• 한국IT서비스학회지
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• 제10권4호
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• pp.67-81
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• 2011

Recently, Mergers and Acquisitions (M&A) have become increasingly popular in the last few decades, and overseas' M&A are particularly increasing to sharpen corporate competitiveness on a global scale. Previous studies showed that one of the main reasons attributes to failures of mergers was the lack of attention to merging information systems. In recent years, both academy and industry have more focused on Post-Merger Integration (PMI) and the integration of information systems (IS) between two companies is one of the critical success factors of corporate. This paper focused on Post-Merger IT (Information Technology) Integration Methodology of Cross-Border M&A. We followed a single-site qualitative case study method in order to investigate the type of phenomenon in M&A's natural setting. Moreover, we examined a typical energy and power company case in order-based industry, so that other industry players may have different results to determine post-merger IT integration method and scope.

• The Journal of Asian Finance, Economics and Business
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• 제7권7호
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• pp.123-129
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• 2020

The objective of this study is to examine the differentiated influence of sell-side advisors and buy-side advisors on mergers and acquisitions (M&A). Unlike prior studies on M&A advisors, the study addresses different roles of target and acquirer advisors, and explores their influences on the cumulative abnormal returns (CAR) and acquisition premiums with an empirical analysis of longitudinal data of M&As conducted by Japanese listed firms except financial companies from 1995 to 2012. M&A data were obtained from the Securities Data Corporation's (SDC) database, and the individual firm data were collected from the Nikkei Economic Electronic Databank System (NEEDS), which provides a wide range of corporate information including financial status, operational performance, and strategy. Using a sample of 452 cases for the CAR and 498 cases for the analysis of acquisition premiums, the empirical results support the hypotheses of the target advisor's positive association with CAR and acquirer advisor's positive association with acquisition premiums. The findings of this study indicate the target advisor's positive contribution to the success of acquisition process and performance, and acquirer advisor's negative influence on the deal progress. The study provides theoretical implications on M&A research and practical insights into the investment banking industry.

• Asia Marketing Journal
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• 제26권1호
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• pp.11-22
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• 2024

In the uncertainty fueled by the COVID-19 pandemic, mergers and acquisitions (M&As) have emerged as key strategic responses by firms. This study explores the impact of M&As on acquirers' firm value, utilizing a firm-level panel dataset from SDC Platinum. Empirical evidence recognizes the potential negative impact of transaction value in M&As and the pandemic's effect on market uncertainty that may occasionally exacerbate the adverse influence on acquirers' firm value. The findings indicate that effective marketing strategies, such as enhancing consumer awareness through increasing advertising expenditures, can counterbalance these influences, particularly during uncertain times. This study accentuates the importance of adaptability and a responsive marketing approach in managing M&As during a global crisis. It provides valuable perspectives on consumer awareness in strategic decision-making, offering insights for both academic and business communities and focusing on actionable strategies for navigating the global market turmoil transformed by COVID-19.

• 경영과정보연구
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• 제35권4호
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• pp.79-98
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• 2016

본 연구는 중국의 해외 인수 합병 현황과 영향 요인에 대한 관련 이론과 기존의 연구를 살펴본 뒤 중국기업의 해외 인수 합병의 성과에 미치는 영향을 실증분석 하였다. 분석의 결과 과거성과, 인수지분율, 국유지분율, 문화적 차이는 성과에 정의 영향을 미치는 것으로 나타났으며 문화적 차이가 클수록 과거성과의 인수합병의 성과에 미치는 영향이 크게 나타나는 중재효과가 있음을 보이고 있다. 그러나 조직 연령, 수출비중, 잉여현금흐름은 유의한 영향을 미치지 않고 있다.

• 한국건설관리학회:학술대회논문집
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• 한국건설관리학회 2007년도 정기학술발표대회 논문집
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• pp.678-681
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• 2007

최근 세계 건설시장에서는 기업인수합병(Mergers and Acquisitions, M&A)을 통한 기업가치 증대사례가 증가하고 있다. 세계 건설기업들 중 상위권에 속하는 건설기업들은 다양한 분야로의 기업인수합병을 통하여 시장다각화를 추진하고 발주자의 다양한 요구를 수용하고 있으며 이를 바탕으로 시장점유율을 높이고 기업 매출을 증대시키고 있다. 이와 유사하게 국내 건설시장에서도 지난 2002년 이후 기업인수합병 사례가 급격하게 증가하고 있으나 그 급격한 성장추세에도 불구하고 그 성과는 제대로 평가되지 않고 있는 실정이다. 이에 본 연구에서는 EVA 기법을 활용하여 M&A를 통한 국내 건설기업 경영성과의 변화추세를 살펴보고자 한다.

• The Journal of Asian Finance, Economics and Business
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• 제9권5호
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• pp.99-109
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• 2022

The main reason for the increase in cross-border mergers and acquisitions in developed and emerging countries is globalization and growing economic interdependence across countries. The state of the economy has a significant impact on whether cross-border mergers and acquisitions are encouraged or discouraged by international strategic capital market changes. This study empirically evaluates the influence of determinants of economic development on the scale effect of Cross Border M&As separately on emerging and developed nations as a research gap. We first separated the small and large scale firms based on companies' worth and used panel regression to analyze the impact of GDP, employment rate, and market capitalization on cross-border merger & acquisition deals over the period of 2008-2018. Results indicate that GDP and market capitalization have a positive effect on CBM&A, whereas employment rate has a negative effect on CBM&A deals in large-scale firms of both emerging and developed countries. This study results offer the implication for the potential investors and policymakers to strategically analyze the implementation of cross-border mergers & acquisitions.

• 동아시아경상학회지
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• 제11권4호
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• pp.41-50
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• 2023

Purpose - This study aims to examine the role of contract law in mergers and acquisitions (M&A) and to examine whether or not contract law is necessary in M&A. The study also discusses how contract law can be utilized in M&A, as well as some of the problems that arise from the use of contracts in this area. Research design, data, and methodology - To minimize bias and errors, this study used only peer-reviewed articles and book excluding internet news articles, conference papers, and dissertations. For a well-organized screen and selection process, the author conducted the extraction procedure thoroughly to eliminate some duplicated resources. Result: This study indicates that complex deals carry a high risk but also have the potential to yield substantial revenue for stakeholders. Thus, contract law is essential to the success of M&A because it helps to define the (1) terms of the transaction, (2) reduces risk, (3) offers legal safeguards, and ensures that the (4) agreement is enforced. Conclusion - This study concludes that an understanding of contract law is essential to the profitable merging of two businesses. The application of contract law provides a mechanism for enforcing the agreement, which can increase the likelihood that the stipulations of the M&A will be satisfied.

• 한국건설관리학회논문집
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• 제6권5호
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• pp.128-138
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• 2005

기업 인수/합병의 성과에 대한 평가는 인수/합병 발표일 전후 단기간에 걸쳐 실현되는 경제적인 이익을 측정하는 방법과 인수/합병 종료 후의 장기 경영성과를 평가하는 방법으로 대별된다. 본 연구에서는 최근 국내외에서 급증하고 있는 건설분야 인수/합병 중 선정된 샘플을 대상으로 위에서 기술된 전자의 방법을 중심으로 전반적인 성공여부를 분석/평가하였다. 또한 인수/합병이 기업전략의 이행이라는 관점에서 사업다각화 방향에 따른 성과를 비교/분석하였다. 분석결과에 의하면 국내외 건설분야 인수/합병의 단기성과는 다소간의 경제적 이익을 실현한 것으로 평가되었으나 통계분석의 관점에서 성공적이라는 결론을 내리기 어려운 것으로 나타났다. 한편, 사업다각화 방향에 따른 성과의 비교에서는 유사부문 및 타 부문으로의 사업다각화 사이에 뚜렷한 차이가 없는 것으로 나타났다.

• ETRI Journal
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• 제24권1호
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• pp.56-64
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• 2002

This paper investigates how market participants react to mergers and acquisitions (M&As) involving telecommunications companies. The empirical evidence suggests that such activities convey bad news to the market. This is consistent with the synergy trap hypothesis and extant empirical findings of value-reducing diversification strategies in recent literature. The evidence also indicates that a cross-border, rather than a domestic M&A deal, is the main driver of the negative market reaction. Further, our evidence of negative impacts on the bidder's business after an M&A reinforces our main finding that market participants, on average, perceive M&A activities to be detrimental to shareholder value. This suggests that value creation or synergy through an M&A deal is not warranted even though it can generate an increase in size of the firm.

• 경영정보학연구
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• 제3권2호
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• pp.387-398
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• 2001

Effectively integrating information systems in mergers and acquisitions of large organizations can be critical to merger success. But the general literature on M&A focuses on the financial aspects of the acquisition process, rather than on the subsequent process of integration. This paper analyses the case of information systems integration in a merger of two Korean manufacturing organizations, and explores the factors influencing IS integration in M&A in Korea. To analysis this case and find factors affecting IS integration success, we use MIT'90s schema (framework) by Scott Morton that consists of 5 dimensions (strategy, processes, structure, individuals/roles, and technology). From the results of this case study, we found 13 factors and 14 propositions influencing IS integrations performance in M&A in Korean companies. This research helps the company to avoid mistakes and to manage IS integration in M&A. Also this study provides guide line for further researches.