La création de valeur boursière des partenariats stratégiques et des fusions-acquisitions " Cas des sociétés du SBF 250 "

Fateh Saci () and Boualem Aliouat ()
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Fateh Saci: GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique
Boualem Aliouat: GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur

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Abstract: Strategic partnerships and mergers-acquisitions are theoretically now considered as real levers of value creation. This value creation takes different forms (financial, strategic, substantial or institutional value).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 what the use of these two forms of external growth 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 partnerships, 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 partnership has a negative impact on performance as opposed to the announcement of a merger or acquisition

Keywords: Strategic partnerships; mergers & acquisitions; market value creation; creation of compensatory value; Partenariats stratégiques; fusions-acquisitions; création de valeur boursière; création de valeur compensatoire (search for similar items in EconPapers)
Date: 2014-09-09
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