Investissements des multinationales dans les pays émergents et valeur actionnariale

This article aims to assess the stock market impact of different transactional alignments between asset specificity and modes of investment of multinational firms into emerging economies. Itanalyzes the link between these alignments and shareholder value creation by multinational firms investing in countries with high uncertainty. The study of the stock market reactions to these alignments is conducted using a sample of 183 investment deals achieved by French multinational firms in Latin American countries between 1993 and 2007. The findings illustrate partially the relevance of the transactional approach to hierarchical and hybrid modes of investment in countries with high uncertainty.