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Les déterminants de la communication volontaire des entreprises cibles d'OPA/OPE : le cas des synergies

Author

Listed:
  • Isabelle Martinez

    () (LGC - Laboratoire de Gestion et de Cognition - UPS - Université Paul Sabatier - Toulouse 3)

  • Emmanuelle Negre

    () (LGC - Laboratoire de Gestion et de Cognition - UPS - Université Paul Sabatier - Toulouse 3)

Abstract

This study aims at identifying determinants of voluntary disclosure of information for the target companies in takeover bids. We take here the case of synergies expected from the deal. The empirical study is based on a sample of 98 takeover bids during the period 1999 to 2010. The results show that 35% of the target companies voluntarily disclose information about synergies. Among the characteristics of offer, the mean of payment play a determining role. In terms of target companies' characteristics, the geographical distance with initiator, the size, the non-overlapping mandates of CEO and Chairman of the Board and the target companies' ownership detained by initiator are explanatory factors of such disclosure.

Suggested Citation

  • Isabelle Martinez & Emmanuelle Negre, 2011. "Les déterminants de la communication volontaire des entreprises cibles d'OPA/OPE : le cas des synergies," Post-Print hal-00650551, HAL.
  • Handle: RePEc:hal:journl:hal-00650551
    Note: View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-00650551
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    Keywords

    voluntary disclosure; target companies; takeover bids; déterminants; communication volontaire; cibles; offres publiques d'achat et d'échange; synergies;

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