Contrôle des filiales de multinationales et leurs performances : étude exploratoire en contexte congolais
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Date
2025-11
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UB, ED
Abstract
This research, entitled “Control of Multinational Subsidiaries and Their Performance: An Exploratory Study in the Congolese Context”, investigates the impact of parent companies’ control mechanisms on the performance of banking subsidiaries in the Democratic Republic of Congo (DRC). The study draws on agency theory, contingency theory, and international financial governance to link control, contextual dependence, and institutional asymmetry between the Global North and South.
The methodology combines an exploratory qualitative approach with a quantitative analysis using the ARDL model on data from 2010 to 2022. Interviews with subsidiary managers emphasized the importance of balancing centralized supervision with local autonomy. ARDL results confirm a long-term relationship between net income (RNET) and base capital (FPB), with a positive coefficient of 0.1604, an adjustment speed of –1.2028, and 92.38 % of performance variations explained. Average solvency (23.14 %) exceeds the regulatory minimum of 10 %, while liquidity (126.08 %) reflects pressures due to low financial inclusion.
Findings indicate that financial control significantly enhances return on equity, with an additional 1 USD of FPB increasing ROE by 0.1604 units. Strategic control positively affects long-term performance (+0.28), whereas excessive bureaucratic control negatively impacts performance (–0.27). Managers note that these mechanisms are sometimes poorly adapted to local conditions but strengthen discipline, transparency, and risk management.
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