Empirical Evidence on Relationships between Ex Ante Innovation Pursuit and Post-M&A Performance in the Vietnamese M&A Industry, 2005-2012

This research aims to communicate new results of empirical investigations to learn about the relationship between determination of controlling an acquired firm’s capital, assets and brand versus its capability of innovation and ex post performance of the rising Vietnamese M&A industry in the 2005-2012 period. The analysis employs a categorical data sample, consisting of 212 M&A cases reported by various information sources, and performs a number of logistic regressions with significant results as follows. Firstly, the overall relationship between pre-M&A pursuit’s determination on acquiring resources and performance of the post-M&A performance is found significant. There exist profound effects of a ‘size matters’ strategy in M&A ex post performance. When there is an overwhelming ‘resources acquiring’ strategy, the innovation factor’s explanatory power becomes negligible. Secondly, for negative performance of post-M&A operations, the emphasis on both capital base and asset size, and the brand value at the time of the M&A pursuit is the major explanation in the post-M&A period. So does the absence of innovation as a goal in the pre-M&A period. These two insights together are useful in careful M&A planning. Lastly, expensive pre-M&A expenditures tend to adversely affect the post-M&A performance. As a general conclusion, this study shows that innovation can be an important factor to pursue in M&A transitions, together with the need to emphasize and find capable and willing human capital, rather than a capital base (equity or debt) and existing values of the acquired brands.

"L'Invitation au voyage" de Baudelaire :une analyse évocative

This paper presents a detailed analysis of Baudelaire's poem ''L'Invitation au voyage''. It aims to understand the general meaning of this poem, showing that Baudelaire's ''voyage'' comes less to an ideal paradise than to a kind of voluptuous purgatory. We associate together dimensions of the poem that are usually treated separately :biographical background, stylistic and intertextual borrowings (orientalized Holland, Goethe's Mignon, popular song and romance, Weber's music, Biblical episodes), formal structure and cognitive effects. Our method is based on Benoît de Cornulier's theory of metrics, Searle and Vanderveken's speech act theory and Marc Dominicy's theory of poetic evocation. As Dominicy's theory is quite recent, our article provides substantial summary and clarification of its main theoretical and methodological hypothesis.