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Stratégies de localisation des acquéreurs et influences des institutions formelles et informelles sur les fusions-acquisitions - Acquirers’ location strategies and influences of formal and informal institutions on mergers-acquisitions

Author

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  • Ludivine Chalençon

    (Université de Lyon, Jean Moulin, iaelyon, Magellan)

Abstract

(VF)Cet article évalue l’influence exercée par les institutions formelles et informelles sur les stratégies de localisation des acquéreurs. Guidé par la théorie institutionnelle de North, l’objectif de cette recherche est ainsi d’analyser l’impact de dimensions associées aux spécificités du pays de la cible en se focalisant sur la qualité des institutions (institutions formelles) et les différences culturelles (institutions informelles). Notre échantillon compte 1 003 fusions-acquisitions réalisées par des multinationales françaises entre 2010 et 2017. Ces deux dimensions ont un impact significatif sur les choix de localisation des entreprises cibles, mais celui de la qualité des institutions est prépondérant.(VA)This research assesses the influence of formal and informal institutions on acquirers' location strategies. Guided by North's institutional theory, the objective of this research is to analyze the impact of dimensions associated with the specificities of the target’s country by focusing on the quality of institutions (formal institutions) and cultural differences (informal institutions). Our sample includes 1 003 mergers and acquisitions by French multinationals from 2010 to 2017. These two dimensions have a significant impact on the choices regarding the location of target enterprises, but the quality of the institutions is predominant.

Suggested Citation

  • Ludivine Chalençon, 2020. "Stratégies de localisation des acquéreurs et influences des institutions formelles et informelles sur les fusions-acquisitions - Acquirers’ location strategies and influences of formal and informal in," Revue Finance Contrôle Stratégie, revues.org, vol. 23(2), pages 93-119, june.
    • Handle: RePEc:dij:revfcs:v:23:y:2020:i:2:p:93-119
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    Keywords

    fusions-acquisitions; stratégies de localisation; institutions formelles et informelles; pays émergents ; mergers and acquisitions; location strategies; formal and informal institutions; emerging countries;
    All these keywords.

    JEL classification:

    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business

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