The theory of embedded markets states that economic transactions are embedded in social relationships, and economic actors are influenced by both marketing variables and relationship properties. That is, within an exchange relationship actors derive utility from the attributes of a focal product and from interpersonal relationships. We investigate the different roles of satisfaction with a focal product and closeness between boundary personnel in a business-to-business relationship. We demonstrate that these constructs are distinct and differ with respect to antecedents and consequences in a larger nomological network with relationship commitment as the focal dependent variable.
From the economic point of view, common law is more efficient than civil law. Is this recent statement published in an economic report valid for mergers and acquisitions (M&A)? The main objective of this paper is to compare the legal performance of M&A in France and in the United States. The purpose is to quantify the impact of both legal systems on the long-term performance of M&A transactions. To carry out this research, a specific methodology was developed and the results of which are evaluated. Two legal structures for M&A transactions were envisaged: the purchase of shares (share deal), and the purchase of assets (asset deal). Each of these acquisition structures was then subdivided into eleven steps composing the process, for example from preliminary information, letter of intent, due diligence, stock or asset purchase agreement, closing, to litigation with formal summons. Performance was then measured by taking into account time, cost, and satisfaction factors. The time factor was broken down into person-days and the number of days, weeks, or months required to complete each step. French and U.S. respondents were asked to fill out a questionnaire with reference to a specific acquisition project. A typical question was for instance: What is your estimate of working days to complete this step (person-days)? Radar charts were used to compare the mean of each performance factor. In order to check for correlations among the performance factors, an inter-factors analysis (regression) was carried out. The research findings are presented in this paper. Results show that a share deal in France is generally cheaper and participants indicate a significantly greater amount of satisfaction than in the U.S. However, for the time factor, the results vary. The conclusion is that the application of Civil Law rules rather than their Common Law counterparts does not reveal substantial differences as far as M&A transactions are concerned. One reason is that in both France and the U.S. these transactions are carried out following standard procedures in compliance with common contractual practices.
L'analyse du marché du travail sous l'angle de l'économie des institutions permet de distinguer les pratiques de gestion de l'emploi relevant d'une logique marchande d'allocation des ressources (la flexibilité externe) de celles s'inscrivant dans une logique administrative (la gestion prévisionnelle de l'emploi). Le niveau des coûts de transaction lié à l'utilisation de la convention de coordination marchande n'est pas indépendant du comportement des acteurs de la firme. En fonction de leurs intérêts, les acteurs du marché du travail: l'Etat, les firmes, les salariés et les syndicats favoriseront ou gêneront le fonctionnement des mécanismes concurrentiels du marché du travail. Le comportement stratégique de ces acteurs influencera l'engagement d'investissements de formes permettant la standardisation des compétences nécessaire au fonctionnement du marché. Cette endogéneïsation des mécanismes du marché du travail ouvre la voie à des stratégies d'acteurs visant soit à favoriser les mécanismes marchands par la flexibilité externe de l'emploi, soit le développement du marché interne du travail de la firme par la régulation administrative et la gestion prévisionnelle de l'emploi.
A partir d’une analyse du secteur bancaire, cet article établit que les mécanismes de régulation de l’emploi que sont la flexibilité interne et externe sont bien déterminés par la spécificité du capital humain, conformément aux théories dualistes du marché du travail. Il montre ensuite que cette spécificité est marquée par l’encastrement des conseillers bancaires dans les réseaux sociaux sous-tendant leur activité. La gestion des ressources humaines dans les banques en favorisant la flexibilité interne cherchera à permettre aux conseillers bancaires d’accumuler et d’optimiser le capital social nécessaire à leurs activités.
By comparing Lucent Technologies and Cisco Systems over twenty years, one illustrates that a firm that outsources exploration through an Acquisition and Development (A&D) strategy of start-ups and exploitation specialization can be more innovative and competitive than an ambidextrous organization. The success of an A&D strategy depends on the embeddedness of the firm in the network of organizations comprised of an open innovation system and supported by an inter-organizational process of innovation. The embeddedness of Cisco Systems in the ambidextrous high-tech cluster of the Silicon Valley, especially its ties to venture capital firms and start-ups, explains the success of its A&D strategy. The spreading of A&D strategy among large firms reinforces the dynamics of the open innovation system and nurtures the cluster's ambidexterity by increasing incentives for other organizations and individuals of the network to explore new knowledge and create fresh start-ups.
