Search results

The purpose of this paper is to compare the value creation of cross-border mergers and acquisitions (M&As) in mature and emerging markets.

The empirical study is based on a sample of 285 cross-border M&As announced between 2010 and 2012 and completed by companies of the French SBF 120 index in 54 countries.

The statistical analysis shows how financial markets react before and after the announcement of M&As. The obtained findings highlight significant differences: the reaction of financial markets before the announcement is moderately positive for M&As in mature economies, but negative for those in emerging economies; their reaction after the announcement is clearly positive for M&As in mature markets and moderately positive for those in emerging markets.

Future studies on M&A value creation should differentiate mature and emerging economies and adopt a more in-depth classification of target countries.

This research emphasizes the necessity to consider country-specific factors for M&A value creation.

The empirical study is based on a sample of French acquirers, who account for 3 percent of the volume and value of M&As in the world and whose operations are rarely studied in the literature. The authors compare the reaction of financial markets before and after the announcement of M&As conducted in mature and emerging economies.

This exploratory research aims to identify the types of social networks established by German and French expatriates.

The authors use the concepts of social capital and social networks, as well as the societal and cultural approaches, to investigate the way expatriates develop their social networks. The authors' empirical study is based on 40 semi-structured interviews conducted with German and French expatriates.

The authors' findings show that German expatriates mainly establish professional networks, whereas their French counterparts also focus on personal networks. They further indicate that managing social capital lies within the individual responsibility of German expatriates, whereas it is part of higher education institutions in France.

The authors highlight the way German and French expatriates manage their social networks and provide novel insights into the role played by higher education systems and the cultural characteristics of their home country context.

This article aims to contribute to a better understanding of how multinational companies can succeed the reconfiguration of their internal structures. The theoretical framework is based on the concept of reconfiguration as a dynamic capability, the Uppsala evolution model and the business network view.

The authors conducted a case study on the reconfiguration of two vertically-related business units within the Solvay group, a world leader in the chemical industry. The empirical study is based on interviews, observations and secondary data.

The paper shows how a multinational enterprise can succeed in reorganizing its internal structures to overcome internal liability of outsidership and to be more competitive and profitable. The reconfiguration enabled Solvay to become a fully integrated leader in the polyamide plastics industry.

The paper explains how the internal reorganization has improved the competitiveness and profitability of the integrated business units.

This paper aims at extending the debate on family firm internationalization by identifying cycles and waves of their internationalization processes with a specific focus on de-internationalization and re-internationalization.

Building on the Uppsala model and the resource-based view, this study analyzes the cycles and waves of internationalization of 26 German family firms in the Chinese market. Semi-structured interviews with top managers of the selected case firms were conducted, and secondary sources were used to triangulate the collected data.

The findings highlight the heterogeneity of family firm internationalization processes. Indeed, some family firms follow the sequential approach of the Uppsala model, while others choose to de-internationalize and then re-internationalize their activities. Their cycles and waves of internationalization can be explained by internal and external triggers.

This article contributes to the family firm internationalization literature by investigating how family firm characteristics and environmental factors shape internationalization, de-internationalization and re-internationalization paths. The novel findings enrich theoretical assumptions on family firm internationalization and highlight their varying internationalization processes, which can be explained by firm-specific characteristics, notably their unique family resources and socioemotional wealth, and contextual factors.

This chapter focuses on the international development of Société Lyonnaise d’Appareillage Téléphonique, an independent small- and medium-sized enterprise (SME) which develops, produces and markets solutions of secured alimentations. Located in France, the company has more than 70 employees. The SME has mainly developed in international markets through export activities: in 2016, it realised 21.2% of its total sales abroad and its products were marketed in 37 countries. In 2011, the company decided to implement a sales subsidiary in Germany to strengthen its presence in international markets. In this process, the company was accompanied by a promotion agency which helps companies from the Auvergne-Rhône-Alpes region to expand into foreign markets. The authors of this chapter explain the role played by the agency in the establishment of the foreign subsidiary and the influence of a successful accompaniment experience on the internationalisation process.

This chapter focuses on the international development of Mixel Agitators, an independent SME which develops, produces and markets industrial mixers. Founded in the late 1960s near Lyon, in France, the company has more than 70 employees worldwide. Initially focused on its domestic market, the SME changed strategy and opened to foreign markets after the arrival of a new CEO. Since then, Mixel Agitators has been highly active abroad, notably is China where it holds a production and sales subsidiary. The authors of this chapter chart the international expansion of the company in order to highlight key success factors of industrial SMEs in such a challenging market.

This chapter examines how small- and medium-sized enterprises (SMEs) can deal with institutional challenges in the Chinese market. The authors use institutional theory to characterize the political and cultural context in China. The empirical study is based on interviews conducted with managers of the industrial SME Mixel Agitators at the French headquarters and the Chinese subsidiary, and with experts on Franco–Chinese relationships. The findings show that foreign SMEs can address institutional challenges by investing time and resources in their local subsidiaries, learning about how to operate in the Chinese market, and recruiting local managers with guanxi networks. The study contributes to a better understanding of how Western SMEs can succeed in the Chinese context.

The purpose of this paper is to investigate the factors affecting the choice between joint ventures and non‐equity alliances, when firms enter foreign markets.

Using a database of Italian firms compiled by the authors with 879 observations, the paper tests the possible effects of firm specific characteristics, host country institutional characteristics and cultural distance on alliance mode choice.

Using both transaction cost analysis and the resource based view, the findings demonstrate the crucial role played by firm size as well as by institutional and political features of host countries. The results concerning the role of functional activities involved and the industrial sector are mixed.

Overall, the analysis shows that it is necessary to develop a more integrated approach to understand this complex choice made by firms when expanding abroad.