Performance des fusions-acquisitions et qualité des institutions dans la région MENA

Ibrahimi, Mohammed; Amine, Mohammed; Taghzouti, Abdellatif

doi:https://doi.org/10.59876/a-ejmp-ehd9

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Abstracts

Résumé

A travers une analyse de la performance des fusions-acquisitions (F&A) dans la région MENA ainsi que sa relation avec les caractéristiques de ces opérations et la qualité des institutions, nous constatons que les F&A créent de la valeur uniquement pour l’acquéreur, et que la valeur de l’acquéreur est impactée positivement par les fusions, le statut de la cible, et la qualité des institutions, et négativement par l’expérience en F&A, et celle de la cible est impactée négativement par la taille de la transaction et le niveau de contrôle de la corruption.

Mots-clés :

fusions,
acquisitions,
création de valeur,
qualité des institutions,
MENA

Abstract

By analyzing the performance of mergers and acquisitions (M&A) in the MENA region, and its relationship with the characteristics of these operations and the quality of institutions, we find that M&A create value only for the acquirer. The acquirer’s value is positively influenced by mergers, the target’s status, and the quality of institutions, but negatively impacted by M&A experience. Additionally, the target’s value is negatively affected by the size of the transaction and the level of control of corruption.

Keywords:

mergers,
acquisitions,
value creation,
quality of institutions,
MENA

Resumen

Al analizar el desempeño de las fusiones y adquisiciones (F&A) en la región MENA, y su relación con las características de estas operaciones y la calidad de las instituciones, encontramos que las F&A crean valor solo para el adquirente. El valor del adquirente se ve influenciado positivamente por las fusiones, el estado de la empresa objetivo y la calidad de las instituciones, pero se ve impactado negativamente por la experiencia en F&A. Adicionalmente, el valor de la empresa objetivo se ve afectado negativamente por el tamaño de la transacción y el nivel de control de la corrupción.

Palabras clave:

fusiones,
adquisiciones,
creación de valor,
calidad de las instituciones,
MENA

Appendices

Bibliographie

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