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External growth strategy and performance: An empirical study of French SMEs

Author

Listed:
  • Vivien Lefebvre

    (LARGE - Laboratoire de Recherche en Gestion et Economie - UNISTRA - Université de Strasbourg)

  • Anais Hamelin

    (LARGE - Laboratoire de Recherche en Gestion et Economie - UNISTRA - Université de Strasbourg)

Abstract

Nous étudions l'impact d'une stratégie de croissance externe sur la performance d'un échantillon de PME françaises s'étant introduites en bourse entre 2006 et 2014. A l'aide d'une approche en différence dans les différences, nous montrons que les entreprises qui réalisent des acquisitions obtiennent des performances plus élevées que celles qui ont recours à d'autres modes de croissance. Néanmoins, nous n'observons pas d'effet des opérations d'acquisitions sur la croissance du chiffre d'affaires. Nos résultats sont robustes à plusieurs approches économétriques, dont le propensity-score matching. Nos résultats sont cohérents avec l'idée selon laquelle les opérations d'acquisitions correspondent davantage à des changements organisationnels stratégiques qu'à des opérations de « croissance » au sens strict. De plus, nous apportons un éclairage empirique sur l'importance des stratégies de croissance externe pour les PME.

Suggested Citation

  • Vivien Lefebvre & Anais Hamelin, 2021. "External growth strategy and performance: An empirical study of French SMEs," Post-Print hal-03278788, HAL.
    • Handle: RePEc:hal:journl:hal-03278788
    DOI: 10.4000/rei.9865
    Note: View the original document on HAL open archive server: https://hal.science/hal-03278788
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    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance

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