Ulrike Mayrhofer

Headquarters‐subsidiaries relationships of French multinationals in emerging markets

This paper examines the role of location in the relationships established between headquarters and foreign subsidiaries. The empirical study is based on three in-depth case-studies of French multinationals: France Telecom, Schneider Electric and Publicis. The authors conducted 31 interviews with managers from both the headquarters and foreign subsidiaries. The findings of the study indicate that headquarters-subsidiaries relationships are shaped by the location of subsidiaries in emerging economies, and more specifically by the cultural, administrative, geographic and economic distance between the headquarters and foreign subsidiaries. The analysis focuses on new challenges faced by MNEs from mature economies, considering the growing importance of subsidiaries located in emerging countries.

Reputation, E-Reputation, and Value-Creation of Mergers and Acquisitions

Abstract This article investigates the effects of reputation and e-reputation on the value created by mergers and acquisitions (M&As). Building on the resource-based view, we study the impact of the acquirer’s reputation on financial market reactions to M&A announcements. The empirical study is based on a sample of 187u2009M&As involving French multinationals of the CAC 40 index and an online survey of their reputation. The statistical analysis shows that reputation has a significant, positive influence on M&A value-creation. The findings also highlight the fact that reputation matters regardless of the geographic location of the target companies. Our study makes theory of the role of intangible assets in firm performance more specific by highlighting the positive impact of reputation on the financial evaluation of M&A operations.

The Value Creation of Mergers and Acquisitions in Mature and Emerging Markets: A Study of French Multinationals

Foreign direct investments in emerging markets have considerably increased in the recent period. These investments often take the form of mergers and acquisitions (MA their reaction after the announcement is moderately positive for M&As in emerging markets and clearly positive for those in mature economies.

« Il n’est jamais trop tard pour entreprendre » : l’internationalisation des ‘born-again globals’

This research aims to determine the role of the entrepreneur in the dynamics of internationalisation developed by SMEs. The authors explain major models of international expansion followed by these companies and highlight the one of born-again globals. This strategy concerns traditional SMEs with a home-country focus, who suddenly decide to develop on international markets. The empirical study is based on the SLAT company, an industrial SME located in the Rhone-Alpes region. Obtained findings allow identifying the characteristics of the entrepreneur that explain the rapid internationalisation of this company : (1) past professional experiences, (2) personal competence, (3) international mind and (4) personal, professional and institutional networks.