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La création de valeur des alliances stratégiques et des fusions-acquisitions : justification comparative par le modèle de mesure de la valeur financière "cas des sociétés du SBF 250"

Listed author(s):
  • Fateh Saci


    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis - CNRS - Centre National de la Recherche Scientifique)

  • Boualem Aliouat


    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis - CNRS - Centre National de la Recherche Scientifique)

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    Strategic alliances and mergers & acquisitions are theoretically now considered as real levers of value creation. This value creation takes different forms, essentially strategic value, substantial value, institutional value and financial value (including shareholders). This latter holds our attention specifically. The objective of our research, after analyzing the results of empirical works focused on the acquisition announcements impact on the stock market performance, is to answer two fundamental questions. The first question is to know that if, on a more or less distant horizon, the stock market performance of acquisitions coincides with the actual performance and so if this form of acquisitions can be justified by the financial motivation of CEOs or shareholders. The second question is to know that if this hypothesis is also true in the case of alliances, establishing by the way an advantageous comparison in favor of one or other of the external growth options. Our final results show that in the short term the announcement of an alliance has a negative impact on performance as opposed to the announcement of a merger & acquisition, while other hand on the long-term, there is no positive impact (neutral impact) on financial performance whether it be the strategic alliance or merger & acquisition. We explain this result by the phenomenon of "creation of compensatory value" in the context of a strategic and financial plan.

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    Paper provided by HAL in its series Post-Print with number halshs-00877514.

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    Date of creation: 21 Jun 2013
    Publication status: Published in 20e Tutorat Doctoral GRAND SUD organisé par : L'IAE de Grenoble et le CERAG, Jun 2013, Grenoble, France
    Handle: RePEc:hal:journl:halshs-00877514
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    1. Fama, Eugene F, et al, 1969. "The Adjustment of Stock Prices to New Information," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 10(1), pages 1-21, February.
    2. repec:sae:ilrrev:v:43:y:1990:i:3:p:52-73 is not listed on IDEAS
    3. Barber, Brad M. & Lyon, John D., 1997. "Detecting long-run abnormal stock returns: The empirical power and specification of test statistics," Journal of Financial Economics, Elsevier, vol. 43(3), pages 341-372, March.
    4. Garette, Bernard & Dussauge, Pierre, 2000. "Alliances versus acquisitions: choosing the right option," European Management Journal, Elsevier, vol. 18(1), pages 63-69, February.
    5. Michel Albouy, 2005. "Peut-on encore croire à l'efficience des marchés financiers," Post-Print halshs-00101870, HAL.
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