L'objectif de cet article est d'enrichir le cadre explicatif de la franchise en intégrant la théorie fondée sur les ressources et la théorie des contrats incomplets. Dans ce cadre, le recours à la franchise se conçoit comme le fondement d'une « architecture financière » et deux...

This paper deals with the relationships between plural form and performance in franchising networks in Europe. It is proposed that a franchisor's life cycle stage and human capital assets influence the relationship between plural form and performance. The model has been estimated using panel...

We first show the feature of French industrial focus through divestments by computing indexes of business diversity. Then we study the performance of these divestments in two linked ways:the profitability for the shareholders and the new relationships they contribute to establish between...

Agency theory has historically presented buyouts as a superior governance framework that generates economic efficiencies in the short term but these transactions might have a negative impact on long-term growth and innovation. In this study, we use a strategic entrepreneurship perspective to...

A long-standing controversy is whether LBOs generate economic efficiencies through a superior governance framework, or whether LBO funds are driven by short-term profit motives and sacrifice long-term growth to boost short-term performance. Using a propensity score methodology, this paper...

Purpose – Seeks to investigate whether the financial characteristics of leveraged buy-out (LBO) targets differ from those of firms that have not undergone an LBO before the deal. Specifically, to examine the free cash flows (FCFs), income taxes, capital intensity, business risk, profitability,...

We study innovation and R&D investments made from 2008 to 2010 by UK companies that were the targets of leveraged buyout (LBO) in previous years. We find that overall, LBO companies do not exhibit lower innovation and R&D investments than non-LBO companies during the crisis, with other things...

(VF)Cet article propose un modèle de la structure financière qui intègre la stratégie de diversification dans ses deux dimensions (géographique et industrielle). Les effets de ces stratégies sur l’endettement des firmes sont, comme le montre une revue de la littérature, multiples et...

L'hypothèse initialement avancée par Amihud et Lev (1981), selon laquelle le dirigeant serait tenté de diversifier son entreprise afin de limiter son risque d'emploi, a connu un large écho et a été largement reprise depuis (Amihud et al., 1986 ; Lewellen et al., 1989 ; Norton, 1993 ; Lane...

We are looking for traces of managerial opportunism in french diversifyingacquisitions. Indeed, following various theories, diversification is seeking by managers.Furthermore, recent empiric evidences show that corporate diversification is valuedestructive for shareholders. Using classical OLS...