文化常被認為是跨國併購失敗的重要原因，許多文化因素在研究與調查中仍屬薄弱。在本論文中，國家文化是衡量跨境併購文化差異的重點，我們使用了Hofstede 六維度來分析兩種家公司併購情況，即使聯想案例文化維度距離高於TCL案例，但聯想理解在最短時間內和解文化差異，聯想最終解決了問題並變成了利潤。研究表明，溝通是必要的，大大提高了併購的成功性，管理層在合併前，文化評估是必要決策收購的成敗的重要因素。 / The failure rate of cross-border M&As is still high and culture is often blamed for hampering performance. If substantial research has been devoted to investigating M&As performance, cultural factors remain largely unexplained. In this research, national culture is the focus to measure cultural differences in cross border M&As. we used Hofstede 5 dimensions to analyzes two cases, even though Lenovo case cultural dimension distance is higher than TCL case, but Lenovo understand reconciling cultural differences in the shortest time, Lenovo eventually solved the problems and turn into profit. The studies reveal that communication is a necessity, drastically improving the success of a merger, and a cultural assessment of both fit and potential are important factors for providing direction and guidance for necessary decision making and planning initiatives required by management throughout all stages of a merger or acquisition. The purpose of this conceptual paper is to highlight the tensions generated by national culture in cross-border M&As and Chinese enterprises want to increase the success rate of Cross-border M&As, they have to pay close attention on the cultural problems, make a good cultural assessment and manager the cultural integrating work in the cultural integrating process.

This dissertation explores the disclosure on intangibles acquired in Mergers & Acquisitos. The related empirical analyses are based on a sample of M&As that are accounted for under the International Financial Reporting Standards (IFRS) and United States Generally Accepted Accounting Principles (US-GAAP). In three different research papers I answer three distinct research questions. In order to enable capital providers and other external stakeholders to evaluate the PPA, the International Financial Reporting Standard 3 (IFRS 3) and the Statement of Financial Accounting Standards 141 (SFAS 141) require the acquirer firm’s management to disclose information about the assets acquired and liabilities assumed in the notes to the financial statement. The first research paper (see chapter II) addresses the following research question: Which information about intangibles acquired in M&As does the acquirer firm’s management disclose in the notes to the financial statement? The second research paper examines the factors that affect the initial recognition of goodwill. This research question is answered in the second research paper (see chapter III): Does the acquirer firm’s management opportunistically or efficiently use its discretion to recognize goodwill initially? The corporate information environment consists not only of corporate disclosure but also of disclosure by information intermediaries. The third research paper (see chapter IV) addresses this last set of research questions: Which information about intangibles acquired in M&As is provided in voluntary or mandatory corporate disclosures and in disclosures by information intermediaries? How are the disclosure channels interrelated?

We examine the impact of Mergers & Acquisitions on credit- and investment risk using a sample of 402 acquisitions by 215 Swedish firms from 2000 to 2020. We find significant evidence that, on average, M&A increases the credit risk and inversely decreases the investment risk of the acquiring firm. Our results indicate that firm credit risk however is positively correlated with investment risk. After controlling for specific deal- and firm characteristics, our findings suggest that managerial hubris decreases the level of credit risk and increases the level of investment risk in acquiring firms. Our results are consistent with the asymmetric information hypothesis that managers may exploit the volatility of their stock price to hide risk-increasing activities. We also observe that acquirers with high pre-deal credit risk undertake acquisitions that decrease credit risk and increase investment risk. We find no significant impact from neither method of payment nor valuation errors.

Over the last decades, Mergers and Acquisitions (M&A) have become key strategic alternatives to organic growth, enabling firms to expand in new geographies, broaden their product or service portfolios, increase their market power or diversify their business activities, for instance. Historically, although M&A deals have occurred in cyclical patterns, the number of transactions as well the total amount invested have followed an increasing trend. For instance, in 2021, the number of M&A deals conducted worldwide even peaked at an absolute record of 63,215 deals, for a total amount of $5,800 billion, comparable to the annual GDP of a country like Japan. Although the literature on M&A is vast and multi-disciplinarian, the performance of such transactions as well as their influencing factors have remained debated issues. This paper-based dissertation investigates the implications of corporate social responsibility (CSR) on financial markets’ anticipations in the context of M&A announcements. The first manuscript (Manuscript A) corresponds to a literature review on the determinants to financial markets’ reactions around M&A announcements. The second manuscript (Manuscript B) investigates the impact of both acquirers- and targets’ CSR engagements as well as their CSR profiles distance on synergetic gains anticipated by financial markets around M&A announcements. The third manuscript (Manuscript C) focuses on the impact of acquiring firms’ CSR engagement on the accuracy of financial markets’ anticipations with regards to the long-term operating performance of M&A deals. The fourth manuscript (Manuscript D) analyses whether acquirers’ CSR performance impacts M&A premia, since the premia offered to target shareholders contain acquiring managements’ anticipations regarding potential synergetic gains and are by the way critical to the deals’ value creation processes.

Cette thèse a pour objectif principal d’apporter une contribution à la littérature concernant la structure et l’efficacité du conseil d’administration (CA). Elle s’articule autour de quatre chapitres. Le premier chapitre est une revue de la littérature, tandis que les trois autres portent sur des questions de recherche distinctes. La première étude présentée dans le deuxième chapitre de cette thèse a pour objectif d'étudier les déterminants de la taille du CA, de l'indépendance de ses membres et de la dualité des fonctions de direction et de présidence du CA. Les principaux apports de cette étude peuvent être résumés comme suit : tout d'abord, nos résultats sont fondés sur l'analyse d'un des plus grands échantillons utilisés dans ce domaine, avec à peu près 16000 observations (entreprises-années) pour près de 2300 entreprises américaines observées de 1997 à 2010. De plus, sur le plan méthodologique, une batterie de tests statistiques a été réalisée afin de vérifier la robustesse de nos résultats, notamment des tests tenant compte des biais d'hétérogénéité et de simultanéité. Enfin, cette étude est probablement la première à démontrer que le passage de la loi SOX a limité la capacité des dirigeants à influencer la composition du CA. La deuxième étude s’attache à analyser les deux principales fonctions du CA, qui sont le conseil au chef d'entreprise et le contrôle de ses activités. Ainsi, comprendre la capacité du CA à remplir ces fonctions est une question fondamentale que nous nous proposons d’approfondir. Cette étude vient enrichir la littérature émergente sur la fonction consultative du CA en fournissant de nouveaux éléments de preuves sur l'importance de cette fonction dans la création de valeur de l'entreprise. Ces résultats apportent également des éclairages sur le conflit potentiel existant entre les deux principales fonctions du CA. Enfin, cette étude s'inscrit dans le courant de pensée qui cherche à évaluer l'impact des caractéristiques des entreprises sur l'efficacité de leurs structures de gouvernance. Le principal objectif de la troisième étude présentée dans le dernier chapitre de cette thèse est de déterminer si la rémunération à base d’actions des administrateurs peut affecter les décisions futures en matière d'acquisition, et le cas échéant, comment. Les résultats de cette étude apportent un nouvel éclairage concernant la rémunération des administrateurs. Cette étude met en exergue l'importance des pratiques de rémunération incitative sous forme d’actions et d’options pour les membres du CA. Par ailleurs, bien que de nombreuses études aient été réalisées afin d'analyser la relation existante entre les mesures incitatives à destination des administrateurs et la performance de l'entreprise, notre étude est l'une des premières à explorer les mécanismes à travers lesquels ces mesures peuvent influencer la valeur de l'entreprise. / This thesis aims at providing contributions to the existing literature on the structure and effectiveness of corporate boards. It comprises three essays that address distinct research questions. The first study examines the trends and determinants of corporate board structure using a panel data sample. This study extends the existing literature on the determinants of board structure in three important ways. First, our results are based on one of the largest samples used in this area, with almost 16,000 firm-year observations for nearly 2,300 firms observed from 1997 to 2010. Second, in terms of methodology, a set of statistical tests was performed in order to check the robustness of our findings, including tests that account for heterogeneity and simultaneity. Finally, this is probably the first study to show that the enactment of SOX has reduced the ability of CEOs in influencing board composition. Specifically, while SOX does not fundamentally alter the economic determinants of board structure, our results show that the documented negative impact of well performing CEOs on board independence in the pre-SOX era is no longer significant post-SOX. In the second study, the principal objective is to investigate the effects of advisory directors' presence on the board and monitoring intensity on the board's overall effectiveness in value creation. This study makes some significant contributions to the literature. First, it complements and extends the growing literature on the board's advisory function by providing strong new evidence on the importance of this board function in value creation. Second, it also provides some evidence on the potential conflict between the two primary functions of corporate boards. Finally, this study adds to the literature that attempts to assess the impact of firm and industry characteristics on the effectiveness of specific governance structures. The last study has as main objective to examine the relation between director compensation structure and shareholder interests in the context of acquisitions. This study contributes to the literature in several ways. First, we add to the recent but burgeoning literature that deals with the determinants of director compensation. Guided by theoretical work in this area, we show that director compensation is mainly consistent with firm's needs for monitoring and advising. Second, we extend the body of research that highlights the importance of equity-based compensation by providing evidence that the use of incentive-based compensation schemes to reward directors also matters. Finally, although many studies have examined the relation between directors' incentives and firm performance, this work is one of the first to examine the channels through which directors' equity-based pay affects shareholders' value.

Cette recherche a eu pour but principal de montrer, à travers l’exemple de l’industrie informatique dans les années 90, que la stratégie de partenariat est aujourd’hui devenue un outil essentiel pour permettre aux entreprises à la tête d’une industrie à forte innovation technologique, confrontée à des changements structurels importants, et en particulier à la désintégration menant au leadership technologique partagé, de maintenir leur position dominante. <p> <p>Les quatre parties du travail constituent une suite logique d’étapes contribuant chacune à valider la thèse: la partie I porte sur la synthèse des principaux courants de la littérature scientifique sur les accords de collaboration et leur relation avec l’évolution des industries. Le but poursuivi dans la partie II est de décrire les changements intervenus dans l’industrie informatique au cours des années 90 et de formuler l’hypothèse d’une relation entre ces changements et la stratégie des firmes dans le domaine des accords de collaboration. Cette hypothèse est vérifiée empiriquement dans les parties III et IV à l’aide d’une banque de données sur les accords de collaboration. La partie III du travail présente les résultats descriptifs et la partie IV les résultats analytiques permettant de valider l’hypothèse.<p> / Doctorat en sciences de gestion / info:eu-repo/semantics/nonPublished