Rapprochement Strategies in Corporate Governance of Quoted Firms

The governance theory constitutes a rich framework analysis and explanatory of the relation between the rapprochement strategies and the shareholders' value and stock exchange of the firm. In addition, research available in modern finance does not take into account the effect of the control mechanisms on the rapprochement strategies of the firm. This paper studies the effect of financial markets on the activities of mergers-acquisitions. From the econometric tests applied to Tunisian data of panel, the found results show that the financial market always does not constitute an effective means which leads the manager to benefit from the advantages of the mergers-acquisitions policies and to improve thereafter the general objectives of his shareholders