Abstracts
Résumé
Nous examinons l’influence de la réputation de l’acquéreur sur la réaction des investisseurs suite à l’annonce de fusions-acquisitions internationales. En nous appuyant sur la théorie du signal, nous avançons que la réputation envoie un signal positif aux investisseurs lorsque de telles opérations sont annoncées. Notre étude empirique est fondée sur 134 fusions-acquisitions internationales réalisées par des entreprises multinationales françaises. Nos résultats confirment que la réputation est positivement liée à la création de valeur à court terme des fusions-acquisitions. Toutefois, la réaction positive des investisseurs à l’annonce de fusions-acquisitions est de moindre intensité pour les entreprises les plus réputées. De plus, nous montrons que la relation entre réputation et création de valeur est négativement modérée par la stratégie de diversification sectorielle de l’acquéreur.
Mots-clés :
- Réputation,
- fusions-acquisitions,
- création de valeur,
- entreprises multinationales,
- théorie du signal
Abstract
We examine the influence of the acquirer’s reputation on investors’ reaction following the announcement of cross-border mergers and acquisitions. Drawing on signaling theory, we argue that the reputation sends a positive signal to investors when such deals are announced. Our empirical study is based on 134 cross-border M&As conducted by French multinationals. Our results confirm that reputation is positively related to M&A short-term value creation. However, the positive reaction of investors to the announcement of mergers and acquisitions is weaker for the most reputable companies. In addition, we show that the relationship between reputation and value creation is negatively moderated by the acquirer’s diversification strategy.
Keywords:
- Reputation,
- mergers-acquisitions,
- value creation,
- multinational companies,
- signaling theory
Resumen
Estudiamos la influencia de la reputación del adquiriente sobre la reacción de los inversionistas frente al anuncio de fusiones y adquisiciones internacionales. Basándonos en la teoría de la señal, sugerimos que la reputación envía una señal positiva a los inversionistas al anunciarse este tipo de transacciones. Nuestro estudio empírico utiliza información de 134 fusiones y adquisiciones internacionales de empresas multinacionales francesas. Nuestros resultados confirman que la reputación aumenta la creación de valor asociada a las fusiones y adquisiciones en el corto plazo. Sin embargo, la reacción positiva de los inversionistas ante el anuncio de las fusiones y adquisiciones es menos fuerte para las empresas más reputadas. Además, mostramos que la estrategia de diversificación del sector del adquiriente modera negativamente la relación entre la reputación y la creación de valor.
Palabras clave:
- Reputación,
- fusiones y adquisiciones,
- creación de valor,
- empresas multinacionales,
- teoría de la señal
Appendices
Bibliographie
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