Journal articles on the topic 'Consolidation and merger of corporations'
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1
Kuzmin, Stanislav E. "Mergers and Acquisitions of Joint Stock Companies in Russia and Corporations in the US (legal regulation experience)." Moscow Journal of International Law 96, no. 4 (December 30, 2014): 163–74. http://dx.doi.org/10.24833/0869-0049-2014-4-163-174.
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The procedure of merger and consolidation of joint stock companies in Russia is legislatively fi xed in the Federal law «On joint stock companies». In the United States in each state the rules on mergers are adopted within the Corporation laws. The greatest interest represents the law of the state of Delaware. This procedure includes three steps. In Russia at the fi rst stage the companies sign an agreement on merger or consolidation, and in the state of Delaware, the fi rst step is the adoption by the Board of Directors of each participating corporation of a decision on approval of the agreement on merger or consolidation. At the second stage the boards of Directors of Russian joint stock companies bring to the decision of the General meeting of each participating company, the question of reorganization, on approval of the agreement on the merger. In the state of Delaware at the second stage of the General meeting of shareholders should approve or reject the transaction of merger or accession. The third stage both in Russia and in the state of Delaware, is registration of a new joint stock company, corporation, or registration of changes in society, corporation, in which another one has merged.
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Nandy, Debaprosanna, and Manas Kr Baidya. "Efficiency Study on Proposed Merger Plan of State Bank of India (SBI) and its Subsidiaries." International Journal of Productivity Management and Assessment Technologies 1, no. 1 (January 2012): 1–17. http://dx.doi.org/10.4018/ijpmat.2012010101.
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The Banking industry is undergoing unprecedented changes driven by consolidation through mergers and acquisitions all over the world. India is no exception. Merger of State Bank of India (SBI) and its subsidiary banks have been for several years, and SBI has already merged State Bank of Saurashtra (2008) and State Bank of Indore (2010) with itself. SBI management proposes to merge its five remaining subsidiaries within the next two fiscal years. The present paper measures and examines technical efficiency of SBI and its subsidiaries before and after their hypothetical merger. The study has utilized the two basic DEA models – CCR (Charnes, Cooper and Rhodes) and BCC (Bankers, Charnes and Cooper) to measure technical efficiencies of selected major Indian commercial banks before and after merger of SBI and its associates for the financial year 2009-10.The results reveal that the merger proposal of SBI associates may bring in fully technical efficiency but not fully scale efficiency of the merged entity. In order to be fully technical and scale efficient, merged SBI has to reduce its present number of employees substantially and should follow the prudent operating practices of three peer banks namely Corporation Bank, Axis Bank and Federal Bank.
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Shcherbakova, Nataliia. "Comparative legal analysis of processes of merger and accession of economic organizations in national and foreign legislation (EU, UK, USA)." ScienceRise: Juridical Science, no. 2(24) (June 30, 2023): 55–71. http://dx.doi.org/10.15587/2523-4153.2023.283562.
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Taking into account Provisions of the Association Agreement between Ukraine and the EU in the field of legislation on companies and corporate governance, which leads to the regulation of the activities of corporations, in particular the regulation of the processes of reorganization of economic organizations at the national level to the requirements of international standards and a gradual rapprochement with the rules and recommendations of the EU, a comparative legal research of the process of merger and accession of economic organizations today seems necessary and actual.
It is distinguished, general and distinctive qualifying signs of merger and accession of economic organizations, which will be used to improve the concepts provided to these processes. It is substantiated that mergers and accessions are independent forms of reorganization of economic organizations.
The comparative legal analysis of legislation of Ukraine with the legislation of the EU, the Member States of the EU (Belgium, Germany, France), Great Britain and the USA on the issues of reorganization in the form of merger and accession is provided and the following main conclusions are made:
in the legislation of the EU and in the legislation of the EU Member States there are two ways of merging: (1) “merger by acquisition”/ “merger to an existing company” and (2) “merger by the formation of a new company”/ “merger to a new company”, which in its essence corresponds to such domestic forms of reorganization as “accession” and “merger”, accordingly;
in the legislation of the EU, Great Britain, as well as EU member states, such a category as “accession” is not allocated as an independent legal form of reorganization of the company, but is considered as a kind of “merger” category;
in US Law, merger processes of two or more corporations are indicated by terms such as “merger” and “consolidation”; US Tax Law applies the concept of “corporate reorganization”, which has 7 types of reorganizations (A-G), among which there are one of the types – a type A “statutory merger or consolidation”, which in its essence corresponds to the processes of merger and accession, which is inherent in domestic legislation;
in the legislation of foreign countries, the concepts of “merger”, “consolidation”, “amalgamation”, “acquisition”, “takeover” are similar to each other; in economic essence relate to the forms of business consolidation; act as an instrument to increase the competitiveness of the company; from a legal point of view differ from each other – according to the procedure;
in the legislation and practice of foreign countries, the variety of processes such as “merger”, “consolidation”, “amalgamation”, “acquisition”, “takeover” is covered by a single economic and legal phenomenon, as “Merger and Acquisition” or M&A, which by the legal nature of the concluded agreements is much wider than such domestic forms of reorganization of economic organizations as “merger” and “accession” and is not always accompanied by the implementation of reorganization process
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Woodall, Patrick, and Tyler L. Shannon. "Monopoly Power Corrodes Choice and Resiliency in the Food System." Antitrust Bulletin 63, no. 2 (April 26, 2018): 198–221. http://dx.doi.org/10.1177/0003603x18770063.
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The wave of mega-mergers sweeping the food, agribusiness, and retail grocery industry from seed to supermarket has accelerated consolidation and concentrated market power in the hands of only a few dominant corporations. Federal regulators have done little to curb the merger mania in these sectors, which will ultimately lower the prices farmers receive for crops and livestock and raise the prices consumers pay for food. But the consolidation also has significantly constrained the range of choices consumers have at the supermarket, prevented independent food innovators from surviving in the marketplace, amplified food safety problems, and presented challenges to the resiliency of the food system itself. This article examines the size, scale, and scope of recent mergers in the food, agribusiness, and grocery retail sectors and discusses the ramifications for consumers, farmers, and the food system.
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Szezepaniak, Angelika Kedzierska. "Mergers and Acquisitions in CEE Countries." Review of Business and Legal Sciences, no. 14 (July 19, 2017): 7. http://dx.doi.org/10.26537/rebules.v0i14.918.
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The world market economy is currently characterized by the tendency to globalization, which means that companies have to cooperate and tighten their relations. Companies working on the local market do not have many possibilities for development, so mergers and acquisitions (M&A also called consolidations or takeovers) can be a chance for them to cooperate with companies from all over the world. Consolidations (M&A) concern the aspect of management, corporate finance and corporate strategy dealing with buying, selling and merging of different companies. The main goal of mergers and acquisitions is usually an improvement of company performance and shareholder value over a long period of time. Mergers and acquisitions are similar corporate actions - they combine two previously separate companies into a single legal entity. In some cases, terming the combination a "merger" rather than an acquisition is done purely for political or marketing reasons. In a merger of two corporations, the shareholders usually have their shares in the old company exchanged for an equal number of shares in the merged entity.
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Kostruba, Anatoliy. "Integrated Structures of Corporations: Ukrainian Legal Reality." Teisė 124 (September 28, 2022): 125–32. http://dx.doi.org/10.15388/teise.2022.124.10.
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The article is devoted to the study of legal nature of the mechanism for association of legal entities. Such associations of legal entities are realized in order to attract not only capital and other production resources, including labor, but also in order to satisfy nonproperty interests.Legal capacity of legal entities in the process of their merger is analyzed, based on what – statutory or contractual – association of corporations is determined. The statutory association does not lead to the creation of another fiction other than a legal entity, due to which it is ensured through its inherent organizational legal forms. The contractual association does not require the formation of a new legal entity (concern, consortium, association (union), syndicate, conglomerate, cartel, pool).In the event of such consolidation of legal entities, the contractual structure of a simple company or other joint activity is formed, formally close to such person at law as a legal entity. The difference between the above procedure of merging from the first option lies in the degree of autonomy of the members from each other, as well as in the expected result of such merger.
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Kahle, Kathleen M., and René M. Stulz. "Is the US Public Corporation in Trouble?" Journal of Economic Perspectives 31, no. 3 (August 1, 2017): 67–88. http://dx.doi.org/10.1257/jep.31.3.67.
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We examine the current state of the US public corporation and how it has evolved over the last 40 years. After falling by 50 percent since its peak in 1997, the number of public corporations is now smaller than 40 years ago. These corporations are now much larger and over the last twenty years have become much older; they invest differently, as the average firm invests more in R&D than it spends on capital expenditures; and compared to the 1990s, the ratio of investment to assets is lower, especially for large firms. Public firms have record high cash holdings and, in most recent years, the average firm has more cash than long-term debt. Measuring profitability by the ratio of earnings to assets, the average firm is less profitable, but that is driven by smaller firms. Earnings of public firms have become more concentrated—the top 200 firms in profits earn as much as all public firms combined. Firms' total payouts to shareholders as a percent of earnings are at record levels. Possible explanations for the current state of the public corporation include a decrease in the net benefits of being a public company, changes in financial intermediation, technological change, globalization, and consolidation through mergers.
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Best, Michael H. "Organizing America: Wealth, Power, and the Origins of Corporate Capitalism. By Charles Perrow. Princeton, NJ: Princeton University Press, 2002. Pp. ix, 259. $34.95." Journal of Economic History 63, no. 1 (March 2003): 283–85. http://dx.doi.org/10.1017/s0022050703461809.
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Charles Perrow is interested in big organizations and how they shape communities, the distribution of wealth, power and income, and working lives. Today, organizations with over 500 employees employ more than half the working population in the United States. There were no such organizations in 1800. Referring to William Roy (Socializing Capital: The Rise of Large Industrial Corporations in America. Princeton, NJ: Princeton University Press, 1997) and Naomi Lamoreaux (The Great Merger Movement in American Business, 1895–1904. New York: Cambridge University Press, 1985) Perrow argues that corporate capitalism was entrenched in five short years (1898–1903) during which more than half the book value of all manufacturing capital was incorporated. The firms were made giant by consolidating the assets of several firms in the same industry.
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Hlushchenko, Ya, O. Korohodova, T. Moiseienko, O. Sosnovska, and N. Chernenko. "THE BANKING SECTOR CAPITAL CONSOLIDATION FACTORS IN INDUSTRY 4.0 AND COVID-19 CONDITIONS." Financial and credit activity: problems of theory and practice 3, no. 38 (June 30, 2021): 4–14. http://dx.doi.org/10.18371/fcaptp.v3i38.237414.
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Abstract. The paper is devoted to examination of consolidation factors in the banking sector in the context of Industry 4.0 and the complex global conditions associated with the global pandemic caused by COVID-19. The authors determine that the processes of consolidation in the banking sector were especially intensified in the XX century. The impetuses for this were namely the consolidation of industrial capital and expanding capacity of global markets, the growth of multinational corporations, the need to increase market capitalization of banks to expand lending capacity, increasing competition in the global banking market.
The correspondence of banking sector development stages to the waves of «mergers and acquisitions» and «industrial revolutions» (Industry 1.0 — 4.0) was established during the research. It is substantiated that the influence of Industry 4.0 in the COVID-19 era provides opportunity to expect further growth in both the number and value of transactions in the banking sector.
Examining the processes of banks consolidation in the global transformation of economic development, the authors found out that the main factors of Industry 4.0 and the COVID-19 pandemic influencing mergers and acquisitions in the banking sector are the following ones: impact of technology, introduction of artificial intelligence in customer service virtual banking and subordination of the goals of banking institutions to public values. The authors note that in the conditions of intensification of modern globalization processes, scientific and technological progress there is a negative impact of crisis phenomena on achieving the desired economic result, so considering the peculiarities of consolidation in the banking sector it is useful to take into account a number of current economic dynamics factors that will depend on the quality of economic situation assessment at different time intervals. The article considered numerous methodological approaches to assessing the factors influencing economic processes, which differ in the quality of information support, algorithms and mathematical complexity. Methodical tools are defined by the authors as a direction of further research.
As a result of the research, the authors established that in order to understand the success of the consolidation process of bank capital, it is necessary to have a certain criterion that can demonstrate the degree of adaptation of the banking sector to the current economic environment.
The obtained results indicate that it is system efficiency that should be chosen as such a criterion. The authors believe that in the modern technological way, the current concept of managing the activities of economic entities will be the «management of efficiency indicator», and not the management of the business as a whole or its individual business processes.
Keywords: banking sector, consolidation, COVID-19, Industry 4.0, industrial development, mergers and acquisitions.
JEL Classification G21, G32, G34, O14, O16
Formulas: 0; fig.: 3; tabl.: 1; bibl.: 24.
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Alejandra Gonzalez-Perez, Maria, and Juan Fernando Velez-Ocampo. "Targeting one’s own region: internationalisation trends of Colombian multinational companies." European Business Review 26, no. 6 (October 7, 2014): 531–51. http://dx.doi.org/10.1108/ebr-03-2013-0056.
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Purpose – This paper aims to provide an examination of the ongoing internationalisation processes undertaken by 30 major multinational Colombian-owned firms. It also presents a theoretical overview and a conceptual framework for the understanding of internationalisation patterns from emerging countries’ multinational enterprises. Design/methodology/approach – This study is built based both on the results collected from comparative case studies based in the literature and empirical observations of Colombia’s patterns. This study observed the evolution in terms of commitment and investment decisions that 30 major Colombian companies have undergone specially within the past decade. Findings – Although, it was found that direct exports is the widespread entry mode of Colombian companies to foreign markets, most of the observed firms preferred the consolidation in host markets through Mergers & Acquisitions instead of using Greenfield investments or joint ventures. These observations might suggest similarities with the process of internationalisation of Asian tigers multinationals, which means that they are consolidating their internationalisation process based on their learning, linkages and leverages capabilities. Furthermore, Colombian companies are following the internationalisation pattern of other multilatinas. These companies have first explorer natural markets for them; in other words, they have first attempt to be established in markets that share psychic features, and similar institutional environments, as psychic and physical proximity reduces risk and facilitates foreseen return of investments, and therefore long-term capital accumulation. Research limitations/implications – This study has some limitations that suggest further research. First, although the observed firms share one main characteristic: being Colombian-owned multinationals, they belong to diverse fields, so this might pose difficultly for the creation of a framework that explains other multinationals drivers to internationalise. A second limitation is that this analysis does not deepen into the internationalisation patterns of multilatinas from countries other than Colombia; this leaves room for further research questions that might deal with the issue of analysing advantages and disadvantages in the internationalisation process of developing country multinational corporations (DCMCs). A third limitation is that this study does not have a longitudinal approach, so this paper does not intent to provide definitive information about cause-and-effect relationship regarding the drivers for DCMCs to internationalize, instead, this study is intended to provide an analysis of the outward foreign direct investment decisions of Colombian multinational firms. Practical implications – There is limited research based on primary data on accessing the internationalisation process of Colombian multinational companies. This paper offers a research framework and results which could be replicated in other Developing Country Multinational Corporation (DCMNC), and could also be studied longitudinally. This study includes relevant information on the drivers for international expansion, market selection, perceived obstacles, entry modes and consolidation in host markets via acquisitions that could possibly support managerial decisions. Originality/value – There is limited research based on primary data on accessing the process of internationalisation of Colombian multinational companies. This paper offers research framework and results which could be replicated in other DCMNC, and also could be longitudinally studied. This study includes relevant information on the drivers for international expansion, market selection, perceived obstacles, entry modes and consolidation in host markets via acquisitions that could eventually support managerial decisions.
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Tubolec, I. I., and O. V. Tkalich. "GLOBALIZATION OF INTERNATIONAL FINANCIAL MARKETS." Scientific Bulletin of Ivano-Frankivsk National Technical University of Oil and Gas (Series: Economics and Management in the Oil and Gas Industry), no. 1(19) (May 21, 2019): 133–41. http://dx.doi.org/10.31471/2409-0948-2019-1(19)-133-141.
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The article deals with one of the components of globalization - the globalization of financial markets. The article considers financial markets, which are the component of globalization. The study investigates the international financial institutions that together form the international financial infrastructure and the main subjects of financial globalization. The study investigates the international financial institutions, which collectively form the international financial infrastructure and main subjects of financial globalization. The segments of the global financial market, which include the global debt market, the global stock market, other global financial markets (precious metals, real estate insurance), the global currency market, are considered. The article considers the segments of the global financial market, such as the global debt market, the global stock market, the global currency market and other global financial markets (precious metals, real estate insurance etc.).
The article presents the prospects of global financial markets, such as high world standards, higher level of diversification, higher liquidity and professional risk management.
It is established that the basis of the globalization of the financial system lies in the interaction of such phenomena as: technological progress; growing competition: on the one hand, between lending and financial institutions in the financial markets, and on the other hand, between the financial markets themselves, due to the significant development of information technology and telecommunications; restructuring of credit and financial; wide internationalization of business due to the increasing transnational nature of corporations; consolidation of regional integration associations (in Europe - Economic and Monetary Union); weakening of the firm control over the implementation of international agreements related to the movement of capital stock exchanges; - macroeconomic stabilization and reform in a number of developing and transition countries that have created a favorable climate for foreign investors; widespread use of the "principle of the lever".
We investigated that the integration of international capital markets, merger of financial institutions, the tendency to increase speculative operations in the financial markets and financial crises are the global trends in the development of international financial markets in the requisition of globalization.
It is proved that the, the emergence of the global financial space is represented by an increase in international financial flows, volumes of all types of international transactions, an increase in the number of companies and financial groups that operate outside of the national financial systems.
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Kuzmin, S. E. "Sources of Legal Regulation of Mergers, Acquisitions, Consolidations, Joint Stock Companies in Russia and Corporations in the United States." MGIMO Review of International Relations, no. 1(40) (February 28, 2015): 209–14. http://dx.doi.org/10.24833/2071-8160-2015-1-40-209-214.
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The article outlines general characteristics of the sources of law, regulating relations associated with mergers, consolidations, acquisitions of joint stock companies in Russia and corporations in the United States respectively in the Russian legislation and the legislation of the United States and individual States. Both in Russia and in the USA there is a constitutional separation of powers between the Federal authorities and the Subjects of the Federation/States respectively. In both countries legal regulation of mergers and acquisitions of corporations is carried out first of all by a number of laws. These laws fall into three main groups: securities laws, antitrust (competition) laws and civil and joint-stock legislation in Russia and corporate laws in the US. All the three groups are federal laws in Russia, while in the US the first two are federal too, but the last one is state laws. It is necessary to highlight the important role of judicial decisions in the United States on legal regulation of mergers, acquisitions, takeovers in comparison with Russia, which is due to the differences in the legal systems of the states in question. However, although Russia is not a state of case law, such legal acts as the resolution of the Plenum of the Supreme Commercial Court will undoubtedly have an impact on law enforcement practice and, consequently, on the regulation of relevant relations. Of particular importance are the findings of the Constitutional Court, whose decisions may cancel acts or their separate provisions provided they are recognized as unconstitutional. Such acts are repealed. Decisions of courts and other bodies based on acts or their separate provisions, recognized by the Constitutional Court of the Russian Federation unconstitutional, are not subject to execution and shall be revised in accordance with the Federal law. The US case law implies existence of a hierarchy of precedents according to which decisions adopted by the higher courts are binding for cases adjudicated in lower courts. Judicial decisions have a major impact on the regulation of mergers and acquisitions of corporations, in particular, the state corporate Laws. The article analyses the main similarities and differences of sources of legal regulation of mergers, consolidations, acquisitions of joint stock companies in Russia and corporations in the United States.
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Sheth, Jagdish. "Making India Globally Competitive." Vikalpa: The Journal for Decision Makers 29, no. 4 (October 2004): 1–10. http://dx.doi.org/10.1177/0256090920040401.
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The fast-paced economic and political changes across the world are forcing India to be more globally-oriented. This paper traces these global changes in a historical perspective and examines how India can be integrated into the global economy. It discusses the primary growth engines at different phases of the world growth cycle and suggests the main area around which there is a need to reengineer the country for global competitiveness. While Western Europe and the US/Canada engineered the 18th and the 19th century growth respectively, the author sees the large emerging nations as the 21st century growth engines and purchasing power parity (PPP) as the new measure of economic growth. As India integrates into the world economy, there is a need for it to reposition itself as a country. From the domestic-oriented, self-sufficient license raj, it has come a long way to become a globally-oriented economy focusing on those key sectors of the economy where it has a resource advantage over other nations. The objective is to offer better products at lower prices. Exports to the most demanding markets, after all, are the key to success for a globally competitive economy. To achieve this objective, India needs to reengineer itself in the following areas: Industrial policy through ideology-free policy; privatization of public enterprises; incentives for quality; innovation and productivity; employment through growth; intellectual property rights; and environment policy. International trade through convertible currency anchored to dollar; target exports to selective markets; balanced trade with anchor partners; and focus on selective exports based on comparative advantage. Domestic industry through industry consolidation for scale efficiency; globalization of domestic markets; investment in quality and innovation; process reengineering; and reduction in unorganized sector. National infrastructure through upgradation of transport and logistics; information infrastructure capital markets; financial institutions; special economic zones and energy reliability. Of these, domestic infrastructure is the weakest link. The Indian industries must reposition themselves from the diversified domestic corporations to focused global enterprises. To be a global hub, they need quality and reputation and must, therefore invest in design and research, create brand equity, increase productivity, leverage human capital, get access to low cost capital, and organize global supply chain. The author concludes with the following observations: India is destined to become a major economic power in the 21s century. India's future, however, will depend on the geopolitical realignment of nations and the emergence of ‘triad’ markets. Design is a very strong competitive advantage for India. Public enterprises should not be disinvested and should instead be encouraged to go global along with the private enterprises not just through exports but through mergers and acquisitions. The Indian industries must reposition themselves from the diversified domestic corporations to focused global enterprises.
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Zhylenko, Kateryna. "Current transformation trends in the economy in response to transnationalization." Herald of Ternopil National Economic University, no. 4 (86) (December 12, 2017): 88–95. http://dx.doi.org/10.35774/visnyk2017.04.088.
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The article considers current trends of transnationalization in the light of globalization of the world economy. The sources and channels of foreign direct investments are analyzed. It is pointed out, that the degree of TNC penetration into other countries’ economies is described by a means of ranking companies called transnationality index. The key factors of the rapid growth of TNCs and their turning into one of the most important actors of the current market economy are identified. There seems to be a tendency to a greater consolidation of TNCs, which is evidenced by a growing number of mergers and acquisitions of economic entities. It is noted that an increase in foreign direct investments over the last decades has been related to a rapid growth of international corporations that make investments, have branches and subsidiaries in many countries of the world. It is stressed that a further study of transnationalization should be carried out to understand both positive and negative consequences of structural changes in the global economy. A particular attention should be paid to changes in ways and systems of interaction between strategically significant sectors of the economy. A primary purpose of the paper is to consider the current role of TNCs, and to assess the degree of TNCs’ impact on the dynamics of changes in the world economy and international economic relations in the context of transnationalization. The growth of TNCs, which is currently observed, has given a new impetus to integration processes in the world economy. Definitely, it is due to the fact that overseas branches seek to be an integral part of economies of host countries and become incorporated into domestic markets of other countries. Modern TNCs are a combination of national enterprises and foreign affiliates, that form a coherent global system, in which separate branches located in various countries, operate within a framework of unified global strategy. Another feature of TNCs is their severe competition not only in the world markets of goods and services, but also on capital, labour, technology, and information markets.
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Krisnanto, Yakub Adi. "Pengesahan Penggabungan, Peleburan dan Pengambilalihan (P3) dan Kedudukan Konsultasi Hukum Persaingan Usaha." Jurnal Hukum PRIORIS 3, no. 1 (May 17, 2016): 61–81. http://dx.doi.org/10.25105/prio.v3i1.357.
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Establishment of the Business Competition Act, particulary those governing the merger, consolidation and acquisition give birth to a legal vacumm. Notification system adopted pursuant to Article 29 paragraph (2) Competition Act, namely post notification. Competition Act further mandates the setting of the merger, consolidation and acquisition through government regulation. 10 years required for the issuance of the aforementioned, and prior to any governmnet regulation of Article 29 paragraph (2) Competition Act became lex imperfecta. The provisions on merger, consolidation and takeovers can not be applied, so that many of the alleged violation of monopolistic practices and unfair competition can not be assessed under these provisions. This paper is about to review the authorization merger, consolidation and takeover business entity in which the rules and regulations perudang be one issue of the notification system adopted in the competititon law in Indonesia. Authorization is still a problem despitethe normative level rise of government regulation on merger, consolidation and takeovers.
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Rufaida, Dwiavita, and Rochmad Bayu Utomo. "Determination of Decisions in Merger, Consolidation, and Acquisition of Firms Listed on the Indonesia Stock Exchange During the Covid 19 Pandemic." Journal of Social Research 2, no. 8 (July 18, 2023): 2543–56. http://dx.doi.org/10.55324/josr.v2i8.1307.
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This research was conducted to examine and analyze the effect of firm size, leverage, dividend payout, and board of directors on merger, consolidation, and acquisition decisions proxied by Return on Investment (ROI). This research was conducted on firms listed on the Indonesia Stock Exchange (IDX) in 2020-2021. The sample used in this study was determined by purposive sampling method, and it produced 31 samples. The data analysis was being conducted by using multiple linear regression analysis method. The results of the analysis showed that leverage has a significant negative effect on merger, consolidation and acquisition decisions, and the board of directors has a significant positive effect on merger, consolidation and acquisition decisions, and firm size. Furthermore, dividend payout has no significant effect on merger, consolidation and acquisition decisions.
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Linzell, Sheri. "Ownership and Control Restrictions in US Aviation Law." Air and Space Law 35, Issue 6 (November 1, 2010): 379–407. http://dx.doi.org/10.54648/aila2010044.
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This article compares US ownership and control laws in the aviation and maritime sectors and argues that US aviation ownership and control laws should be modified to more closely resemble those used in the US maritime sector in order to permit greater foreign investment in US airlines. US airlines have faced decades of financial instability and will continue to be hobbled by US ownership and control laws that greatly restrict the amount of foreign capital they can access. In contrast to the financial difficulties facing US airlines, many major foreign airlines have thrived in the increasingly global marketplace by taking advantage of more flexible foreign investment laws and engaging in cross-border mergers. These foreign airlines – as well as the US maritime industry and nearly all other US industries – engage in cross-border mergers and acquisitions and utilize significant amounts of foreign capital. Current ownership and control laws require that carriers wishing to operate aircraft in the United States hold a certificate of public convenience, which will only be issued to individuals who are US citizens;partnerships whose partners are all US citizens; and US corporations of which the president and at least two-thirds of the board of directors and other managing officers are US citizens, which is under the actual control of US citizens, and in which at least 75% of the voting interest is owned or controlled by US citizens. In contrast, many US flag vessels are permitted to be up to 100% owned by foreign stockholders. The liberalization of US aviation ownership and control laws would likely result in increased access to foreign capital for US airlines, more efficiency due to consolidation in the airline industry, and increased cross-border investment, which would help stabilize the volatile US airline industry. Opponents to the liberalization of US aviation ownership and control restrictions argue that such liberalization would result in flags of convenience, national security problems, the loss of American jobs, and the risk that other countries may not follow suit in liberalizing their ownership and control laws. The Department of Transportation (DOT) has attempted to adopt rules that would liberalize the US aviation ownership and control laws, but it has been unsuccessful in its attempts, in part due to significant opposition in Congress. The United States has, however, signed several international agreements that indicate a shift towards the acceptance of less stringent ownership and control laws in the aviation sector. US airlines would likely enjoy greater financial stability, which would also benefit US consumers, if US aviation ownership and control laws were revised to more closely resemble those used in the maritime sector.
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Bajaj, Anubha. "Merger and Consolidation-Carcinosarcoma-Uterine Cervix." Cell & Cellular Life Sciences Journal 8, no. 2 (2023): 1–3. http://dx.doi.org/10.23880/cclsj-16000182.
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Carcinosarcoma of uterine cervix is an exceptionally encountered, high grade neoplasm composed of malignant epithelial and mesenchymal elements. Additionally designated as malignant mixed mesodermal tumour, homologous neoplasms of uterine cervix are denominated as carcinosarcoma.
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Miller, Alan D. "Voting in corporations." Theoretical Economics 16, no. 1 (2021): 101–28. http://dx.doi.org/10.3982/te3668.
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I introduce a model of shareholder voting. I describe and provide characterizations of three families of shareholder voting rules: ratio rules, difference rules, and share majority rules. The characterizations rely on two key axioms: merger consistency, which requires consistency in voting outcomes following stock‐for‐stock mergers, and reallocation invariance, which requires the shareholder voting rule to be immune to certain manipulative techniques used by shareholders to hide their ownership. The paper also extends May's theorem.
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VIRENDRA JADHAV, VAISHNAVI, PROF SHITAL SHAH, and DR ASHWINI KSHIRSAGAR. "Esports and Merger & Acquisition." INTERANTIONAL JOURNAL OF SCIENTIFIC RESEARCH IN ENGINEERING AND MANAGEMENT 08, no. 01 (January 8, 2024): 1–13. http://dx.doi.org/10.55041/ijsrem27991.
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-This paper delves into the burgeoning intersection of esports and Mergers and Acquisitions (M&A). As esports evolves into a global industry, boasting a viewership of 454 million by 2020, businesses seek strategic consolidation through M&A activities. Notable franchises like League of Legends and Dota drive the industry's multi-billion- dollar growth, attracting collaboration and investment. Esports M&A involves the consolidation of organizations, game developers, and streaming platforms, driven by motives such as achieving synergies and expanding market presence. The paper explores the financial dynamics of this evolving landscape, emphasizing its transformative impact on the entertainment and sports industries. With esports on the rise, understanding the strategic implications of M&A in this context becomes paramount for businesses navigating the opportunities and challenges within this dynamic ecosystem. Key Words: Esports, Mergers and Acquisitions, Gaming Industry, Competitive Gaming, Video Games, Global Phenomenon, Business Consolidation.
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Wilson, Jeremy M., Jeff Gruenewald, and Clifford A. Grammich. "Officer views in contracting, merger, and hybrid agencies." Policing: An International Journal 42, no. 2 (April 8, 2019): 270–83. http://dx.doi.org/10.1108/pijpsm-03-2018-0034.
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Purpose The purpose of this paper is to assess officer perceptions of consolidation of law enforcement agencies under three specific models: contracting, merger and a hybrid of regionalization and contracting. Design/methodology/approach A survey was administered to 139 officers employed by four agencies using one of the models of interest. The survey asked officers their views on consolidation and how it has affected organizational and employment characteristics. Findings Officers generally support consolidation, but views vary by agency type. Officers in the contracting agencies, for example, generally viewed consolidation as less cost effective than officers in other agencies viewed it, but were more likely to say crime decreased and job security and workload improved after consolidation. Officers in the hybrid agency were less positive about changes in some employment and organizational characteristics. Research limitations/implications The sample size and response rates are low, and no comparison to other agencies is available, but the examination offers new information and lessons. Practical implications Communities considering police consolidation must consider a specific model and how to communicate changes to officers. This research illuminates officer perspectives on each. Originality/value This is the first investigation of views of shared services by specific model of consolidation. Such work is particularly valuable given increased interest in consolidation in recent years.
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Wolfson, Gabrtela S., and Jeffrey C. Talbert. "Medicaid Managed Care and Provider Consolidation." Journal of Health and Human Services Administration 23, no. 3 (September 2000): 274–305. http://dx.doi.org/10.1177/107937390002300303.
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In the thrust toward constructing economic value, health care provider firms have been consolidating at a marked rate. Medicaid managed care programs have been rapidly emerging with the objectives of containing health care costs and improving services for beneficiaries. However, there are concerns that the trend toward achieving market efficiency through merger is largely incongruent with the economic and health value objectives of Medicaid managed care programs in the stales. Discordance among value objectives arises primarily because of inefficient and market concentrating horizontal merger strategies employed by firms and disruptions in quality of care that occur during the transition to integrated health care systems. By promoting vertical integration strategies and filling in the quality gaps created by an active merger environment, Medicaid offices advance stale objectives of cost containment and quality while recognizing that providers operate in a complex and competitive environment that necessitates consolidation for organizational survival.
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McIntyre, Frank William. "De Facto Merger in Texas: Reports of Its Death Have Been Greatly Exaggerated." Texas Wesleyan Law Review 2, no. 3 (March 1996): 593–627. http://dx.doi.org/10.37419/twlr.v2.i3.6.
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This comment examines three issues of Texas de facto merger law. First, whether the Texas Legislature's 1979 amendment to Article 5.10 of the Texas Business Corporations Act was intended to eliminate the de facto merger doctrine, regardless of how closely a transaction resembles a merger. Second, whether the 1987 and 1991 amendments to Article 5.10 are additional evidence of a legislative intent to eliminate the de facto merger doctrine. And, if so, whether it was sound public policy to completely eliminate the de facto merger doctrine.
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Jha, Shiv Swaroop, and Premanand . "Merger of Indian Banks." VEETHIKA-An International Interdisciplinary Research Journal 9, no. 3 (September 4, 2023): 1–5. http://dx.doi.org/10.48001/veethika.2023.09.03.001.
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In this study, we look at how merging Indian public sector banks has affected their ability to work together more efficiently. The purpose of this study is to determine whether this merger would really speed up India's economic development. Bank merger advantages have been analysed using many metrics, including CASA ratio, CRAR ratio, CET I ratio, and advance and deposit size. Net nonperforming asset ratios have also been monitored in order to assess asset quality. The consolidation of 10 public sector banks into 4 is an attempt to achieve size and geographic diversity via consolidation. The merger has unquestionably enhanced the merged entity's size, which has resulted in advantages such as lower operating costs and larger money placed by a greater number of consumers. Insolvent banks have been able to strengthen their financial footing and stability as a result of mergers. Capital has been injected into struggling state-owned banks, which will increase lending and buoy the economy.
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Erickson, Merle M., and Shiing-wu Wang. "Tax Benefits as a Source of Merger Premiums In Acquisitions of Private Corporations." Accounting Review 82, no. 2 (March 1, 2007): 359–87. http://dx.doi.org/10.2308/accr.2007.82.2.359.
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Scholes et al. (2005) predict that S corporations, and other conduit entities such as partnerships and LLCs, can sell for a tax-driven purchase price premium relative to C corporations. We test this conjecture by comparing purchase price multiples in a sample of taxable stock acquisitions of S corporations to purchase price multiples for a matched set of taxable stock acquisitions of privately held C corporations. Consistent with Scholes et al.'s (2005) predictions, we find evidence that the organizational form of the target influences acquisition tax structure and acquisition price. Specifically, the evidence supports the conclusion that conduit entities (S corporations) fetch a taxbased purchase price premium relative to similar C corporations. Furthermore, our estimates indicate that average tax benefits in S corporation acquisitions are equal to approximately 12–17 percent of deal value.
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Singh, Aarti. "SunPower: A Path Toward Strategic Development." Emerging Economies Cases Journal 3, no. 2 (December 2021): 77–86. http://dx.doi.org/10.1177/25166042211058534.
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SunPower Corporation is an American organization working in the solar energy sector specialized in power generation and solar energy storage. This case highlights the strategic growth path of SunPower corporation, which originated as an outcome of effective solar cells production. This case also discussed how the energy sector considers solar energy the vital energy source, and solar energy organizations grow to capture the energy demand. The case also highlights the various consolidations of SunPower in terms of different mergers and acquisitions as essential strategies to succeed. The case also discusses the competitors’ strategy of the top five solar power generation and storage firms, which give a clear view of how different solar firms are building their space in the solar energy sector. With competitors’ discussion, this helps to understand the challenge faced by SunPower to beat the competition among the other solar firms. In the end, the case focused on the ongoing and future strategic choices of SunPower as SunPower Corporation.
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Esteve-Pérez, Silviano. "Consolidation by merger: the UK beer market." Small Business Economics 39, no. 1 (July 9, 2010): 207–29. http://dx.doi.org/10.1007/s11187-010-9295-2.
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Pittard, Floyd L. "Systematic approach to functional consolidation and merger." National Civic Review 81, no. 4 (1992): 488–99. http://dx.doi.org/10.1002/ncr.4100810409.
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Chen, Jian, and Youmin Xi. "Is it better to change top management after a merger or acquisition?" Corporate Ownership and Control 5, no. 3 (2008): 62–66. http://dx.doi.org/10.22495/cocv5i3p7.
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In this paper, we analyzed the relationship between turnover of top management and performance of listed companies after takeover. We made a hypothesis that after equity change of listed corporations, the turnover of top management improved the performance of these corporations. We chose the sample of listed corporations in Shenzhen and Shanghai security exchanges which had equity change, and we used the assessment of the “Operating Performance” Methodology to analyze the performance of these listed corporations empirically. We find that the company which had turnover of top management after the corporate control right changed, had significant performance improvement, and had better performance than the company which had not had turnover of top management after the corporate control right changed
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Maharani, Diah Arum, and Helena Wirastri Wulandari. "Penggabungan, Peleburan dan Pengambilalihan pada Industri Telekomunikasi di Indonesia." Jurnal Penelitian Pos dan Informatika 5, no. 1 (March 6, 2017): 19. http://dx.doi.org/10.17933/jppi.2015.0501002.
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<p align="justify"><strong>Abstrak</strong> Kajian tentang penggabungan, peleburan dan pengambilalihan dari penyelenggara (operator) telekomunikasi seluler di Indonesia dilakukan untuk lebih menciptakan iklim yang sehat dan membangun perekonomian nasional tanpa merugikan pemain di sektor ini dan juga konsumen. Evaluasi penggabungan, peleburan, dan pengambilalihan dilakukan oleh masing-masing instansi terkait sesuai dengan kewenangan yang diberikan oleh Undang-Undang. Koordinasi tata cara/prosedur penggabungan, peleburan, dan pengambilalihan antara instansi terkait perlu dilakukan. Beberapa hal yang disarankan perlu dilakukan oleh Kemkominfo/BRTI terhadap penggabungan, peleburan, dan pengambilalihan penyelenggara telekomunikasi seluler diantaranya penilaian pre-merger dan pengawasan post-merger. Penilaian pre-merger melalui nilai perusahaan dan penilaian kelayakan (pre-merger) dalam hal strategic and business due diligence (kecuali isu hukum persaingan usaha); technological & integration issues; financial & commercial due diligence (kecuali isu hukum perusahaan); dan public interest. Sementara itu, pengawasan post-merger meliputi: laporan berkala tentang pencapaian komitmen, laporan berkala tentang kinerja, dan pengawasan terhadap kewajiban interkoneksi.</p><p align="justify"> </p><p align="justify"><strong>Abstract</strong> Studies on merger, consolidation and acquisition of mobile telecommunications providers(operators) in Indonesia is to be carried out to further create a healthy climate, and build the national economy, which would not be detrimental to the players and consumers in the sector. The evaluation of merger, consolidation, and acquisitions were carried out by each of the relevant agencies in accordance with the authority granted by the Act. The coordination of the procedure / merger procedure, consolidation or acquisition between the relevant agencies is to be implemented. Based on this study Kemkominfo / BRTI is recommended to assess the pre-merger and supervision of post-merger through the company's value and feasibility assessment (pre-merger) in terms of strategic and business due diligence (except in the law concerning competitive issues); technological and integration issues; financial & commercial due diligence (except for the company's legal issues); and public interest. The post-merger includes: periodic reports on the achievement of commitments, periodical reports on the performance and supervision of interconnection obligations.</p>
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Prager, Elena, and Matt Schmitt. "Employer Consolidation and Wages: Evidence from Hospitals." American Economic Review 111, no. 2 (February 1, 2021): 397–427. http://dx.doi.org/10.1257/aer.20190690.
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We test whether wage growth slows following employer consolidation by examining hospital mergers. We find evidence of reduced wage growth in cases where both (i) the increase in concentration induced by the merger is large and (ii) workers’ skills are industry-specific. In all other cases, we fail to reject zero wage effects. We consider alternative explanations and find that the observed patterns are unlikely to be explained by merger-related changes besides labor market power. Wage growth slowdowns are attenuated in markets with strong labor unions, and wage growth does not decline after out-of-market mergers that leave local employer concentration unchanged. (JEL G34, I11, J22, J24, J31, J42, R32)
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Pawaskar, Vardhana. "Effect of Mergers on Corporate Performance in India." Vikalpa: The Journal for Decision Makers 26, no. 1 (January 2001): 19–32. http://dx.doi.org/10.1177/0256090920010103.
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This paper studies the impact of mergers on corporate performance. It compares the pre- and post-merger operating performance of the corporations involved in merger to identify their financial characteristics. Also, the effect on merger-induced monopoly profits is identified by looking at the persistence profile of the profits. Taking a sample of 36 cases of merger between 1992 and 1995, it is seen that there are no significant differences in the financial characteristics of the two firms involved in merger. The mergers seem to lead to financial synergies and a one-time growth. The analysis of the regression to norm shows that there is no increase in the postmerger profits. The competitive process is not impeded with merger even when no strong anti-trust laws are present.
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Dwi Santo, Paulus Aluk Fajar. "Merger, Akusisi dan Konsolidasi dalam Perspektif Hukum Persaingan Usaha." Binus Business Review 2, no. 1 (May 30, 2011): 423. http://dx.doi.org/10.21512/bbr.v2i1.1149.
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Mergers, acquisitions and consolidation is a business strategy that is commonly used in the business world to be able to build competitive advantage company, which in time can enhance shareholder value while maximizing the prosperity of the company owners or shareholders. To achieve the above objective normative, policy-makers need a plan and steps of strategic and accurate information to avoid the risk of failure. However, the strategy of merger, acquisition and consolidation of certain potentially inhibit fair competition conditions, thus becoming one of the objects that need to be regulated in Law no. 5 Year 1999 concerning Prohibition of Monopolistic Practices and Unfair Business Competition. Market impact of mergers, acquisitions and consolidation is important for analysis because it can have significant legal consequences for businesses, so that the research method used is the juridical normative and empirical approaches. In practice of mergers, acquisitions and consolidation intersect with regulation in other sectors, especially banking and capital markets. That is, there should be equality of perception and interpretation among the institutions that issued the policy.
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Mitchell, Peter. "UK industry consolidation is slow despite big merger." Nature Biotechnology 21, no. 3 (March 2003): 215. http://dx.doi.org/10.1038/nbt0303-215.
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Majumdar, Sumit K., Rabih Moussawi, and Ulku Yaylacicegi. "Merger Motives and Technology Deployment: A Retrospective Evaluation." Antitrust Bulletin 65, no. 1 (January 23, 2020): 120–47. http://dx.doi.org/10.1177/0003603x19898903.
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The nature of post-merger technological progress outcomes is unclear, with theoretical and empirical literature being inconclusive and equivocal. We contend that merger motives materially drive post-merger outcomes and that post-merger outcomes vary significantly because merger motives vary. Hence, assessments of post-merger outcomes should take into account such motives, by the use of suitable statistical constructs. Our retrospective study has empirically assessed post-merger technology deployment patterns in the US telecommunications industry over a considerable recent historical period of major institutional changes. The events have provided information enabling us to conduct a detailed evaluation of the relative outcomes of differently motivated mergers under clean natural experiment conditions. Mergers have been classified as those undertaken for consolidation, financial, and market exploitation reasons. We have found consolidation and market exploitation motivated mergers to have had a positive impact, resulting in materially greater technology deployment outcomes for firms experiencing these mergers. The largest category of mergers that the firms have engaged in have been of the liquidity-seeking type, and such liquidity-seeking mergers have resulted in materially lower levels of technology deployment outcomes. On balance, we unequivocally conclude that negative lower technology deployment outcomes have outweighed the positive higher technology deployment outcomes. Such results should meaningfully influence agencies’ approaches in deciding whether or not to permit important sector mergers under review.
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Peng, Victoria. "Astroturf Campaigns: Transparency in Telecom Merger Review." University of Michigan Journal of Law Reform, no. 49.2 (2016): 521. http://dx.doi.org/10.36646/mjlr.49.2.astroturf.
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Large telecommunications companies looking to merge spend millions of dollars in their lobbying efforts to clear regulatory hurdles and obtain approval for their proposed mergers. Corporations such as AT&T, Comcast, and Time Warner use public participation processes as vehicles to influence regulatory decision-making. In the Federal Communications Commission (FCC) merger review context, the notice- and-comment process and public hearings have become fertile breeding grounds for hidden corporate influence. Corporations spend millions on corporate social responsibility programs and call upon nonprofit organizations that receive their largesse to represent their corporate interests as grassroots interests when the FCC seeks public comment. This “astroturfing” undermines what Congress intended to be a “well-reasoned agency deliberation process” and makes the FCC’s notice-andcomment process less democratically legitimate. This Note argues that the FCC should adopt a financial conflicts of interest disclosure rule for all comments it receives, not just comments that include scientific or technological data. Administrative agencies’ anxiety about ensuring the integrity of science-based preferences also applies to values-based preferences because the FCC considers the effects on the public interest in making policy decisions.
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Dr. Dilip Kumar Gupta, Dr Sapna Kasliwal,. "Small Number of Big Banks: An Overview of Recent Mergers in Indian Banking Sector." Psychology and Education Journal 58, no. 3 (February 25, 2021): 1113–23. http://dx.doi.org/10.17762/pae.v58i3.3108.
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Government of India with its vision to create globally competitive banks has initiated the consolidation of smaller PSB’s in bigger entities. The merger of five regional banks with State Bank of India and merger of two Public Sector Banks (PSBs) Dena and Vijaya with Bank of Baroda in recent past (2019) followed by mega consolidation plan of merging ten public sector banks into four banks is an indication of direction of the wind is going to blow for Indian banking industry. This policy of consolidation is an important tool used by banks for corporate restructuring and is in line with reformist agenda pursued by Govt of India (GOI) since 1990. These entities are to receive recapitalization funds from GOI to boost their net-worth strengthening their capital base. The present research is conducted to understand the objectives and statistics behind these mergers.
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Baniya, Rojan, and Sujan Adhikari. "Mergers and Acquisitions of the Financial Institutions: Factors Affecting the Employee Turnover Intention." NRB Economic Review 29, no. 2 (October 11, 2017): 31–50. http://dx.doi.org/10.3126/nrber.v29i2.52510.
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A prudent analysis of the factors affecting turnover intention of the employees after mergers and acquisitions should guide the managers to prevent the fallout of employees during such complex process; the primary objective of this study is to identify those factors that influence turnover intention of the employees. Drawing from the previous studies, a conceptual framework was developed that took into account pre-merger organizational identification, procedural justice, utility with the merger, non-monetary benefits, monetary benefits, trust with merger and adequate authority delegation as variables that influence post-merger organizational identification and satisfaction with the merger. The results illustrate that pre-merger organization identification, utility with the merger, and trust with merger significantly predicted the post-merger organization identification, whereas only trust with merger significantly predicted the satisfaction with the merger. Furthermore, the study elucidates that the post-merger organizational identification could prevent the turnover intention among the employees. The findings of the study unravel sentiments of the employees during the consolidation process and provide the practitioners and the policy-makers with a base to develop an effective strategy to prevent turnover of employees during the mergers and acquisitions.
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Raghavan, Vedapuri. "CONSOLIDATION IN THE AIRLINE INDUSTRY: THE DELTA-NORTHWEST MERGER." Journal of International Finance and Economics 13, no. 2 (June 1, 2013): 89–96. http://dx.doi.org/10.18374/jife-13-2.10.
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Rhoades, Stephen A. "Consolidation of the Banking Industry and the Merger Guidelines." Antitrust Bulletin 37, no. 3 (September 1992): 689–705. http://dx.doi.org/10.1177/0003603x9203700307.
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Olie, René. "Shades of Culture and Institutions-in International Mergers." Organization Studies 15, no. 3 (May 1994): 381–405. http://dx.doi.org/10.1177/017084069401500304.
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This article explores merger integration processes in the international context and the way in which the merged companies cope with difficulties emanating from firm-specific and nation-specific differences. The first part of the article discusses the consolidation process in general. Four factors are identified that define the significance of this process: (1) the degree of compatibility of adminis trative practices, management styles, organizational structures or organizational cultures; (2) the kind and degree of post-merger consolidation; (3) the extent to which parties value and want to retain their organizational integrity; (4) the nature of the relationship between the two organizations. In order to create a viable new organization it is argued that leadership, the symbolic reconstruction of a new identity, superordinate goals, and introducing multigroup memberships may reinforce integration. To illustrate the discussion, three case studies of large Dutch-German mergers are examined in the second part of the article. These cases show that leadership, an appropriate organizational structure, and compatibility of merger motives may be important facilitators in the merging process.
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Lestari, Murti, and Lincolin Arsyad. "The Response of Performance to Merger Strategy in Indonesian Banking Industry: Analyses on Bank Mandiri, Bank Danamon, and Bank Permata." Gadjah Mada International Journal of Business 12, no. 2 (May 12, 2010): 231. http://dx.doi.org/10.22146/gamaijb.5510.
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This study analyzes the responses of performances of BankMandiri, Bank Danamon, and Bank Permata to merger strategy.This paper harnesses the quantitative approach with structuralbreak analysis method and impulse response function. Theplausible findings indicate that the merger of Bank Permataproduces a better performance response in comparison to theconsolidation of Bank Mandiri and the merger of Bank Danamon.The merger of Bank Permata does not result in performanceshocks, and the structural break does not prevail either. On theother hand, the consolidation of Bank Mandiri and the mergerof Bank Danamon result in structural breaks, particularly in thespread performance. In order to return to the stable position, themergers of Bank Mandiri and Bank Danamon require a longertime than does the merger of Bank Permata. This researchindicates that for large banks, the mergers and acquisitions(retaining one existing bank) will deliver a better performanceresponse than will the consolidations (no existing bank).Keywords: impulse response function; merger; structural break
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Wollmann, Thomas G. "Stealth Consolidation: Evidence from an Amendment to the Hart-Scott-Rodino Act." American Economic Review: Insights 1, no. 1 (June 1, 2019): 77–94. http://dx.doi.org/10.1257/aeri.20180137.
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Prospective merger review is the most frequent application of antitrust law. It exempts transactions on the basis of size, though small deals can have large anticompetitive effects in segmented industries. I examine its impact on antitrust enforcement and merger activity in the context of an abrupt increase in the US exemption threshold. I find that among newly-exempt deals, antitrust investigations fall to almost zero while mergers between competitors rise sharply. Effectively all of the rise reflects an endogenous response of firms to reduced premerger scrutiny, consistent with large deterrent effects of antitrust enforcement. (JEL G34, G38, K21, L41)
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Ekimov, Alexander V. "THE PROFITABILITY AND RISK EFFECTS OF RUSSIAN BANKING INSTITUTIONS’ INVOLVEMENT IN BANCASSURANCE: MERGER SIMULATION METHODOLOGY." Ekonomika 96, no. 3 (January 31, 2018): 56–72. http://dx.doi.org/10.15388/ekon.2017.3.11567.
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This paper presents the methodology taken to evaluate the potential profitability and risk effects of Russian banking institutions’ involvement in bancassurance. An original methodology is applied, which was developed by Boyd and Graham, to conduct merger simulations between commercial banks and insurance companies. The methodology is based on mergers between firms, like the accounting principle of consolidation by pooling. This principle entails summing up the balance-sheet indicators of previously independent firms to simulate a hypothetical merger.
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Adams, Edward E. "Chain Growth and Merger Waves: A Macroeconomic Historical Perspective on Press Consolidation." Journalism & Mass Communication Quarterly 72, no. 2 (June 1995): 376–89. http://dx.doi.org/10.1177/107769909507200210.
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Between the late 1890s and the early 1930s, newspaper chains experienced new growth. The number of newspaper acquisitions and mergers increased and decreased simultaneously with the emergence and decline of the “merger movements.” This study examines the two waves of merger activity affecting all industries around 1900 and the 1920s and compares it to acquisitions and mergers by the largest newspaper chains. This paper suggests that acquisition activity of all business and industry paralleled the acquisition activity in newspapers and fueled the growth of chains through acquisitions; thus newspapers concentrated at an increased rate because of the larger macroeconomic trend and not because of a tendency isolated to the newspaper industry.
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Calomiris, Charles W. "Gauging the efficiency of bank consolidation during a merger wave." Journal of Banking & Finance 23, no. 2-4 (February 1999): 615–21. http://dx.doi.org/10.1016/s0378-4266(98)00096-x.
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Bendeck, Yvette M., and Edward R. Waller. "Consolidation, Concentration, And Valuation In The Banking Industry." Journal of Business & Economics Research (JBER) 9, no. 8 (July 26, 2011): 41. http://dx.doi.org/10.19030/jber.v9i8.5293.
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We assess whether gains in wealth associated with bank consolidation are the result of reduced competition by examining effects of merger announcements on values of bidders, targets and rivals. The results suggest that gains in wealth are not due to increases in market power at the level of individual banks. Specifically, we find that returns to bidders, targets and rivals are unrelated to the effects of mergers on concentration.
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Kovacic, William E., and Dennis E. Smallwood. "Competition Policy, Rivalries, and Defense Industry Consolidation." Journal of Economic Perspectives 8, no. 4 (November 1, 1994): 91–110. http://dx.doi.org/10.1257/jep.8.4.91.
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Declining outlays for new weapons programs have triggered a process of consolidation that promises to shrink the U.S. defense industry drastically. Consolidation in the defense industry raises complex competition policy issues that are not amenable to conventional antitrust merger analysis. This paper presents a framework for identifying important contractor competencies, assessing rivalries in defense industry segments, and evaluating the competitive effects of mergers and other consolidation events. As applied to antitrust oversight and to Department of Defense funding, program, and acquisition strategy decisions, this framework can help preserve supply alternatives for developing state-of-the-art weapons needed to satisfy national security requirements.
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Герасименко, А. С. "Maximization motives of corporate mergers and acquisitions." Экономика и предпринимательство, no. 4(129) (May 31, 2021): 700–702. http://dx.doi.org/10.34925/eip.2021.129.4.130.
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В статье проводится анализ максимизационных мотивов слияний и дружественных поглощений коропраций, определяются комплексные характеристики операционных и финансовых синергий от слияния, а также анализируются наиболее существенные составляющие данных синергий. The article analyzes the maximization motives of mergers and friendly acquisitions of corporations, defines the complex characteristics of operational and financial synergies from the merger, and analyzesthe most significant components of these synergies.
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Lin, Chuang-Yuang, and Hung-Ta Lee. "The Bigger the Better? Merger and Acquisition Performance of Financial Holding Corporations." Emerging Markets Finance and Trade 46, no. 1 (January 2010): 96–107. http://dx.doi.org/10.2753/ree1540-496x460109.
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