Essec\Faculty\Model\Contribution {#6196
  #_index: "academ_contributions"
  #_id: "2046"
  #_source: array:26 [
    "id" => "2046"
    "slug" => "mergers-acquisitions-in-the-food-business-how-did-the-2002-and-2009-economic-crises-impact-corporate-valuation"
    "yearMonth" => "2016-06"
    "year" => "2016"
    "title" => "Mergers & Acquisitions in the Food Business: How did the 2002 and 2009 Economic Crises Impact Corporate Valuation?"
    "description" => "DECLERCK, F. (2016). Mergers & Acquisitions in the Food Business: How did the 2002 and 2009 Economic Crises Impact Corporate Valuation? <i>International Journal on Food System Dynamics</i>, 7(3), pp. 183-195."
    "authors" => array:1 [
      0 => array:3 [
        "name" => "DECLERCK Francis"
        "bid" => "B00000143"
        "slug" => "declerck-francis"
      ]
    ]
    "ouvrage" => ""
    "keywords" => array:7 [
      0 => "Acquisition"
      1 => "Agro-alimentaire"
      2 => "Fusion"
      3 => "Multiple de Transaction"
      4 => "Multiples de Marché"
      5 => "Transaction"
      6 => "Valorisation"
    ]
    "updatedAt" => "2021-02-02 16:16:18"
    "publicationUrl" => "https://ageconsearch.umn.edu/record/244544"
    "publicationInfo" => array:3 [
      "pages" => "183-195"
      "volume" => "7"
      "number" => "3"
    ]
    "type" => array:2 [
      "fr" => "Articles"
      "en" => "Journal articles"
    ]
    "support_type" => array:2 [
      "fr" => "Revue scientifique"
      "en" => "Scientific journal"
    ]
    "countries" => array:2 [
      "fr" => null
      "en" => null
    ]
    "abstract" => array:2 [
      "fr" => """
        En fusions-acquisitions, les multiples de transactions sont des critères largement utilisés pour valoriser les entreprises cibles lors de la négociation entre les acquéreurs et les vendeurs. La recherche concerne la performance financière exprimée en multiples de chiffre d'affaires, d’EBE et de résultat net pour la période 2002-2009 pour des transactions en agro-alimentaire en France. Le nombre de transactions a diminué beaucoup plus en 2002 qu'en 2008 et 2009, mais la valeur des transactions a augmenté. \n
        La crise économique de 2008-2009 a davantage impacté la valorisation des entreprises agro-alimentaires que la crise de 2002. Les multiples de transactions ont diminué beaucoup plus en 2009 qu'en 2002 et 2003. En moyenne, les multiples de transactions sont stables, même si leurs valeurs sur une année donnée sont affectées par les cycles économiques. L'EV / EBITDA fournit des résultats avec une variabilité plus faible que l’EV / Sales et l’EV / bénéfice net. \n
        La présente étude montre que les valorisations des entreprises laitières sont assez proches des valorisations moyennes agro-alimentaires. Mais les valorisations des entreprises de vins et spiritueux sont beaucoup plus élevées que celles des autres entreprises agro-alimentaires. Les multiples de transactions au niveau d’un sous-secteur alimentaire fournissent des outils plus précis pour les parties prenantes de fusions-acquisitions afin d'éviter un prix excessif et une détresse financière.
        """
      "en" => """
        Transaction market multiples are widely used as benchmarks for negotiation between buyers and sellers. This research focuses on financial performance expressed as transaction market multiples of sales, EBITDA and net profit for the 2002-2009 period. The number of transactions declined much more in 2002 than in 2008 and 2009, but the value of transactions displayed the opposite trend. \n
        The 2008-2009 economic crisis impacted the valuation of food companies more than the 2002 crisis. Market multiples declined much more in 2009 than in 2002 and 2003. On average, transaction multiples are stable, even though their values on a given year are affected by economic cycles. The EV/EBITDA provides results with smaller spread than EV/ Sales and EV/net profit. \n
        The present research shows that valuations of dairy companies are quite close to the average valuations in the food business. But valuations of wines and spirits companies are a lot higher than other food business companies. Transaction market multiples at food subsector level provide more accurate tools to the stakeholders of M&A in order to avoid over-payment and financial distress.
        """
    ]
    "authors_fields" => array:2 [
      "fr" => "Finance"
      "en" => "Finance"
    ]
    "indexedAt" => "2024-04-20T07:21:44.000Z"
    "docTitle" => "Mergers & Acquisitions in the Food Business: How did the 2002 and 2009 Economic Crises Impact Corporate Valuation?"
    "docSurtitle" => "Articles"
    "authorNames" => "<a href="/cv/declerck-francis">DECLERCK Francis</a>"
    "docDescription" => "<span class="document-property-authors">DECLERCK Francis</span><br><span class="document-property-authors_fields">Finance</span> | <span class="document-property-year">2016</span>"
    "keywordList" => "<a href="#">Acquisition</a>, <a href="#">Agro-alimentaire</a>, <a href="#">Fusion</a>, <a href="#">Multiple de Transaction</a>, <a href="#">Multiples de Marché</a>, <a href="#">Transaction</a>, <a href="#">Valorisation</a>"
    "docPreview" => "<b>Mergers & Acquisitions in the Food Business: How did the 2002 and 2009 Economic Crises Impact Corporate Valuation?</b><br><span>2016-06 | Articles </span>"
    "docType" => "research"
    "publicationLink" => "<a href="https://ageconsearch.umn.edu/record/244544" target="_blank">Mergers & Acquisitions in the Food Business: How did the 2002 and 2009 Economic Crises Impact Corporate Valuation?</a>"
  ]
  +lang: "fr"
  +"_type": "_doc"
  +"_score": 9.282041
  +"parent": null
}