Memoire Online - L'influence des facteurs structurels sur le choix de mode de présence

After second world war and the end of the 20th century were marked by the liberalization and the opening of the economy by technological developments and a strong growth of the international exchanges accompanied by a progression of the investments abroad of the large companies.

This last tendency which is, amongst other things, internationalization is essential as one of the strategies of gaining companies to have a durable competing advantage.

Indeed, the importance of the advantages which internationalization with the various speakers gets that it is the company, the consumer, the country of origin or the host country make of this phenomenon the strategic way of development the most adopted.

However, it is necessary to recall that during the Eighties, these international exchanges knew a run up against evolution and the opening to the exchanges continued to progress but at less intervals.

In this respect, the foreign direct investments represent the channel privileged to extend the fields of internationalization, at least the form of presence which comprises possibilities of maximum control is a means of continuing the preexistent competing fight by other means.

In the case of Tunisia, this new policy of the investment is materialized by the promulgation of the new code of incentives to the investments (law 93-120 of December 27, 1993) which proposes to ensure the sites coherence, safety and profitability.

The foreign investment in Tunisia profits from several advantages of various natures which made our country an quasi-obligatory crossroads for the North-South exchanges. So the encouragements granted to the foreign investors increase the chances of entry and evolution of the investments on the Tunisian market. Remain to know for the foreign partners if their sizes, their experiments and their capacities of adaptation can their make it possible or not to reach the first steps of success.

Within this framework our problems are integrated : « which is the impact of the size and the experiment of the partners on the choice of the mode of presence by IDE »?

In a first part we will try to determine within the framework of the first chapter the phenomenon of internationalization ; its factors, its advantages, its consequences as well as the adopted strategies, in the second chapter we will be interested in the joint venture like form of cooperation to include/understand its characteristics and its methods.

In one second part we choose with a statistical evaluation to check the validity of our assumptions of research which is as follows :

Assumption 1 : The size of the partners has a positive effect on the level of investment ;

Assumption 2 : The size of the partners has a positive effect on the level of control ;

Assumption 3 : The experiment of the partners has a positive effect on the level of investment ;

Assumption 4 : The experiment of the partners has a positive effect on the level of control

The principal interest of this research is that it enables us to better include/understand the behavior of the investors in the choice of the various methods of joint venture.

Part 1 :

Theoretical part

Chapter I :

The internationalization of the companies

The great revolution of the last quarter century is that of universalization. The latter is a phenomenon with multiple dimensions in the middle which the multinationalisation of the companies is. The multinational corporations contribute already by their internal exchanges to the third international trade. Fusions and acquisitions, creations of companies abroad explode the level of the foreign direct investments.

Inevitably the multinational corporations are an essential element in the world trade.

For better including/understanding the phenomenon of the multinationalisation it is necessary to define it: its factors, its objectives and the consequences which result from this.

Section 1 :

Definition and factors of internationalization

The definitions of the multinational corporations are many and nonconsensual. According to Andreff^1(*), the reasons of this diversity are mainly of two types : the origin of the definitions and the nature of the criteria selected. First of all the definitions emanate at the same time from leaders, international organizations and academics (economists, managers, lawyers). Then, they rest on various criteria such as the extent of the activity (size of the company), the existence of subsidiary companies abroad, the number of countries of establishment, the number of paid nationality other than that of the head office or the adopted organisational structure.

Vernon (1987)^2(*) defines a multinational as a company of big size having industrial subsidiary companies in at least six foreign countries. Later Caves (1982)^3(*) considers that the multinational is that which controls and manages a production abroad in at least two countries.

Hugonnier (1984-1997)^4(*) considers that a company becomes multinational as from the moment when it carries out direct investments abroad or engages in activities of direct co-operation abroad.

Michalet (1985) and Andreff (1996)^5(*) define the multinationals as being specific companies of which the organisational strategies and structures are conceived on a worldwide scale.

According to Desreumaux (1999)^6(*), the multinational corporation functions as a decentralized federation in which the operations abroad are managed like a largely independent business portfolio. Research on the strategies of internationalization generally related to multinational firms or big sizes. The place that SME occupy on the international scene remains still marginal if one compares their trade with those of the multinational firms, so much in volume than in value.

For the leader of SME, to cross the borders implies increased risks and investments. All SME inevitably do not may find it beneficial to internationalize themselves.

On the other hand, all the leaders of SME must plan a durable growth their businesses in a market which does not cease being internationalized^7(*).

With an aim of widening their economic activities the companies seek first of all to extend their market beyond the national borders by export.

Vis-a-vis the obstacles (such as the protectionist policies) the firms, according to Mucchielli (1992)^8(*), judged more effective to conquer the foreign markets while settling on the spot. They thus invest abroad by creating new companies. These direct investments abroad can be also carried out by fusion or acquisition of already existing foreign companies.

The firms also delocalize themselves because the adaptation of the product to the specific request of the market will be easier for a subsidiary company than for the head office. The legal constraints (technical or medical standards), of the characteristics of the request related on the taste and the income could better be appreciated and satisfied by the subsidiary companies on the spot.

The delocalization of the Fifties to 65 which was based on a logic of market will leave room to a delocalization based on a logic of production and reduction of the wages. In front of the increase in the competition of years 65-75 the firms will seek to reduce their production cost^9(*).

Indeed, thanks to new technologies and progress of telecommunication the firms can make burst their production process while making carry out each elementary operation in the country where it is the least expensive. These spare parts will be then transferred in one or more points from assemblies often close to the place to marketing. This division of the productive processes at the same time makes it possible to reduce the production costs and to carry out tax avoidance. The firm profits from an access privileged to factors or raw materials at weak prices, in particular of the low wages of the labor of certain developing countries.

Section 2:

Advantages and consequences of internationalization

The conjugation of the advantages of the firm, of the advantages of the country and the strategic advantages plays a driving part in the delocalization.

Competitive 1.1-advantages of the firms and comparative advantages of the countries

The specific advantages of the firms are to be brought closer the more general concept of competitive or competing advantages.

According to Mucchielli (1992)^10(*), these advantages can be of two sources : those which reduce the production costs and those which allow the differentiation of the products.

According to Mucchielli (1985-1987) and To carry (1990)^11(*), the competing advantages of the firms are generally generated by initial advantages of the country of origin concerning its total technological level, the qualifications of its labor, the competing structure of its economy and the importance of its domestic demand.

The advantages of the localization, for their part, must be included in the comparative advantages of the countries, widened to take into account not only the comparative costs, but also the relative advantages of the sizes and dynamic of the requests main road and foreign.

On a side, the firm offers products and asks for factors of production to manufacture them; those must be able to be acquired at the weakest cost so that it remains competitive. Other side, the country offers factors of production through its equipments of factors and of their productivity (quantity and quality of the factors), it also asks products via the consumers (quantity and quality of the goods).

The synthetic analysis puts, initially, in relation the countries and firm but the sector and the nature of its market play an important part. Insofar as the sector connects the firms between them, its structural characteristics will influence the establishment and initially the mode of establishment.

After Jacquemin (1989)^12(*), the strategic co-operations or alliances between firms must be analyzed by reinstating a dimension of industrial strategy in the theory of the multinational firm.

Strategies of co-operation/competition in an environment where the borders of the sectors, groups and firms, are moving, take the form of races between the various competitors. This strategic race can be observed for the R & D, the production, the marketing and the adoption of the technical standards all along the production process. ^13(*)

Among the various strategies, the firms can establish agreements for the starting stages of research and then compete with themselves without co-operation in the phases of development of the research which must generate the product itself. The reason of this behavior is due to the fact that the stage of fundamental research is rather of type public property, whereas following stages concerning the acquisition of a specific advantage.^14(*)

The investment abroad can be beneficial since it ensures of the sources of provisioning lower cost what makes it possible to restore the competitiveness of the end product or to ensure the survival of certain segments of production. It rather involves a stronger foreign competition which uses same technologies of production but is given weaker wage costs. The industries based on labor are then condemned in the industrialized countries because of their social development.

The transfer of the activities makes it possible each nation to concentrate on the activities in which it has a relative advantage what involves a rise in the level of real income of the population.

With regard to the use and the factor income of production, the investment abroad generally tends to reduce the application for a job little qualified but increases the application for a job more qualified.

The firms bring new technologies in the receiving country what makes increase its productivity and makes him expenditure of research.

The contributions of very qualified work can also allow a transfer of knowledge by the training and the formation of labor with the result that the general economic effectiveness should increase.

Indeed, the establishment of a new foreign firm makes it possible the host country to see growing its revenues from taxes.

However, it should be noted that the foreign subsidiary company profits from an access direct to knowledge of the firm mother, its saving like at the financial markets room and international.

Admittedly, one cannot neglect the negative effects of the multinationalisation on the country of origin or the host country and which can be summarized in three risks :

- The divergence enters the interests of the established firm and those of the nation.

- The companies are only established to divert the tariff barriers what calls into question the advantage of technology transfer.^15(*)

Section 3 :

Strategies of internationalization

With economic universalization and the construction of integrated economic areas, the bringings together of companies (alliances, acquisitions of a holding, acquisitions...) experience a development growing since the beginning of the Eighties.

When a company wishes to be combined, it is confronted with the choice of the form of the bringing together. This decision is all the more important as many firms manage from now on wallets of alliances being composed of a large variety of agreements.^16(*)

The companies which tie successful alliances examine initially the strategic importance of alliance before concluding the contract, must thus be shown the good moment and be managed in an intelligent way to be a success and to release from the value for the companies partners.^17(*)

According to Zmerli (1998)^18(*), the choice of the modes of presence comprises a number of major stakes of which it is advisable to hold account, before beginning. It is on this basis of analysis that a broad choice of possibility is offered. These various possibilities will make it possible to be directed more easily towards the solutions best adapted to specificities of the local contexts like the means and constraints specific to the company.

There are two strategies of presence, a contractual presence and a presence by direct investments abroad.

According to the F F F^19(*), the franchising is defined as « a method of collaboration enters a crossing company on the one hand, and one or more franchized companies on the other hand ».

it property of a corporate name, a commercial name, initials and symbols, of a service or, trade mark, know-how placed at the disposal of the franchized companies ;

* Exploited obligatorily and completely, according to beforehand tested uniform commercial techniques' and constantly developped at the point and controlled.

The purpose of this collaboration is an accelerated development of the contracting companies, by the common action resulting from the conjunction of the men and the capital, while maintaining their independence respective, within the framework of reciprocal exclusive dealing agreements.

It implies a remuneration or an economic advantage acquired with the franchiser, owner of the mark and know-how.^20(*)

It consists in conceding temporarily or definitively with a third, the right to manufacture a product finished until the moment when the product falls into the public domain counters royalties or royalties.

Generally the international license includes a variety of contractual arrangements by which the domesticated companies (licensers) make available to the foreign companies (licensees) its intangible properties (formulas, trade secrets, know-how, name of mark etc.)

According to Wirth (1992)^21(*), when the domesticated company yields a license of patent, mark and know-how, it must guarantee to the bachelor all documentation necessary to the manufacture of its product, it must provide him a technical aid and commercial and train its personnel to him to adapt it to the new technology.

The foreign bachelor must, as for him, to respect a certain number of engagements, among which :

- To organize the marketing of the product under mark in the territory which is given to him ;

The leaders can rationally choose this mode like first stage of penetration only by comparing the hoped profitability of this form of presence with the other modes.

It is defined as being « the operation by which a contractor entrusts, under its responsibility, with another person called subcontractor, whole or part of the contract of company concluded with the building owner »^22(*)

Subcontracting is thus under company which is characterized by the execution of a given work on the one hand, and the independence of the contractor in the completion of the work which is entrusted to him or rather the legal absence of subordination to the client on the other hand.

It is thus enough that the subcontractor is independent in the choice of the means intended to carry out the assigned objectives and this, it does not matter that the principal contractor has the capacity to organize the operation or the building site in time.

According to Haehnsen (1996)^23(*), the partnership is different from traditional subcontracting by a relation of confidence and mutual training and because it introduces a basic concept which is the division of information and the profits.

According to Garrette and Dussauge (1995)^24(*), the choice between partnership and traditional subcontracting depend at the same time on the nature of the projects to realize and the strategic options of the partners.

According to Leershnyder (1982)^25(*), it is a question of ensuring, for one determined period, the management of a company lately created abroad. This company can be ; that is to say a manufacturing unit which was the supply object « product in hand » for example, that is to say a service company.

The contracts of management are different from the frankness because the investment is « put in management ». The investor remains owner of the built good, the elected company assumes the responsibility for current management. The contract of management is a form of presence which makes it possible a company to carry out an investment in a foreign country and to entrust current management of it to a local company.^26(*)

According to Wickham (1989)^27(*), the direct investment abroad (IDE) constitutes the ultimate phase which corresponds to an increase in the output abroad via a subsidiary company conferring on the investor a right of glance on management.

A foreign direct investment indicates an investment which aims at acquiring a durable interest in a company exploited in a country other than that of the investor, the goal of this last being to influence indeed the business management.

Until the end of the Sixties, the IDE took primarily the shape of subsidiary companies created, however, since first half of the Seventies and with a top reached in the middle of the Eighties, acquisition-fusions took over creation of site.

According to Joffre (1994)^28(*), the current preference of the Western companies, including companies beginners on an international level for this form of IDE, is explained primarily by four reasons related on the speed, the risk, the undercapitalization of the target companies and finally to the need for circumventing important barriers at the entry.

Bouyeure (1993)^29(*) class the reasons which explain the growth of the direct investment according to three logics :

- A logic of market : easier access to the customer and skirting of the barriers at the entry of the market ;

- A logic of company as an organization made up of resources and more or less transmissible know-how.

In this increasingly competing international environment, it becomes necessary to the companies to identify their weak points know-how competences in order to fill them as fast as possible. The fastest means to cure it consists in seeking strategic alliances.

According to Folta (1998)^30(*), economic diversification can lead an actor to invest in an activity and competences different, distant from its field of origin. This « technological distance » the uncertainty accentuates with which a company is confronted.

The co-operation makes it possible to increase the resources of the partners by the pooling of complementary competences and especially it makes it possible to reduce the constraints of size and of uncertainty, it is for that it became a better solution for the firms.

To start it is advisable to answer this essential question : what we call partnership relation ?

Alliances are a particular form of inter-organisational relations in which competitors concert their actions on whole or part of their activity.

In this research, alliances will be defined as concerted projects which result from a choice on behalf of the various parts, desire to converge towards common objectives or objectives for which an alliance is necessary. Alliance is a succession of choice and process, it implies the adaptation and the training of the men. The total principle of the partnership relations rests on a task sharing, responsibilities and can cover all the industrial process, design with the distribution of the product.

These strategic alliances combine competition and co-operation, which makes their management delicate from the point of view of the actors, the cultures and the potentially different individual interests. This delicate management leads us to want to determine invariants of management in the middle of this permanent instability.

The increase in trade on a world level, the need to offer products, know-how always more innovating, train the leaders of the companies of industry and the services to implement operating modes requiring an operation in co-operation, network, alliance between firms.

Under the pressure of the crisis, a great number of companies seek new axes of growth, generally within the framework of existing activities, but also by increasing their economic performance and their flexibility by the development of a strategy of externalisation.

The externalisation, in its current meaning, concerns the concept of « the outsourcing » (subcontracting) or of « Make gold Buy » (To make or Make-Make). It is a question for the company of sub-contracting activities related to the process, even directly of the parts of this process^31(*).

This externalisation seems a new strategic dimension of the company by a centering on the trade (S) basic which it controls. It appears as a all the more interesting solution as the markets are « turbulent » and that a reduction of uncertainty is essential. The objective being to reinforce well the fields of expertise on the company.

A research carried out by Wacheux (1993)^32(*) provides three conclusions partial on the situations of partnership relations :

- This form will develop under the pressure and the constraints of the environment. If the company does not want to be reactive but pro-active, the control of its environment becomes a dominating objective.

them analyzes are often based on concepts of the industrial economy, economy of scale, phenomena of training, access to the markets, integration. In addition, the co-operation is a problem of general direction (level decisional and implemented).

- Taking into account the multiplicity of the actors and the shared responsabilities, the models of management « traditional » (system of direction, of information) do not allow a priori an effective and efficient management.

According to Dussauge and Garrette (1997)^33(*), the reasons for which the companies tie co-operations divergent. The results obtained can not be those awaited at the beginning by the contracting parts. So that a co-operation succeeds, it is necessary for very that the companies partners defined their strategy clearly.

The companies which tie successful co-operations examine initially the strategic importance of the co-operation before concluding the contract. They thus determine the way in which the co-operation is integrated into the strategy of the company, in order to evaluate its performance of it.

The operational persons in charge consider that the co-operation is a success while being based on short-term criteria : the success of the product, the impact on the costs, the effectiveness of work completed jointly... But, it is necessary that the leaders of the companies partners anticipate the long-term consequences of the co-operation on the strategy of the company.

A strategy of partnership must have, according to Gomes- Casseres (2001)^34(*), four elements to be coherent :

(1) - a marketing strategy reflecting the logic and the design of the co-operation ;

(3) - a wallet of co-operations making possible the coordination of these co-operations ;

intelligent manner to be a success and to release from the value for the companies partners. In the contrary case they will be very expensive.

The joint venture makes it possible to organize durable relations in certain cases :

- to ensure the safety of control on technology : instead of yielding a license, it can be recommended to take part in the capital of the bachelor. This last is generally laid out to accept, because that facilitates its financing, but also guarantees the access to know-how. The donor of license can ensure a better control of its technology, to influence the strategy of its bachelor, to observe his behavior as regards financing, R & D.

it co-operation also moderates the behaviors of competition, in particular between head offices ;

- to facilitate the relations of purchases and sales reciprocal. The bonds create by the joint venture reduce the problem of fixing of the delivery prices, in particular when there is not price of reference of the market for the supplies.

The regular access to the supplies raw materials can be a particular case of this strategy :

- agreement on the market : the joint venture can also have for objective to harmonize the behaviors of competition of the head offices.

- technical guarantee : the suppliers of technology take sometimes a participation at their taker of license. ^35(*)

Chapter II :

The Joint Venture : a form of cooperation

The world economy knows a perpetual change of structures, in particular related on technical progress and the increasing globalisation of the markets. That presents at the companies a challenge in all the fields (technological, marketing, management, finances), challenge which they cannot assume separately. The co-operation between the companies becomes an essential solution.

The joint venture, a form of cooperation, is a passage obliged in very firm countries which impose it legally and which prohibit the creation of companies held with hundred percent by foreigners.

The creation of a joint subsidiary (joined venture) with local companies is also desirable to penetrate durably and effectively certain markets characterized by legislations, administrative constraints, cultural or commercial differences, distribution networks,... which make them too complex.

Section 1 :

Definition and characteristic of the joint venture

The definitions relating to the joint ventures, proposed in the economic literature are multiple. We quote some:

« At least two sovereign companies, not belonging to the same group, are intended to work towards a joint end in a specified space, sharing or exchange resources to obtain advantageous results, while remaining independent apart from alliance. This one takes form through the installation of a distinct joint organisational entity.

On the other hand, the acquisition of a company by another, the unilateral grant of a license, research under contract or total fusion are operations which do not answer the definition suggested. »^36(*)

« The joint venture implies an association with an external industrial partner and relates to a jointly determined project ; it comprises the pooling of means and risk. Its character is contractual : even if it joint venture needs a support, in the form of a legal entity, it « contract » (agreement of the parts) overrides « structure » (legal entity control by the company law). It is one « marriage » which implies, in theory, an equal access to the decisions, independently of the respective contributions of the partners : the joint venture is founded on the principle of parity. The cohesion and the solidity of the business resident, ultimately, in balance resulting from mutual interest, in perfectly definite reports/ratios of complementarities. »^37(*)

« Entities which play a full part on the market and are held or controlled by two people at least who are not ordinary investors and are not either under common control. »^38(*)

Thus, it joint venture is the result of an association between two or several independent economic entities, but which do not give up their independence because of agreement.

The partners take part in the management of the firm and contribute significantly to the decisions, by their voting rights.

The first forms of cooperation between firms were primarily joint ventures (JV). They are subsidiary companies create in target countries by multinationals (generally American) which seek to penetrate in a new geographical area. The principle of the joint venture consists in dividing the capital of the subsidiary company with a partner « indigenous ». The activity of the company common and normally limited to the marketing and possibly, the manufacture of the products of the multinational in the host country.

This form of agreement between firms progressed quickly towards a new type of co-operation, whose weights and implications strategic for the companies concerned exceeded those of the joint traditional ventures by far. Strategic alliances had been born.

If one seeks to include/understand how the real activities of the international joint-ventures evolved/moved, one notes a fundamental change since 1975. As of this time alliances of a new type, near to the current strategic partnerships, appear among the joint traditional ventures. Indeed, the activity of certain multinational firms is not limited any more to local marketing of products already developed and manufactured by the American head office ; she extends herself with the development of new products and export towards new countries.

Thus, it clearly appears that the joint international ventures are released gradually from the traditional model, which made a simple mode of export of it, to evolve to more strategic autonomy, to even compete with the activities of the head office. One thus sees appearing, through the evolution of the joint ventures of multinationalisation, the current phenomenon of alliance strategic. However, that does not mean that the traditional ones joined ventures of international expansion are dedicated to disappear. On the contrary, the multinational groups continue to create some, in particular in the countries in the process of development and the countries of Eastern Europe where the legislation imposes that a certain percentage of the capital of the companies is held by local shareholders^39(*).

Whereas the initial objective of the studies on the joint international ventures was to include/understand the various modes of multinationalisation of the companies, the aim of research on the joint ventures between firms of the same country is in general to evaluate the anti-competitive effects of them.

The majority of the studies carried out in the United States in years 1960 and 1970 tend to show that the agreements between American firms are concluded with an aim of collusion and have anti-competing effects. It appears besides that, in the majority of the cases, the joint ventures associate concurrent firms between them, which seems well to prove their collusif character.

However, towards the end of 1970, of the radically different analyzes start to appear. Certain authors start to plead in favor of alliances by showing that those can meet perfectly legitimate aims, going in the direction of economic progress. Indeed, of many joint ventures are justified by the will to acquire and combine know-how, which makes it possible to innovate and better to satisfy the customers. By tying alliances, the companies do not aim thus systematically first to increase the prices, to carry out immediate profits or to improve their safety, they rather seek an alternative to research and development (R & D) intern^40(*).

There is a multitude of reasons which justify companies to be joined in order to create a joint subsidiary. The principal ones are generally to exert on a common basis of the activities of production or distribution and sale of products.

According to Garrette and Dussauge (1995)^41(*), the universalization of the economy (or globalisation) is general and occurs in all the activities. Information technologies (data-processing, telecommunications, telefax...) enormously evolved/moved, thus facilitating the international communications within the same company. It is thus from now on possible for the companies to make work together teams located on all the continents and to reach all kinds of technical resources world-wide. In addition, one attends a certain standardization of the ways of life and behaviors of consumption, especially in the three most developed zones world : The United States, Europe and Japan.

The speed of the changes does not make it possible to remain in contact with all the innovations.

The company must concentrate on its activity and guarantee the access to other essential fields using co-operations between firms.

In the sectors where technology is an important source of competing advantages, it is not possible any more with the companies to assume only the expenditure in research and development, nor to develop only the whole of competences necessary to carry out a perfectly autonomous strategy. The prospects for research are more numerous and of this fact more expensive whereas the results become more random. The importance of the resources to be invested as well as the complexity of technologies to be developed encourage the companies to be combined, in order to combine varied and complementary competences.

The joint ventures thus allow, by distributing work of R & D between partners, to multiply the explored tracks, to share the costs and to combine competences^42(*).

The variations of exchange, diversities of national conditions and the obstacles tariff and non-tariff always persistent oblige to set up international structures pressed on partners who have an experiment and contacts in the community of businesses and near the local authorities^43(*).

Multiple advantages and disadvantages are related to the choice of the joint venture like form of cooperation

- Easier Penetration of the markets and more rapid for a company limited in financial and human resource. Indeed, it can lay out of the distribution systems already well established locally its partner, which enables him to carry out a higher volume of sales in less time ;

- Reduction in the financial risks and the costs which are theoretically shared between the partners. The joint venture allows certain companies thus, thanks to the pooling of means, to finance projects which differently would have been inaccessible ;

- Reduction in the commercial risk because the company can profit from the experiment of the market (culture, regulations, contacts...) and of competences of management of its local partner. The exporter is familiarized and adapted consequently more easily to the conditions and the specific needs for the foreign market ;

- Naturalization of the products. The joint venture not being perceived like a foreign company, it makes it possible to establish better relationships to the local government and the trade unions and thus to simplify the administrative negotiations and formalities ;

it tax flexibility related to the choice of the host country of the joint company ;

The company is exposed to a certain number of risks and disadvantages when it chooses the creation of a joint subsidiary^44(*) :

them costs of creation and, the échant case, of winding-up of the company are rather important. In addition to the financial investment, the creation of a joint venture requires an investment in time and energy much more important than the other forms of partnerships ;

it formalism of the structure is higher than in other forms of partnership. The legal assembly is very delicate to set up ;

- Risk of disagreement in connection with the distribution of the dividends. The evaluation of the contributions of each partner, considering their at the same time material or intellectual nature, is a complex and delicate stage ;

- Risk of disagreement on managerial philosophies to apply (strategy, staff management, political marketing, research and development,...) ;

- Risk of lack of front communication, during and after the formation of the joint venture ;

- Risk to affect the operations on other markets. If the company wanted to create a local structure in a third country where the joint venture is active commercially, it then becomes a potential competitor of the joint venture whereas it is still partner ;

- In addition to the advantage which it brings to the shareholders, the responsibility limited to the authorized capital limits the guarantee brought to the thirds.

Section 2 :

Degree of internationalization

The joint ventures are strategies concerted in the form of a joint undertaking. However, the partners of a joint venture prefer to limit their engagement and their financial risk by choosing an adequate form compared to their capacities.

After having decided to create or develop a joint subsidiary, the company must choose a form of participation. The creation of subsidiary companies can take varied forms.

The majority of the multinationals choose, at the beginning of their internationalization, to penetrate in a local company with an aim of better knowing the market, waitings of the consumers, the practices, the competitors. This phase if it leads to attractive prospects, the persons in charge cause a very important new issue of capital and since the local capital is very insufficient, the multinational takes the control of the company in question. This step reflects the importance of the distribution of the capital since it determines the decision-making powers between the partners.

According to Wirth (1992)^45(*), the idea of an equal distribution with 50-50 is potentially rich in insoluble blockings. The parity thus is seldom chosen, except in the case where, to avoid the charge of agreement, one would accept the risk of blocking to show the independence of the subsidiary company towards his head offices.

The most frequent situation is thus that in which a partner holds the decisive majority. In practice one finds the alternative following :

it absolute majority : the contractor must hold the bar in hands well. What supposes the desire to name the brains trust or, at least, to acquire the majority there. The disadvantage lies in the load increased in financing, risk and monitoring.

it significant minority : this participation shows the desire clearly to limit the risk and the monitoring, n the other hand of a less influence.

From another point of view the minority investment can very effectively prepare the massive entry on a local market. A small starting company will make it possible to create of any part a great modern manufacturing unit realizing of the larger or more frequent investments.

Source : Economy and Industry, quarterly letter of the Saint-Gobain Company, n°68, December 1992, quoted by Joffre P (1994) : « To include/understand the universalization of the company » Economica Edition

The joint majority ventures 50-50et seem to have the favor of certain companies of the sectors of high technologies ; it is indeed in these fields that the sensitivity of the companies to the rise of the costs of coordination and control is strongest.

The search for solutions bringing a compromise between a relative internalisation and less and/or shared costs of control is thus active in these companies.

Moreover if one practical proves to be effective and that industry is competitive one would have to expect that it is adopted by the other surviving firms in this industry.

In the literature on the modes of entry it appears that the firms exert more control when the volume of patents increases. The expenditure in R & D makes increase wide license and still of advantage the wide one of the investments (Davidson and Mc Fetridge)^46(*)

Cheaper and less risked, the joint ventures flower like new notes of the range of the modes of presence abroad. Caused by the host countries of the investment or chosen by the Co-investors, the joint ventures are not defined only negatively (less expensive and less risky) but also positively as support having a multiplier effect of technological, industrial and commercial know-how. In addition, they preserve a certain control of the company which invests even if this last is attenuated by the presence of one or more partners. Shared control is in any case a less mal.Section^47(*) 3: Specific factors of the joint ventures

The choice of a particular mode of presence is related to a great number of various factors. It varies according to characteristics' of the product such as its degree of differentiation, its importance, its age and technology concerned.

It could depend on certain characteristics of the firm such as its size, its resources, its degree of diversification and its policy.

Finally, the choice of the mode of presence can be determined by external environmental factors ; such as the restriction on the free exchange and the investment imposed by the country host, size of the market of the country host and his geographical and cultural distance.

Section 3 :

Specific factors of joints ventures

This study will relate to two factors which are the size and the experiment to try to determine their impact on the choice of the mode of presence abroad.

According to the article of Hemant (2000)^48(*), the research made on this variable shows that the size of the firms which take part in a joint venture has a great influence on the performance of the operation of the latter. It is obvious that the costs projected to ensure the performance vary from large with a small company.

According to Agarwal and Ramazwami (1992)^49(*), the modes of investment would be preferred by the firms which are larger and have more multinational experience and in countries which are perceived like having a potential of higher market, therefore, if the two factors are high the companies have a preference for the modes of investment, if not they prefer not to engage.

These same authors show in their study the preference of the great multinationals to choose the investment like mode of entry in the markets with low potential. Indeed they noted that the small firms having limited multinational experience prefer to enter from the markets perceived like having a potential raised through the joint venture. That indicates that the TOKEN ENTRIES E, less than the tested multinationals have needs to supplement their requirements in resources with an aim of serving a potentially gravitational foreign market.

Moreover, the resources are an explanatory factor among others. They are not sufficient to explain the choice of each partner as regards mode of presence. The resources themselves do not constitute a mobile, they must be accompanied by the will to engage them with the development of a foreign market.

High resources made it possible to the decision makers to select a mode of entry for the target country among a broad range of alternatives that the decision makers to scanty means. This fact a company with raised resources, taking into account its size, is more likely to choose modes of entry intégratifs.

The size present and projected market of the target country is of an important influence on the choice of the mode of presence.

According to Davidson and Mc Fetridge (1985)^50(*), the size and the maturity of the market such as they are measured are not significant factors in the choice between the licencing and the direct investment.

Agrawal and Ramaswani^51(*) noted that the firms preferred to enter the markets with more potential by using modes of investment. They tend to avoid the markets who have a risk of raised investment, while only choosing to export at the markets who have a high contractual risk, that nevertheless they could invest in markets relative with low potential if their strategic objectives dictates it.

Anderson E & Gatignon H (1986)^52(*) consider like starting postulate that the market to be penetrated has at least the potential to cover the expenses of a mode of entry with high control. If it is not the case, a high control cannot be considered.

cut it foreign market influences the decision of the choice of the mode of presence ;

- When the size of the market increases, the benefit of internationalization will increase ;

it fixing of the expenditure of internationalization can separate from one with dimensions to another the width of the market what will bring the benefit connected to the investment to increase highest possible. Haiygang and Michael (2002) established the following assumptions :

- Assumption 1 : The size of the partners has a positive effect on the level of investment ;

- Assumption 2 : The size of the partners has a positive effect on the level of control.

It is the degree of engagement of a company in an international activity which is reflected in the role granted to the foreign markets in the total strategy, the statute of the international organization, and the attitude of the managers. For the majority of the companies, international engagement increases as the international experiment is formed over a long period. Success in the foreign countries would encourage international engagement, which would generate even more experiment. ^54(*)

it development of the aptitude as regards preparation of the negotiations, research of information necessary and the exploitation of various methods of outcome of conflicts ;

it contribution in the improvement of the technologies acquired in the direction of a better response to the problems of the local environment ;

it circulation of the ideas and the diffusion of the practices constitutive of new competences ;

The experimental knowledge- the accumulation of knowledge of the firm on foreign specific markets is a critical resource seen that even if it is necessary to operate in any market it is not easily acquired.

In the first stages the firm should learn how on the local conditions in order to reduce its dependence of the local organization then, it would move towards the distant countries after having established a presence in closer countries.

The firms at the time of the first international stages of the expansion, prefer the countries by far culturally and geographically close relations, and if it meets cultural barriers when it extends on the international level it must learn from its last experiment.

When a firm begins a new entry profits more of the experiments passed with the expansion in the same country, compared with a less extension of the preceding experiments in the area which is closer to the country of origin, this beneficial effect of the experiments is due to the training on common cultural characteristics. ^56(*)

According to Gatignon and Anderson^57(*), the FMN choose the subsidiary companies integrated into hundred percent as the cumulative experiment (measured by the number of foreign markets penetrated on this date) increases. Of the same Davidson notes as the aggregate experiment (measured by the number of foreign markets), as well as an industrial experiment in the country host increase the preference of the company to choose the subsidiary companies at 100%.

The theoretical explanation for a positive relation between the experiment and the degree of control is focused on uncertainty. The the least tested firms perceive a considerable uncertainty, an exaggerated risk and underestimated incomes and avoid, consequently, engaging of the important resources and assuming control.

Other authors suggest a negative relation between the international experiment and the desire of control. Daniels et al.^58(*), observed a tendency among the companies in addition to-mother which start by investing in a total control and end up dividing it as soon as the operation is established. The relevant question to be posed would be to know if the experiment has a positive, negative or null effect on the degree of investment and the degree of control wished by the firm.

- Assumption 3 : The experiment of the partners has a positive effect on the level of investment ;

- Assumption 4 : The experiment of the partners has a positive effect on the level of control.

Part 2 :

Empirical part

Chapter I :

Methodology of research

In this part of the study, we will try to expose the procedure which we adopted in order to delimit the empirical framework. Indeed, a scientific approach implies the search for information. And this of which the objective to allow an improvement of the decision.

The methodology of research in marketing revolves primarily around five axes which are ;

Section 1 :

Identification and operationalisation of the problem

This study aims to determine the factors which influence the choice of the mode of presence by the direct investment abroad in Tunisia, and more exactly, the factors « CUT » and « EXPERIMENT » which has a direct impact on the choice between the various forms of IDE ; with knowknowing ;

- Minority Partnership : lower than 50% (the share of the foreign partner is lower than 50%) ;

- Majority Partnership : superior with 50% (the share of the foreign partner is higher than 50%)

- Plate venture « creation/acquisition » (the share of the foreign partner is equal to 100%)

Assumption n°1 : The size of the partners has a positive effect on the level of investment ;

Assumption n°2 : The size of the partners has a positive effect on the level of control

Assumption n°3 : The experiment of the partners has a positive effect on the level of investment

Assumption n°4 : The experiment of the partners has a positive effect on the level of control.

Section 2 :

Population of the study

In order to answer the formulated problems, it was necessary for us to choose a sample of companies to which one will try to apply a certain scientific step, tool for validation of the assumptions.

One notices according to the diagram so above that 2142 companies with foreign participation are established in Tunisia in the industrial sector including 1731 completely exporting and 411 partially exporting (see appendix n°1).

The population of our research is composed of companies with participation foreign and operative according to the mode « not completely exporting », and that for all the Tunisian industrial sector (see appendix n°2).

The difference in term of a number between our base and the statistics provided by the API one are due to the shift of time since our base is more recent than the statistics.

Section 3 :

Base data

We are interested in this research to study a data base composed by the partially exporting companies with foreign participation established in Tunisia.

This list is provided by two bases : on the one hand with the meadows of the Agency of Promotion of Industry (API), on the other hand with close to the official Web site the API one

The list provided by the API one comprises a set of data on the companies with knowing :

We will try to explain, on the one hand, the relation between the size of the company and the choice of the mode of presence by the variables capital and a number of employees and on the other hand, the influence of the experiment of the company on the choice of the mode of presence by the variable year of presence.

The variable nationality facilitates the interpretation of the countries present to us on the Tunisian territory.

Section 4 :

Statistical tools

The techniques of analysis of data that we propose to use are the descriptive method, the tri dish, the cross sorting and the test of Khi 2.

The principal stage of the descriptive method is that of the statistical observation, it consists with a transcription of the part of the reality in which one is interested in a number of data to which the analysis will relate.

seek it of a synthesis by the image which means translation of the information quantified in the form of graphs ;

seek it of a synthesis by parameters of central tendency and of dispersion, these parameters are not the same ones if one is interested in a qualitative character (the average, the median and mode), or if one is interested in a quantitative character (the interquartile interval, the variance and the standard deviation).

The simple sorting consists in comparing the answers concerning a question according to various possible methods', which amounts revealing the absolute and relative frequencies for each variable on each method.

The cross sorting aims to cross the variables two to two with an aim of determining the existence or not significant association between them, or them and the individuals.

This level it should be noted that the validity of identified associations was the subject of the statistical tests of significance (Khi-deux). Thus several crossings can be carried out.

To supplement and validate classifications carried out, one can plan for the cross sorting the test of Khi-deux, it consists in comparing a distribution observed with a theoretical distribution.

· In our analysis the theoretical ÷2 is in the table of distribution according to the probability of error á=10% and numbers it degree of freedom = (M-1) X (n-1). It should be noted that when ÷ ²_0>? ²_T, there exists a relation between the two variables. In the contrary case, the two variables in questions are independent.

Chapter II :

Analyze secondary data

In this chapter, we are interested in the checking of the validity of our assumptions of research which we will test on our already selected population.

To achieve our goal one will use three methods ; analysis of the frequencies, factorial analysis and analysis of Khi two.

Section 1 :

Analyze frequencies

The analysis will relate to the list provided by the API one, we carry out an analysis of the frequencies of the variables : rate of participation, nationality, capital of the company, numbers employees and years of presence.

One notices according to this graph that 27.5% of the total of the companies with foreign participation and partially exporters exert a level of very high control, 23.7% of the companies have a level of more or less raised control, 23% exert a level of control realizing low whereas 25.8% of the companies have a level of very low control (less than 25%) (see appendix n°3).

Our population is made up of five categories of group of country according to their frequencies ;

One can notice that France at the highest frequency with 39.9%. This strong presence on our territory can be explained by the very old bonds between the two countries and the bringing together in term of culture and geographical distance.

In second plan, one finds Italy with 25.1% whose majority of these companies are in the sector of textile and of leather, Switzerland and the category «others» which includes/understands Spain, the USA, Germany, Belgium... hold almost the same share on the Tunisian market with respectively 8.6% and 8.2%. Finally the Arab countries occupy a good place in the investments in Tunisia with 18.2% (see appendix n°3).

The variable « capital of the company » is divided into five intervals, the majority of the companies have a capital higher than 700000DT what shows the presence of the companies of big sizes in Tunisia (54.3%), the companies which have a capital between 50000 and 150000DT and 150000 and 400000DT account for 15.8% and 16.2% respectively, and finally those of which the capital lower than 50000 DT (6.5%) and between 400000 and 700000DT (7.2%) represent the least significant part (see appendix n°3).

One can notice dice the beginning that the companies belonging to our population were used to create a very significant number of stations as employment considering the number of these companies and the share of those of big sizes among them.

It should be noted that 35.1% of the companies engage more than 80 employees what returns to the size of the company and in second position 28.5% of the companies employ only less than 20 employees what does not neglect the importance of small and medium-sized companies in Tunisia. The third place is reserved for those which offer between 20 and 40 working stations (18.9%), then 12.7% engaging between 40 and 60 employment and in last position a small share of the companies is those which between 60 and 80 paid (4.8%) (see appendix n°3).

The variable « Years of presence » reflects the experiment of the company in the field of the investments. The companies of our study are in all the intervals in a way nonproportional.

The companies having least experience (less than 5 years of presence on the Tunisian market) occupy the great place with 30.9%, then those pertaining to the second interval (between 5 and 10 years) with 23.4%. 21.3% of the companies have a long experiment since they have existed on the market for more than 20 years.

In the last positions companies having experience between 10 and 15 years (16.5%) and those between 15 and 20 years (7.9%) (see appendix n°3).

Section 2 :

Analyze factorial

The factorial analysis is a geometrical principle making it possible automatically to convert a table of figures into synthetic images, which release the principal structures of them. The first stage consists in translating the table in a space in the shape of a group of dots, the second stage acts to seek to visualize the clouds obtained on best possible plane projections, one thus chooses, best projection to form the factorial axes.

The variable points all are in this cloud materialize well all the phenomena of correlation between the variables of the table.

It is noticed that KMO = 0.638 >0.6 thus these items can translate the phenomenon to be studied.

While referring in the table of original variance (see appendix n°5) one retained two axes according to the criterion eigenvalue > 1, the first axis explains 40.428% of the original variance of the sample and the second axis explains 21.706% of the original variance.

The graph shows well that the first two axes are those whose eigenvalue is higher than 1 and thus they form the factorial design.

It is noticed that the first axis is formed by the number of employment with 84.5% and the authorized capital with 81% whereas the second axis represents nationality with a factorial contribution of 89.1%.

The rate of participation can improve, therefore one carries out a rotation varimax to optimize the result and to seek a better positioning of the variables around the axes.

After rotation, one notices that the year of presence can also contribute to form the first axis since its factorial contribution is higher than 50% (67.1%), in the same way for the rate of participation which can in its turn form the second axis with a coefficient of structure = 55%.

Thus the first axis expresses the size and the experiment of the company which are the structural factors and the second axis expresses in its turn the level of control and nationality.

According to this table one can conclude that the two axes are not correlated (see appendix n°5).

Section 3 :

Analyze of Khi two

The test of ÷2 shows well the existence of a relation between the variable nationality and the rate of foreign participation since ÷2observ? (24.148) > ÷2tabul? (6.304) to 12 degrees of freedom and when á =10% thus the two variables are dependant (see appendix n°6).

2.1 it relation between the capital of the company and the mode of presence.

According to the result of the test of ÷2 one notices that ÷2observ? (with 12 degrees of freedom) is 30.823 whereas ÷2tabul? is only 6.304 with the threshold of á =10%, one thus finds that ÷2observ? higher than one is ÷2tabul? then rejects H0 (the two variables are independent) and one accepts H1 our assumption of research which means the existence of relation between the two studied variables (see appendix n°6).

One notices that ÷2observ? (22.494) > ÷2theoric (6.304) to 12 degrees of freedom thus one rejects H0 (not relation between two variables), which leads us to conclude that there is a connection between the number of employees and the mode of presence, therefore that confirms our assumption of research (see appendix n°6).

3 it relation between the number of years of presence and the mode of establishment

According to table Ci above one notices that ÷2observ? who is 16.976 is higher than ÷2theoric which is 6.304 with the threshold of á =10% and with 12 degrees of freedom then one rejects the H0 assumption and one accepts H1, that confirms our assumption of research which supposes that there is a relation between the experiment (calculated by the number of years of presence) and the choice of the mode of presence which expresses at the same time the level of control and the level of investment (calculated by the rate of foreign participation) (see appendix n°6).

At the time of this empirical study we could confirm our assumptions of research by an analysis of the frequencies, a factorial analysis and an analysis of Khi two.

The size of the company that we studied through the variables capital and a number of employees strongly explains the selected mode and influences in great part the level of control held by the company.

The rate of foreign participation reflects the capital invests and the level of control, one noticed that there is a strong relation between control and the TPE.

The experiment of the company measured by the number of years of presence expresses the training obtained in the field of the IDE and which influences the behavior of the choice of the mode of presence.

General conclusion

The internationalization of the companies, this phenomenon which developed well in the last decades, presents several modes of development for the companies. This research aims to determine these various modes and to especially explain the choice of the mode of presence by the IDE while being based on two selection criteria which are the size and the experiment of the company.

The foreign direct investment was often analyzed like a homogeneous unit. We analyzed it in this study like a category of modes of presence forming the minority partnership, partnership 50/50, the majority partnership and the plate venture. However, each mode among them supposes a behavior different from that of another mode.

For this purpose, one tried to check if there exists or not a differentiation between the behaviors of establishment of the foreign investors in Tunisia.

In the theoretical part, we initially tried to collect the lesson provided by the various disciplines which were interested in this phenomenon through authors who were distinguished by their contributions and by synthesizing the literature in this field knowing that this work is very many and bearing on aspects different from the same subject. In the second place, we tried to validate certain aspects of the results of the theory in this field.

However we tried to cover the subject while being based on two aspects (size and experiment of the partners) more than the other aspects of the choice of the mode of presence.

Research in this field makes it possible to the investors to better analyze the market and the environment before generally choosing the mode of presence by the investment bus, the degree of engagement should be related to the objectives of the investor on the market aimed and not only to the will to hold a level of high control.

- With the significant number of factors being able to intervene in the choice of the mode of presence by the investment, that it was difficult to us to integrate them all in the same study and especially to validate their influence, for that we chose those which appear to us most operational.

- Our study would have gained in rigor if we had added another variable which explains the experiment of the company beside the number of years of presence to knowing the training acquired in the field of the IDE.

- With the selected population since the Tunisian framework can not be in conformity with the international framework.

The prospects for research are vast in this field. Indeed, we treated in this research only one aspect of the problem.

It would be interesting to carry out a time series to follow the evolution of behavior of the foreign investors.

Or to widen the fields of this research in order to carry out studies on the hotel sector or the sector of the agriculture which can release from the characteristics specific to them.

Another possibility would be to compare between the behavior of the completely exporting companies and that of the partially exporting companies in the choice of the mode of presence.

The future studies can be interested in the other modes of presence other than by the IDE with knowing the frankness, subcontracting... while being based on the behavior of the investors or the level of engagement.

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1. GUÉDON S & MÉLOU C (2002): « The joint ventures : general characteristics and typology », OF the Finance of Company, University of Rennes

2. LAHIMER NR (2003) : « Determining factors of the delocalization : Comparative study enters Asia and Africa » Dauphine Paris University

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Sites of Internet :

Appendices

List appendices

General introduction 1

Competitive 1.1-advantages of the firms and comparative advantages of the countries 8

2 it relation between the size of the company and the mode of establishment 51

General conclusion 53

Bibliography 56

Appendices 59

Dedications

Who helped me materially and morally

With my brothers and my sisters

Ines

Dedications

Moujib

Thanks

We make a point of expressing our sharp thanks and our gratitude with our professor Mlle Zmerli Karima

General introduction 1

General conclusion 53

Bibliography 56

Appendices 59

Memory of end of studies

for obtaining the Control

in Management

The influence of the factors structural on the choice of the mode of presence

Worked out by

Framed by

Ines Ben Njima

Moujib Errahmen Ismaïli

Miss Karima Zmerli

* ² Vernon R. (1979) : « The product cycle hypothesis in A new international environment », Oxford Bulletin off economics and statistics 41, pp255-267

* ³ Suckers R. (1982) : « Multinational Enterprise and economic analysis » Cambridge university near.

* ⁴ Hugonnier B (1984) : « Direct investment, international co-operation and multinational corporations » Economica

Hugonnier B (1997) : « Multinational corporations », in Encyclopedia of management, under the direction of Y Simon and P Joffre, pp1115-1135

* ⁶ Desreumaux A (1999) : « Internationalization », in Encyclopedia of management and management, under the direction of R Duff, pp522-524

* ⁷ David J P (2002) : « Internationalization of SME : a grid of analysis », the Expansion Review Management, June 2002, p82

* ⁸ Mucchielli J L (July 1992) : « Determinants of the delocalization and multinational firms » Re-examined economic, flight 43, N° 4.

* ⁹ Lahimer NR (2003) : Memory « Determining factors of the delocalization : Comparative study enters Asia and Africa » Dauphine Paris University

* ¹¹ Mucchielli J L (1985) : « Multinational firms, perspective changes and news », Paris, Economica Edition

- Mucchielli J L (1987) : « Multinational enterprises, International investments and transfers off technology : the elements off year integrated approach » Paris, Economica Edition

- To carry M (1990): «The competitive advantage off nation», London, Macmillan

* ¹² Jacquemin A (1989) : « International and multinational strategic behavior «, Kyklos, 4

* ¹⁵ Zmerli K (1998) : « Determinants of the choice of the mode of presence abroad : case of presence by the investment in Tunisia », Memory of DEA, Higher Institute of Management, university of Tunis III

* ¹⁶ Mayrhoffer U & Fabrice R O (1999): « Management of uncertainty and influence of diversification and nationality on the forms of bringing together », Université Robert Schuman Strasbourg3- Finances Control Strategy volume2, N°4, pp135-156

* ¹⁷ Guédon S & Mélou C, memory of research : « The Joint Venture : General characteristics and Typologies », OF the Finance of company (October 2002)

* ²⁰ Mendez M & Lehnisch J P (1989) : «How to make a success of of frankness », Bordered, Paris

* ²¹ Langefeld W K (1992): « The Joint international ventures » GLN Jolly Edition

* ²³ Haehnsen E & Kan E (1996) : « Subcontracting in change », Book Industries, N°21, pp11-21

* ²⁴ Garrette B & Dussauge P (1995) : « Strategies of alliance », Editions of organization

* ²⁵ De Leershnyder J M (1982): «International Marketing», 1ère Edition, Dalloz

* ²⁷ Wickham S.P (1989) : « Direct investments and foreign subsidiary companies through European industrial space », Economy applied, Review published by the ISMEA Paris and the university presses of Grenoble, divide into volumes XLII, N°4, pp87-112

* ²⁸ Joffre P (1994) : « To include/understand the universalization of the company », Economica Edition

* ²⁹ Bouyeure C (1993) : « The international investment », PUF, `Which I know ? ', N°1256, p128

* ³⁰ Folta T B (1998) : « Governance and Uncertainty: the trade-off between administrative control and commitment », Strategic Management Newspaper, flight 19, p1007-1028

* ³¹ Ramudhin A & Lefrançois P & S Of Loves & Montreuil B (1996) : « With decision support system for operations scheduling in distributed environment ", Re-examined systems of decision, flight 5, N°1-2, Hermès

* ³² Wacheux F (1993) : « Organisational processes and sets of actors to work in alliances between firms, exploratory Study in the Building industry and Public works », thesis of Doctorate, Dauphine Paris University

* ³³ Dussauge P & Garrette B (1997) « To anticipate the consequences of strategic alliances », Re-examined French of Management, June, July, August

* ³⁴ Casseres gums, B (2001) : « Strategy, keystone of alliances », Echoes, of the 21/03/01

* ³⁵ Langefeld W K (1992) : « The Ventures Joint International », Cologne, translation and adaptation : Andre Garcia

* ³⁶ Jolly D (1995) « To manage a technological partnership », Expansion Review Management, June 1995.

* ³⁷ Libbey J (1990) the entrepreneuriat in French-speaking Africa, Editions AUPELF-UREF, 1990.

* ³⁸ Werden G (1998). « Antitrust Analysis off Joined Ventures: Year Overview », Antitrust Law Newspaper, vol. 66,

* ³⁹ Alain NR & Philippe V & Michel W : « Prospects in strategic management », Volume II, 1994-1995

* ⁴² Dussauge, P & Ramanantsoa, B (1987) « Technology and strategy of company, McGraw-Hill

* ⁴⁶ Davidson & Mcfetridge (1985) « Keys characteristics in the choice off international technology transfer mode " 16 Summer 5-22

* ⁴⁸ Hemant M (2000) : « Configuration off international joint venture », International Management Review, flight 40, 2000/2, p 107-140

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