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Mergers and performance: A case stu...

Indanon, Chaweewan.

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Mergers and performance: A case study from telecommunications.

紀錄類型:	書目-語言資料,印刷品 : Monograph/item
正題名/作者:	Mergers and performance: A case study from telecommunications./
作者:	Indanon, Chaweewan.
面頁冊數:	200 p.
附註:	Adviser: Pan Yatrakis.
Contained By:	Dissertation Abstracts International68-08A.
標題:	Business Administration, Banking. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3279431
ISBN:	9780549202899

Mergers and performance: A case study from telecommunications.
Indanon, Chaweewan.

Mergers and performance: A case study from telecommunications. - 200 p.

Adviser: Pan Yatrakis.

Thesis (D.B.A.)--Nova Southeastern University, 2007.

Telecommunications mergers are a dominant force today in business. The major force behind these mergers is competitive pressure driven by technological convergence. Telecoms firms increasingly compete to provide bundles of services for consumers and businesses. However, these mergers carry the risk of consolidation that threatens to create an oligopoly in the communications industry if allowed to advance unchecked. This leads to questions if mergers actually serve telecoms firms, do they really benefit consumers and, ultimately, do these mergers provide tangible benefits to society as a whole. Even though the telecoms firms have been pursuing mergers extensively as a strategy, there is little research to date on mergers and performance in the industry to help identify or quantify these risks. Existing research in the telecoms industry had been largely devoted until recently to fixed-line telephony.

ISBN: 9780549202899Subjects--Topical Terms:

1018458
Business Administration, Banking.

Mergers and performance: A case study from telecommunications.
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520 $a Telecommunications mergers are a dominant force today in business. The major force behind these mergers is competitive pressure driven by technological convergence. Telecoms firms increasingly compete to provide bundles of services for consumers and businesses. However, these mergers carry the risk of consolidation that threatens to create an oligopoly in the communications industry if allowed to advance unchecked. This leads to questions if mergers actually serve telecoms firms, do they really benefit consumers and, ultimately, do these mergers provide tangible benefits to society as a whole. Even though the telecoms firms have been pursuing mergers extensively as a strategy, there is little research to date on mergers and performance in the industry to help identify or quantify these risks. Existing research in the telecoms industry had been largely devoted until recently to fixed-line telephony.
520 $a This dissertation examines post-merger performance in several telecoms sectors and endeavors to determine whether merger performance improves after mergers. It also looks at if related businesses, firm size, and mode of payment are related factors in generating success. Abnormal industry-adjusted cash-flow returns are used as a benchmark because cash-flow performance is affected by firm-specific and industry factors. Data collected from the Federal Trade Commission (FTC), the Compustat database, the New York Stock Exchange (NYSE), the American Stock Exchange (Amex), and NASDAQ is utilized. Cross-sectional regression analysis shows results consistent with existing research - that telecoms mergers do not, in fact, produce the expected synergy gains. Factors significantly related to merger performance success is the size of a particular firm and if stock rather than cash (i.e. debt) is used as payment. Finally, this dissertation provides suggestions on how mergers might be pursed successfully as well as on why it is critical that governments create an effective regulatory environment for today's telecoms industry to operate in.
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