Mergers, acquisitions and control of telecommunications firms in Europe

Trillas, Francesc

doi:10.1016/s0308-5961(02)00017-4

Cited by 33 publications

(25 citation statements)

References 23 publications

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“…In spite of the several telecommunications mergers taking place, very few published studies of the consequences of mergers in the sector exist. Trillas (2002) has studied the acquisitions of the 12 largest telecom companies in Europe and found that acquisitions had been followed with an insignificant impact on shareholder value on bidding firms, concluding that such acquisitions represented manifestations of significant agency problems and were undertaken for empire-building purposes.…”

Section: Sector Background and Hypothesesmentioning

confidence: 99%

Mergers, jobs, and wages in the United States telecommunications industry

Moussawi

Yaylacicegi²

2010

Human Relations

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This article evaluates the human capital consequences of several mergers of local exchange companies that took place between 1988 and 2001 in the telecommunications industry of the United States. Most firms in the sector underwent one merger event while other firms underwent two events. The levels of jobs and average wages in the firms are assessed after the merger events and analysis reveals that, while the first merger events experienced by firms led to growth in employment and compensation, second merger events, which included several mega-mergers of the late 1990s and early 2000s, have led to stagnation and decline in employment levels and to negative human capital outcomes with declines in wage levels.

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Section: Sector Background and Hypothesesmentioning

confidence: 99%

Mergers, jobs, and wages in the United States telecommunications industry

Moussawi

Yaylacicegi²

2010

Human Relations

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“…Like companies in other industries, telecommunications firms have formed a considerable number of strategic alliances and equity arrangements, including joint ventures and M&As aimed to enhance market competitiveness. Such relationships had become common by the mid-1980s in the United States; other industrialized countries soon followed this trend with the progress of deregulation in the 1990s (Joshi, Kashlak, and Sherman, 1998;Trillas, 2002). Managers involved in the telecommunications industry must therefore consider forming relationships of these kinds as one of their top-priority strategic activities.…”

Section: Introductionmentioning

confidence: 99%

“…For example, Wilcox, Chang, and Grover (2001) discussed the effect of M&A by U.S.-based carriers, Trillas (2002) analyzed European carriers, Baroncelli (1998) studied AOL-Time Warner, and Faulhaber (2002) discussed Telecom Italia. Other scholars have also studied the regulatory environment of the industry in specific countries and areas (e.g., Hudson, 2004).…”

Section: Introductionmentioning

confidence: 99%

Inter-Firm Relationships in the Telecommunications Industry: Characteristics and Typology

Shiraishi

Iijima

2009

CMR

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“… Specific cases of mergers and acquisitions, such as the study of the failed merger of Telia and Telenor (Frang et al , 2004), Trillas (2002) analyzed 12 large operations in Europe. the successful merger of Telia and Sonera (Schmid and Daniel, 2009) and the Cingular -AT&T Wireless merger (Zimmerman, 2008;Beard et al, 2006); of the acquisition of Voice Stream by Deutsche Telecom (Sidak, 2002); Telefonica y Bellsouth in Argentina (Coloma, 2007); local operators in US (Majumdar et al, 2012) Ferris and Park (2002) who study the sector before liberalization, all of them are short-term studies.…”

Section: The Telecommunications Sector As a Framework Of Mergers And mentioning

confidence: 99%

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

Navío-Marco¹,

García²,

Matilla-García

et al. 2016

Telecommunications Policy

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may LANGUAGE AS KEY FACTOR OF LONG-TERM VALUE CREATION IN MERGERS AND ACQUISITIONS IN THE TELECOMMUNICATIONS SECTOR ABSTRACTThis article analyzes long-term value creation or destruction in mergers and acquisitions in the telecommunications sector. After characterizing the market targeted by the analysis (telecommunications) and discussing and selecting the most suitable long-term methodology, we will make an econometric analysis of telecommunications M&A in the period from 1995 to 2010. The research will focus on telephone companies or operators as leading players in the sector. Based on this econometric analysis, we clearly found evidence of value destruction (2000-2010) using different methodologies, and value creation in the M&A using same language in the involved companies. According with the type of operations, some political recommendations can be established. This is the first econometric study devoted to long-term value creation in telecommunications after the liberalization of the telecom market.

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Mergers, acquisitions and control of telecommunications firms in Europe

Cited by 33 publications

References 23 publications

Mergers, jobs, and wages in the United States telecommunications industry

Mergers, jobs, and wages in the United States telecommunications industry

Inter-Firm Relationships in the Telecommunications Industry: Characteristics and Typology

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

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