Économie et Statistique n° 363-364-365 - Firms on The Global Markets Labour Market - Attractiveness - Debt - Enlargement toward East en South
The internationalisation of major French groups speeds up from 1997 to 2002
Groups of firms have become complex entities whose organisation and activities increasingly transcend borders. The development of their foreign-based firms further increases this complexity for the observer, who has to separate out that which concerns activities on the national territory from that which concerns their international activities. The curves of certain consolidated data for 32 major French non-financial groups listed on the CAC 40 in 2001 are compared with the data for their French branches only. The comparison shows that variables such as turnover, staff numbers and fixed assets post sharper growth at worldwide level than at national level from 1997 to 2002. This reflects a speeding up of the internationalisation of major French groups during this period, marked by numerous mergers and acquisitions. The increase in intangible assets in the groups' consolidated accounts supports this conclusion, especially when goodwill is taken into account, i.e. the difference between the cost of acquiring an asset and its net value.