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Alliances internationales, accumulation d'expérience et création de valeur pour les actionnaires:le cas des coentreprises sino-françaises


  • Pierre-Xavier Meschi


  • Jérôme Hubler

    (Université d'Aix-Marseille 2)


This article deals with the valuation effect of Sino-French joint ventures, and more precisely with the impact of certain organizational resources proper to French partners. An analysis of abnormal returns was carried out in a sample of Sino-French joint ventures announcements. A significant and negative cumulated impact was highlighted over an event window of 7 days. Moreover, multi-variate regression analyses showed that French companies engaged in China were valuated positively as they possessed an important international and managerial experience.

Suggested Citation

  • Pierre-Xavier Meschi & Jérôme Hubler, 2002. "Alliances internationales, accumulation d'expérience et création de valeur pour les actionnaires:le cas des coentreprises sino-françaises," Revue Finance Contrôle Stratégie,, vol. 5(3), pages 169-194, September.
  • Handle: RePEc:dij:revfcs:v:5:y:2002:i:q3:p:169-194

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    References listed on IDEAS

    1. Ikujiro Nonaka, 1994. "A Dynamic Theory of Organizational Knowledge Creation," Organization Science, INFORMS, vol. 5(1), pages 14-37, February.
    2. Gupta, Atul, et al, 1991. "Gains from Corporate Multinationalism: Evidence from the China Experience," The Financial Review, Eastern Finance Association, vol. 26(3), pages 387-407, August.
    3. Pierre Dussauge & Bernard Garrette, 1995. "Les stratégies d'alliance," Post-Print hal-00706257, HAL.
    4. Cheng, Louis T. W. & Fung, Joseph K. W. & Lam, Kin, 1998. "An examination of the determinants of stock price effects of US-Chinese joint venture announcements," International Business Review, Elsevier, vol. 7(2), pages 151-161, April.
    5. Markides, Constantinos & Oyon, Daniel, 1998. "International acquisitions:: Do they create value for shareholders?," European Management Journal, Elsevier, vol. 16(2), pages 125-135, April.
    6. Su, Han Chan & Kensinger, John W. & Keown, Arthur J. & Martin, John D., 1997. "Do strategic alliances create value?," Journal of Financial Economics, Elsevier, vol. 46(2), pages 199-221, November.
    7. Lee, Insup & Wyatt, Steve B, 1990. "The Effects of International Joint Ventures on Shareholder Wealth," The Financial Review, Eastern Finance Association, vol. 25(4), pages 641-649, November.
    8. Ueng, C. Joe & Kim, Seung H. & Lee, C. Christopher, 2000. "The impact of firm's ownership advantages and economic status of destination country on the wealth effects of international joint ventures," International Review of Financial Analysis, Elsevier, vol. 9(1), pages 67-76, February.
    9. Fama, Eugene F, et al, 1969. "The Adjustment of Stock Prices to New Information," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 10(1), pages 1-21, February.
    10. Haiyang Chen & Michael Y. Hu & Joseph C. P. Shieh, 1991. "The Wealth Effect of International Joint Ventures: The Case of U.S. Investment in China," Financial Management, Financial Management Association, vol. 20(4), Winter.
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    More about this item


    joint venture; experience; abnormal returns; China.;

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • L24 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Contracting Out; Joint Ventures


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