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

  • Isabelle Martinez

    ()

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

  • Emmanuelle Negre

    ()

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

Registered author(s):

    Cette recherche vise à identifier les déterminants de la communication volontaire des entreprises cibles d'OPA/OPE. Nous prenons ici le cas de la communication sur les synergies attendues des opérations. L'étude empirique porte sur un échantillon de 98 offres publiques sur la période 1999-2010. Les résultats montrent que 35% des cibles communiquent volontairement sur les synergies. Le rôle déterminant du moyen de paiement en tant que caractéristique de l'offre est mis en exergue. En ce qui concerne les caractéristiques de la cible, son éloignement géographique avec l'initiatrice, sa taille, le noncumul des fonctions de DG et de président du CA et la part de capital détenue par l'initiatrice sont des facteurs explicatifs de cette communication.

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    File URL: http://hal.archives-ouvertes.fr/docs/00/65/05/51/PDF/Martinez_NA_gre.pdf
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    Paper provided by HAL in its series Post-Print with number hal-00650551.

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    Date of creation: 2011
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    Publication status: Published - Presented, Comptabilités, économie et société, 2011, Montpellier, France
    Handle: RePEc:hal:journl:hal-00650551
    Note: View the original document on HAL open archive server: http://hal.archives-ouvertes.fr/hal-00650551/en/
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