Impact de la forme de la reprise sur les réactions des stakeholders

Françoise Bastié, Sylvie Cieply and Pascal Cussy ()
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Françoise Bastié: CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique
Sylvie Cieply: CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique
Pascal Cussy: CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR - Université de Rennes - CNRS - Centre National de la Recherche Scientifique

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Abstract: Firms' transfers are embedded by informational imperfections. Buyers suffered from informational asymmetries on the quality of firms and on the behaviour of sellers during the transition of management. Buyers can suffer too from the reactions of stakeholders that anticipate the transfers. In this paper, the advantages of Management Buy Out are underlined. This internal market for firms' transfers reduces informational problems and uncertainty that commercial partners suffer from. More precisely, we study the signal MBO should produce in comparison with MBI whose managers do not come directly from the target. We underline in particular the role of MBO where new owners are members of sellers' family. Hypotheses are confirmed by econometrical tests on data coming from the SINE database.

Keywords: Stakeholders; buyout; MBO; MBI; reprise interne; reprise externe; transmission; parties prenantes (search for similar items in EconPapers)
Date: 2010
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Published in Revue d'économie industrielle , 2010, 132, pp.9-30

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00667985

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