Authors: Hentati Fakher; Bouri Abdelfettah
Addresses: Faculty of Economic Sciences and Management, University of Sfax, BP 1088, Tunisia ' Faculty of Economic Sciences and Management, University of Sfax, BP 1088, Tunisia
Abstract: The governance theory constitutes a rich framework analysis of the relation between the rapprochement strategies and the shareholders' value. In addition, available research 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. It proposes an advanced model of econometric 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. The study aims to show that the activities of mergers-acquisitions present foreign strategy in the government of the Tunisian companies. The firms must invest in the research and development and implement new training schemes for their personnel in order to carry out the competitive advantages and attract the national and international investors.
Keywords: governance theory; rapprochement strategies; financial markets; managerial entrenchment; mechanism control; corporate governance; shareholder value; mergers and acquisitions; M&A; econometrics; Tunisia; investment; research and development; R&D; training.
International Journal of Strategic Change Management, 2014 Vol.5 No.2, pp.164 - 173
Available online: 02 Apr 2014 *Full-text access for editors Access for subscribers Purchase this article Comment on this article