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.

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

Estimating a measure of intellectual capital value to test its determinants

2015 ◽  
Vol 16 (1) ◽  
pp. 101-120 ◽  
Author(s):  
Viktoria Goebel
Keyword(s):  
Mergers And Acquisitions ◽  
Intellectual Capital ◽  
Value Creation ◽  
Design Methodology ◽  
Content Type ◽  
Concentrated Ownership ◽  
Long Run ◽  
New Research ◽  
Value Measure ◽  
Capital Value

Purpose – The purpose of this paper is to identify a measure of intellectual capital (IC) value which offers new research opportunities for empirical investigations and to examine the determinants of IC value. Design/methodology/approach – In total, 4,488 firm years of German companies are investigated to compare three measures of IC value: market-to-book, Tobin’s q, and long-run value-to-book (LRVTB). Findings – LRVTB is observed to be the IC value measure with the highest explanatory value. This measure provides an approach to empirically test previously untested hypotheses on IC value. The results on testing determinants of IC value indicate that IC value is positively related to leverage and motivational payments to employees and negatively associated with company size. In contrast, recognised intangible assets, research and development (R & D), company age and concentrated ownership show no significant effects. Research limitations/implications – The findings on IC value measures contribute to IC research as they offer a way to estimate IC value for testing IC-related hypotheses. The findings on IC determinants have implications for IC management as the relevant determinants can be considered for IC value creation. Originality/value – This paper responds to the challenge posed by previous IC research to develop more creative quantitative approaches to estimate IC value (Marr et al., 2003; Mouritsen, 2006) in order to test IC-related hypotheses by innovatively applying a measure from mergers and acquisitions research to IC.

scholarly journals Specifications, sectors, nationality and experience: what matters for the success of mergers and acquisitions strategy?

2017 ◽  
Vol 16 (1) ◽  
pp. 22-37
Author(s):  
Valmir Emil Hoffmann ◽  
Daniel Pires Vieira ◽  
Kim La Croix Maluf De Menezes
Keyword(s):  
Mergers And Acquisitions ◽  
Value Creation ◽  
Market Value ◽  
Point Of View ◽  
Descriptive Statistics ◽  
Simple Task ◽  
Production Chain ◽  
Academic Literature ◽  
And Cluster Analysis ◽  
Positive Results

This study characterizes the Mergers and Acquisitions (MAs) processes that achieved better performances in internal value and synergy generation. The MA theme is not particularly new in the strategy literature, which does not mean that it is consolidated, at least not from the point of view of these strategies results. Academic literature on the topic stablishes that the search for synergies is the key reason for these strategies, although the measurement of these synergies is not a simple task. This study evaluated 154 MAs processes using three variables related to market value creation and operational efficiencies creation. The MA processes were classified according to the type of agglomerative process, economic sector, nationality and positioning of companies in the production chain. Statistic data were analyzed with descriptive statistics, variance analysis and cluster analysis. The results indicate that most of the cases resulted in mild negative or positive results, with no significant differences between the results of processes carried out in different sectors of the economy. The cases that achieved better results were those in which companies already had previous experience in MA and held knowledge of the acquired enterprise, which reiterates the need for prior planning and analysis to the generation of the expected synergies and value creation.

The Internet as a new locus for value creation

1998 ◽  
Vol 36 (9) ◽  
pp. 610-614 ◽  
Author(s):  
Ali Yakhlef
Keyword(s):  
Value Creation ◽  
The Internet

Subaltern mediators in the digital landscape

Target ◽  
2017 ◽  
Vol 29 (2) ◽  
pp. 319-338 ◽  
Author(s):  
Teresa Iribarren
Keyword(s):  
Cultural Capital ◽  
Web 2.0 ◽  
The Other ◽  
The Internet ◽  
Lingua Franca ◽  
Content Type ◽  
For Profit ◽  
Long Run ◽  
The One ◽  
Digital Landscape

This article explores translational literary Web 2.0 practices and user-generated cultural creations on the Internet, focusing on video poetry that re-creates canonical poets’ bodies of work. It will be argued that the use of for-profit platforms like YouTube and Vimeo by indie creators and translators of video poetry favours the emergence of new translational attitudes, practices and objects that have positive but also contentious effects. One the one hand, these online mediators explore new poetic expressions and tend to make the most of the potential for dissemination of poetic heritage, providing visibility to non-hegemonic literatures. On the other hand, however, these translational digitally-born practices and creations by voluntary and subaltern mediators might reinforce the hegemonic position of large American Internet corporations at the risk of commodifying cultural capital, consolidating English as a lingua franca and perhaps, in the long run, even fostering a potentially monocultural and internationally homogeneous aesthetics.

The Study of Young People's Civic Participation on the Internet

2019 ◽  
pp. 1377-1392
Author(s):  
Fadi Hirzalla ◽  
Shakuntala Banaji
Keyword(s):  
Civic Participation ◽  
Empirical Studies ◽  
The Body ◽  
Democratic Citizenship ◽  
The Internet ◽  
Academic Literature ◽  
Context Specific

This chapter reviews the body of academic literature about young people's online civic participation. It will first sketch how this literature has developed historically in the context of old and changing scholarly discussions about what civic participation and democratic citizenship more generally do or should envelop. The second section outlines how extant empirical studies on young people's civic participation online may be subdivided into four strands of research, each focusing on different questions and relying on different methods. The closing section provides a number of directions for further research, mostly calling for innovative and more pressing context-specific and people-centered research approaches.

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