‪Caractéristiques, motivations et performances des fusions et acquisitions en Tunisie‪

Rania Ferchichi and Saïd Souam ()

Revue d'économie industrielle, 2015, vol. n° 150, issue 2, 9-50

Abstract: ?This article provides a detailed analysis of mergers and acquisitions (M&A) in Tunisia. We successively characterize these operations, identify their motivations and assess their impact on the involved firms. We first construct a database of the M&A that took place between 1980 and 2009. The descriptive analysis shows that this very recent phenomenon in Tunisia really began developing in 1995. The M&A are more common in the industrial sector and mainly occur in Greater Tunis and coastal regions. Moreover, they are quasi-exclusively horizontal and realized between firms in the same sector. Finally, they are considered as a means for large Tunisian firms to grow by acquiring SMEs. We secondly conduct a survey in order to analyze the motivations and performance of these operations. Our results show that the main motivations for M&A are economies of scope and synergies, improvement of the profitability of the new entity and tax savings. Finally, we propose an evaluation of the M&A?s performances based on two classical approaches: the economic and accounting ratio approach and the financial approach, using event studies. It turns out that the M&A do not have any significant impact on economic and accounting firms? performances. However, the financial approach shows significant decreases in cumulative abnormal returns for the listed Tunisian firms involved in such an operation, both for the acquiring firms and the targets.?

Keywords: Performance; Tunisia; Event Studies; Mergers & Acquisitions (search for similar items in EconPapers)
Date: 2015
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.cairn.info/load_pdf.php?ID_ARTICLE=REI_150_0009 (application/pdf)
http://www.cairn.info/revue-d-economie-industrielle-2015-2-page-9.htm (text/html)
free

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cai:reidbu:rei_150_0009

Access Statistics for this article

More articles in Revue d'économie industrielle from De Boeck Université
Bibliographic data for series maintained by Jean-Baptiste de Vathaire ().