scholarly journals Language as a key factor of long-term value creation in mergers and acquisitions in the telecommunications sector

2016 ◽  
Vol 40 (10-11) ◽  
pp. 1052-1063 ◽  
Author(s):  
Julio Navío-Marco ◽  
Marta Solórzano-García ◽  
Mariano Matilla-García ◽  
Alberto Urueña
Keyword(s):  
Mergers And Acquisitions ◽  
Value Creation ◽  
Telecommunications Sector ◽  
Key Factor

Sources of value creation and destruction in horizontal mergers and acquisitions

2019 ◽  
Vol 45 (10/11) ◽  
pp. 1398-1415
Author(s):  
Mohammed Ibrahimi ◽  
Hicham Meghouar
Keyword(s):  
Mergers And Acquisitions ◽  
Value Creation ◽  
Financial Risk ◽  
Abnormal Returns ◽  
Strategy Management ◽  
Horizontal Mergers ◽  
Accounting Data ◽  
Content Type ◽  
Debt Capacity

Purpose The purpose of this paper is to investigate the determiners to create and destroy value in horizontal mergers and acquisitions (M&A) using accounting indicators supposed to influence the new entity’s value. Design/methodology/approach Using a sample of 90 French listed companies and stepwise regression method, the authors test eight accounting indicators supposed to influence the new entity’s value. Findings To create value after a horizontal M&A, it is necessary to concentrate on turnover and the restructuring of charges without neglecting the control of debt capacity. To avoid destroying value after a horizontal M&A, it is necessary to concentrate on the control of debt capacity and restructuring of charges in order to reduce financial charges and financial risk. Horizontal M&A also create value through the reduction of investment costs and through tax optimization. Research limitations/implications This paper is different from other contributions in that the majority of existing literature concerning the sources of value creation in M&A has been based on abnormal returns or microeconomic data. This paper analyzes accounting data that are likely to be influenced over the long term by corporate decision making. These kinds of decisions influence the firm’s value as well as the long-term gains that industrial investors may hope to obtain. Originality/value This study makes a significant contribution to the existing literature insofar as it seeks to divide the sources of value creation into three categories: sales synergy, cost synergies and hybrid synergies. To the best of the authors’ knowledge, this is also the first study to provide explanations from companies’ accounting data, which can lead managers to a greater vision of post-merger strategy management, reinforcing the mechanism for value creation.

scholarly journals Glamorous Acquisitions in Telecommunications after the Market Liberalisation: Success or Failure?

2020 ◽  
Vol 2 (3) ◽  
pp. 1
Author(s):  
Julio Navío-Marco ◽  
Silvia Serrano Calle ◽  
Marta Solórzano-García
Keyword(s):  
Mergers And Acquisitions ◽  
Value Creation ◽  
The Internet ◽  
Wealth Maximization ◽  
Academic Literature ◽  
Telecommunications Sector ◽  
Long Run ◽  
Market Liberalisation ◽  
France Télécom ◽  
International Companies

The academic literature indicates that “glamour” influences the investor’s behaviour. This article analyses the performance and value creation of the glamorous operations of mergers and acquisitions (M&A) in the telecommunications sector, trying to understand if these operations are conducive to stockholder wealth maximization. To conduct this analysis, the telecommunications M&A that occurred in the convulsed period of the internet bubble were counted as samples (1995–2010). The research concludes that glamour tends to be opposite to value creation in the long run: the glamour firms show significant value destruction and worse performance than non-glamour firms. Certain acquirers’ characteristics, such as size, are determinant in the glamour behaviour. This paper combats the shortage of research of a quantitative sectoral nature on telecommunications M&As, when leading international companies like Vodafone, Cable and Wireless, France Telecom or Telecom Italia are very active in this kind of operations.

Attachment of oral bacteria to titanium surfaces: An SEM study

1994 ◽  
Vol 52 ◽  
pp. 468-469
Author(s):  
J. E. Laffoon ◽  
R. L. Anderson ◽  
J. C. Keller ◽  
C. D. Wu-Yuan
Keyword(s):  
Technical Problem ◽  
Titanium Implant ◽  
Oral Bacteria ◽  
Bacterial Cells ◽  
Thin Sections ◽  
Surface Ultrastructure ◽  
Sem Study ◽  
Key Factor ◽  
Titanium Surfaces

Titanium (Ti) dental implants have been used widely for many years. Long term implant failures are related, in part, to the development of peri-implantitis frequently associated with bacteria. Bacterial adherence and colonization have been considered a key factor in the pathogenesis of many biomaterial based infections. Without the initial attachment of oral bacteria to Ti-implant surfaces, subsequent polymicrobial accumulation and colonization leading to peri-implant disease cannot occur. The overall goal of this study is to examine the implant-oral bacterial interfaces and gain a greater understanding of their attachment characteristics and mechanisms. Since the detailed cell surface ultrastructure involved in attachment is only discernible at the electron microscopy level, the study is complicated by the technical problem of obtaining titanium implant and attached bacterial cells in the same ultra-thin sections. In this study, a technique was developed to facilitate the study of Ti implant-bacteria interface.Discs of polymerized Spurr’s resin (12 mm x 5 mm) were formed to a thickness of approximately 3 mm using an EM block holder (Fig. 1). Titanium was then deposited by vacuum deposition to a film thickness of 300Å (Fig. 2).

Designing a CRM Framework for online & offline sports footwear retailers

2015 ◽  
Vol 3 (1) ◽  
Author(s):  
Rodrigo Cueva ◽  
Guillem Rufian ◽  
Maria Gabriela Valdes
Keyword(s):  
Environmental Changes ◽  
Customer Relationship ◽  
Business Strategies ◽  
Economic Sectors ◽  
Running Shoes ◽  
Brick And Mortar ◽  
Key Factor ◽  
On Line ◽  
The Impact

The use of Customer Relationship Managers to foster customers loyalty has become one of the most common business strategies in the past years.  However, CRM solutions do not fill the abundance of happily ever-after relationships that business needs, and each client’s perception is different in the buying process.  Therefore, the experience must be precise, in order to extend the loyalty period of a customer as much as possible. One of the economic sectors in which CRM’s have improved this experience is retailing, where the personalized attention to the customer is a key factor.  However, brick and mortar experiences are not enough to be aware in how environmental changes could affect the industry trends in the long term.  A base unified theoretical framework must be taken into consideration, in order to develop an adaptable model for constructing or implementing CRMs into companies. Thanks to this approximation, the information is complemented, and the outcome will increment the quality in any Marketing/Sales initiative. The goal of this article is to explore the different factors grouped by three main domains within the impact of service quality, from a consumer’s perspective, in both on-line and off-line retailing sector.  Secondly, we plan to go a step further and extract base guidelines about previous analysis for designing CRM’s solutions focused on the loyalty of the customers for a specific retailing sector and its product: Sports Running Shoes.

Proactive Value Co-Creation via Structural Ambidexterity: Customer Success Management and the Modularization of Frontline Roles

2021 ◽  
pp. 109467052199756
Author(s):  
Bryan Hochstein ◽  
Nawar N. Chaker ◽  
Deva Rangarajan ◽  
Duane Nagel ◽  
Nathaniel N. Hartmann
Keyword(s):  
Value Creation ◽  
Functional Role ◽  
Service Firms ◽  
Study Analysis ◽  
Case Study Analysis ◽  
Multilevel Perspective ◽  
Business To Business ◽  
Depth Interviews

An increasing number of business-to-business (B2B) service firms have transitioned to recurring revenue-based solutions. These subscription B2B solutions are becoming increasingly common, yet offer challenges for long-term renewal if value is not consistently realized by the customer. To address this concern, customer success (CS) management has emerged. CS management is based on regular proactive action taken by the seller to (a) educate, prepare, and engage customers for value co-creation; (b) demonstrate the value delivered by the solution; and (c) provide a channel for advocacy on behalf of customers within the service-providing firm. Our findings highlight the under-researched topic of CS in B2B settings. Specifically, we propose the CS function and role as a structural alternative to within-person (i.e., cross-functional) ambidexterity and emphasize the ability of a CS focus by service firms to complement existing firm operations in value creation efforts. Our case study analysis provides a multilevel perspective (i.e., executive, functional role employees, and customers) via in-depth interviews that offer unique insights on “how parts of the service-sales system work together.” Overall, CS is growing as a practice that propagates value to the customer via ongoing success with solutions while improving service-firm renewal and growth of subscription business.

Rising ecosystem water demand exacerbates the lengthening of tropical dry seasons

2021 ◽  
Author(s):  
Hao Xu ◽  
Xu Lian ◽  
Ingrid Slette ◽  
Hui Yang ◽  
Yuan Zhang ◽  
...  
Keyword(s):  
Water Demand ◽  
Potential Evapotranspiration ◽  
Central Africa ◽  
Dry Season ◽  
Land Area ◽  
Key Factor ◽  
Dry Seasons ◽  
The Tropics ◽  
Factor Governing

Abstract The timing and length of the dry season is a key factor governing ecosystem productivity and the carbon cycle of the tropics. Mounting evidence has suggested a lengthening of the dry season with ongoing climate change. However, this conclusion is largely based on changes in precipitation (P) compared to its long-term average (P ̅) and lacks consideration of the simultaneous changes in ecosystem water demand (measured by potential evapotranspiration, Ep, or actual evapotranspiration, E). Using several long-term (1979-2018) observational datasets, we compared changes in tropical dry season length (DSL) and timing (dry season arrival, DSA, and dry season end, DSE) among three common metrics used to define the dry season: P < P ̅, P < Ep, and P < E. We found that all three definitions show that dry seasons have lengthened in much of the tropics since 1979. Among the three definitions, P < E estimates the largest fraction (49.0%) of tropical land area likely experiencing longer dry seasons, followed by P < Ep (41.4%) and P < P ̅ (34.4%). The largest differences in multi-year mean DSL (> 120 days) among the three definitions occurred in the most arid and the most humid regions of the tropics. All definitions and datasets consistently showed longer dry seasons in southern Amazon (due to delayed DSE) and central Africa (due to both earlier DSA and delayed DSE). However, definitions that account for changing water demand estimated longer DSL extension over those two regions. These results indicate that warming-enhanced evapotranspiration exacerbates dry season lengthening and ecosystem water deficit. Thus, it is necessity to account for the evolving water demand of tropical ecosystems when characterizing changes in seasonal dry periods and ecosystem water deficits in an increasingly warmer and drier climate.

scholarly journals Spatially varying constraints of human-caused fire occurrence in British Columbia, Canada

2017 ◽  
Vol 26 (3) ◽  
pp. 219 ◽  
Author(s):  
Philip E. Camp ◽  
Meg A. Krawchuk
Keyword(s):  
British Columbia ◽  
Spatial Patterns ◽  
Fire Management ◽  
Fire Occurrence ◽  
Explanatory Variables ◽  
Human Footprint ◽  
Key Factor ◽  
Key Drivers ◽  
Spatially Varying

Human-caused wildfires are controlled by human and natural influences, and determining their key drivers is critical for understanding spatial patterns of wildfire and implementing effective fire management. We examined an array of explanatory variables that account for spatial controls of human-caused fire occurrence from 1990 to 2013 among six ecosystem zones that vary in human footprint and environmental characteristics in British Columbia, Canada. We found that long-term patterns of human-caused fire in ecosystem zones with a larger human footprint were strongly controlled by biophysical variables explaining conditions conducive to burning, whereas fire occurrence in remote ecosystem zones was controlled by various metrics of human activity. A metric representing the wildland–urban interface was a key factor explaining human-caused fire occurrence regardless of ecosystem zone. Our results contribute to the growing body of research on the varying constraints of spatial patterns of fire occurrence by explicitly examining human-caused fire and the heterogeneity of constraints based on human development.

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