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Le recentrage:une revue des approches financières

  • Laurent Batsch

    ()

    (Université de Paris 9 Dauphine)

(VF)Le recentrage traduit la tendance des grands groupes à se construire sur des marchés dominables. Il est le produit d'un faisceau de contraintes:sélection des investissements dans un univers concurrentiel mondialisé, rentabilisation du capital employé, captation de la rente pour des investisseurs exigeants, respect des prérogatives des gérants de portefeuille dans la tâche de diversification des risques. Le recentrage est une tendance de longue période. Il ne se confond pas avec la stratégie générique de spécialisation, il est même compatible avec certaines formes de diversification cohérente. Tout se passe comme si chaque groupe tentait de converger vers son niveau "optimal" de diversification. Le recentrage désigne donc la tendance des groupes à choisir des stratégies de portefeuille qui renforcent la cohérence de leurs activités. (VA)Refocusing deals with the tendency of the groups to grow on controlled markets. It is a result of several constraints: capital budgeting in a world sized competitive environment, maximizing the return on capital employed, taking over the goodwill for the benefit of financial investors, leaving to the asset managers the part of diversifying the risks. Refocusing appears to be a long-term trend. It has to be distinguished from the specialization specific strategy; it is even consistent with various related diversification maneuvers. As if all groups had to converge to their own optimal level of diversification. Refocusing means a tendency of groups to choose portfolio strategies relevant with business relatedness.

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

Volume (Year): 6 (2003)
Issue (Month): 2 (June)
Pages: 43-65

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Handle: RePEc:dij:revfcs:v:6:y:2003:i:q2:p:43-65
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  1. Kaplan, Steven N & Weisbach, Michael S, 1992. " The Success of Acquisitions: Evidence from Divestitures," Journal of Finance, American Finance Association, vol. 47(1), pages 107-38, March.
  2. Lichtenberg, Frank R., 1992. "Industrial de-diversification and its consequences for productivity," Journal of Economic Behavior & Organization, Elsevier, vol. 18(3), pages 427-438, August.
  3. Roll, Richard, 1986. "The Hubris Hypothesis of Corporate Takeovers," The Journal of Business, University of Chicago Press, vol. 59(2), pages 197-216, April.
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  5. Comment, Robert & Jarrell, Gregg A., 1995. "Corporate focus and stock returns," Journal of Financial Economics, Elsevier, vol. 37(1), pages 67-87, January.
  6. Hyun-Han Shin & René M. Stulz, 1998. "Are Internal Capital Markets Efficient?," The Quarterly Journal of Economics, MIT Press, vol. 113(2), pages 531-552, May.
  7. Baker, George P, 1992. " Beatrice: A Study in the Creation and Destruction of Value," Journal of Finance, American Finance Association, vol. 47(3), pages 1081-119, July.
  8. Berger, Philip G & Ofek, Eli, 1999. "Causes and Effects of Corporate Refocusing Programs," Review of Financial Studies, Society for Financial Studies, vol. 12(2), pages 311-45.
  9. Haynes, Michelle & Thompson, Steve & Wright, Mike, 2000. "The determinants of corporate divestment in the UK," International Journal of Industrial Organization, Elsevier, vol. 18(8), pages 1201-1222, December.
  10. Laurent Batsch, 1993. "La diversité des activités des groupes industriels - Une approche empirique du recentrage," Revue d'Économie Industrielle, Programme National Persée, vol. 66(1), pages 33-50.
  11. John, Kose & Lang, Larry H P & Netter, Jeffry, 1992. " The Voluntary Restructuring of Large Firms in Response to Performance Decline," Journal of Finance, American Finance Association, vol. 47(3), pages 891-917, July.
  12. Amar Bhide, 1990. "Reversing Corporate Diversification," Journal of Applied Corporate Finance, Morgan Stanley, vol. 3(2), pages 70-81.
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