L’effet des acquisitions internationales sur la structure du capital

Imed E. Chkir
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Imed E. Chkir: École de Gestion

L'Actualité Economique, 2002, vol. 78, issue 2, 153-178

Abstract: This study examines the effect of foreign acquisitions on the capital structure of U.S. corporations. In the first part of the study, we examine change in the long-term debt ratio of corporations that acquire foreign subsidiaries. The findings show that after a drop in the ratio for the year of acquisition compared to the three years prior, leverage increases from the first year until the third year following the acquisition. In the second part, a multivariate analysis using debt flow data examines the relation between additional financing through long-term debt after foreign acquisitions and the characteristics of these acquisitions, the acquiring corporation and the environment of the acquired subsidiaries. The results suggest that in addition to the two major determinants often revealed by previous literature (size and profitability), debt financing can also be explained by a geographical and industrial diversification effect. Furthermore, the results show that exchange risk and political risk affect the debt financing decision. Nous analysons l’effet des acquisitions de filiales étrangères sur la structure du capital d’entreprises américaines. En utilisant une approche événementielle, nous trouvons dans un premier temps que l’endettement diminue à la fin de l’année d’acquisition puis augmente au cours des trois années suivantes. Dans un deuxième temps, une analyse multivariée est menée afin de dégager le lien entre le financement par dette à la suite d’acquisitions à l’étranger, les caractéristiques de ces acquisitions, l’entreprise acquérante et l’environnement des filiales acquises. Les résultats montrent, qu’en plus des déterminants classiques de la structure du capital (taille et rentabilité), le financement par dette s’explique, entre autres, par un effet de diversification géographique et industrielle.

Date: 2002
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Persistent link: https://EconPapers.repec.org/RePEc:ris:actuec:v:78:y:2002:i:2:p:153-178

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