Business Research, Elsevier, Elsevier, vol. 26(3), pages 251-261, March.
    2. Berger, Philip G & Ofek, Eli, 1996. " Bustup Takeovers of Value-Destroying Diversified Firms," Journal of Finance, American Finance Association, American Finance Association, vol. 51(4), pages 1175-1200, September.
    3. Galai, Dan & Masulis, Ronald W., 1976. "The option pricing model and the risk factor of stock," Journal of Financial Economics, Elsevier, Elsevier, vol. 3(1-2), pages 53-81.
    4. Rajesh Aggarwal & Andrew A. Samwick, 1998. "The Other Side of the Tradeoff: The Impact of Risk on Executive Compensation," NBER Working Papers 6634, National Bureau of Economic Research, Inc.
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    7. Kee H. Chung & Stephen W. Pruitt, 1994. "A Simple Approximation of Tobin's q," Financial Management, Financial Management Association, Financial Management Association, vol. 23(3), Fall.
    8. Yakov Amihud & Baruch Lev, 1981. "Risk Reduction as a Managerial Motive for Conglomerate Mergers," Bell Journal of Economics, The RAND Corporation, The RAND Corporation, vol. 12(2), pages 605-617, Autumn.
    9. Morck, Randall & Shleifer, Andrei & Vishny, Robert W, 1990. " Do Managerial Objectives Drive Bad Acquisitions?," Journal of Finance, American Finance Association, American Finance Association, vol. 45(1), pages 31-48, March.
    10. Diamond, Douglas W & Verrecchia, Robert E, 1982. " Optimal Managerial Contracts and Equilibrium Security Prices," Journal of Finance, American Finance Association, American Finance Association, vol. 37(2), pages 275-87, May.
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