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Who creates value creation? Systems for measuring the value and growth of the mergers and acquisitions (M&A) market in France since the 1990’s

Abstract : WORKING PAPER, published in french: « Qui crée la création de valeur? », La nouvelle revue du travail [En ligne], 3 | 2013, mis en ligne le 30 octobre 2013, URL : http://nrt.revues.org/1020 Summary: This article examines the unprecedented rise in the number of corporate transactions in France since the 1990’s. Studied from the point of view of economic sociology, it aims to analyse this rise as the construction of a mergers and acquisitions (M&A) market by professionals who are intermediaries in this market, namely bankers and business lawyers, financial consultants, investment funds and merchant bankers. It shows how these market intermediaries have developed the idea that a transaction can create value by using homogenised, normative measurement systems. These systems form a cognitive and normative framework in which corporate transactions professionals think and act, hence contributing towards commodifying companies and calculating a market price for them. The rise in the number of transactions over the past thirty years can therefore be explained less as a result of market forces, than as the product of social forces shaping and driving the market. The article is based on a recent survey in the mergers and acquisitions sector in France, which combined biographical interviews, workplace observations and secondary documentation.
Keywords : Finance
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Valérie Boussard. Who creates value creation? Systems for measuring the value and growth of the mergers and acquisitions (M&A) market in France since the 1990’s . 2016. ⟨hal-01326238⟩

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