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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.

Suggested Citation

  • Laurent Batsch, 2003. "Le recentrage:une revue des approches financières," Revue Finance Contrôle Stratégie,, vol. 6(2), pages 43-65, June.
  • Handle: RePEc:dij:revfcs:v:6:y:2003:i:q2:p:43-65

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    References listed on IDEAS

    1. 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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    7. Gillan, Stuart L. & Kensinger, John W. & Martin, John D., 2000. "Value creation and corporate diversification: the case of Sears, Roebuck & Co," Journal of Financial Economics, Elsevier, vol. 55(1), pages 103-137, January.
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    Cited by:

    1. Matthieu MONTALBAN ( (GREThA UMR CNRS 5113), 2009. "How financialisation shapes productive models in pharmaceutical industry: the domination and contradictions of the blockbuster conception of control (In French)," Cahiers du GREThA 2009-01, Groupe de Recherche en Economie Théorique et Appliquée.
    2. Jean-Étienne Palard, 2007. "Recentrage stratégique et politique de financement:le cas des firmes cotées en Europe (1987-2003)," Revue Finance Contrôle Stratégie,, vol. 10(3), pages 111-137, September.

    More about this item


    recentrage; diversification; conglomérat; marché interne; refocusing; diversification; conglomerate; internal market;

    JEL classification:

    • L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General
    • M20 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - General


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