Drivers of Mergers and Acquisitions in the Telecommunication Industry: The Differences between Blockbuster and Small M&As

IF 0.8 Q3 COMMUNICATION
Yang Bai, R. Wang, Rachel X. Peng, Krishna P. Jayakar
{"title":"Drivers of Mergers and Acquisitions in the Telecommunication Industry: The Differences between Blockbuster and Small M&As","authors":"Yang Bai, R. Wang, Rachel X. Peng, Krishna P. Jayakar","doi":"10.1080/14241277.2022.2055034","DOIUrl":null,"url":null,"abstract":"ABSTRACT Although many major, blockbuster mergers and acquisitions (M&As) in the telecommunications industry have attracted much attention from both the popular press and the media economic research community, small M&A deals in fact constitute the vast majority of business expansion activities in the telecommunications industry. Utilizing the data obtained from the Zephry database for over 2500 M&A cases involving U.S telecommunications companies, this study compares small and large blockbuster M&As in several aspects and analyzes whether several factors that have been shown to influence valuation of large M&As tend to affect small M&As to the same extent. According to the regression analysis, those factors, including financial market dynamics, M&A activity momentum, types of business expansion, and the involvement of foreign companies, influence the valuation of both small and large M&As. However, the direction and magnitude of the influences are quite different among small M&As.","PeriodicalId":45531,"journal":{"name":"JMM-International Journal on Media Management","volume":null,"pages":null},"PeriodicalIF":0.8000,"publicationDate":"2022-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"JMM-International Journal on Media Management","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1080/14241277.2022.2055034","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"COMMUNICATION","Score":null,"Total":0}
引用次数: 0

Abstract

ABSTRACT Although many major, blockbuster mergers and acquisitions (M&As) in the telecommunications industry have attracted much attention from both the popular press and the media economic research community, small M&A deals in fact constitute the vast majority of business expansion activities in the telecommunications industry. Utilizing the data obtained from the Zephry database for over 2500 M&A cases involving U.S telecommunications companies, this study compares small and large blockbuster M&As in several aspects and analyzes whether several factors that have been shown to influence valuation of large M&As tend to affect small M&As to the same extent. According to the regression analysis, those factors, including financial market dynamics, M&A activity momentum, types of business expansion, and the involvement of foreign companies, influence the valuation of both small and large M&As. However, the direction and magnitude of the influences are quite different among small M&As.
电信行业并购动因:大型并购与小型并购的差异
尽管电信业中许多重大的、轰动性的并购(M&As)引起了大众媒体和媒体经济研究界的广泛关注,但实际上,小型并购交易构成了电信业业务扩张活动的绝大多数。本研究利用Zephry数据库中涉及美国电信公司的2500多起并购案例的数据,从几个方面对大型和小型重头并购进行了比较,并分析了影响大型并购估值的几个因素是否也会同样影响小型并购。根据回归分析,金融市场动态、并购活动势头、业务扩张类型、外资企业参与等因素对中小并购的估值都有影响。然而,影响的方向和程度在小型并购中有很大差异。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
求助全文
约1分钟内获得全文 求助全文
来源期刊
CiteScore
3.10
自引率
5.30%
发文量
12
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信