Biel, K. ; Ellenrieder, D. ; Kiesel, F. ; Ries, J. M. (2016)
Analysis of mergers and acquisitions in the airline industry - Learning from investor reactions.
In: Supply Chain Management, 16 (2)
Artikel, Bibliographie
Kurzbeschreibung (Abstract)
Over the past 15 years, the airline industry has been in constant transition. This can mainly be attributed to an ever-increasing competitive pres- sure, which has additionally been intensified by the continuing growth of low-cost carriers and the upcoming of the Gulf airlines. As a consequence, airlines which are not capable of streamlining their operations sufficiently often struggle with this competitive environment and may become targets for mergers and acquisitions. However, as has been shown for various transactions in the past, the expected syn- ergies do not necessarily materialize over the course of the integration process. Therefore, this article aims at investigating the performance of mergers and acquisitions in the airline industry between 2001 and 2015 using the share prices reactions following merger and acquisition announcements as a proxy of the present value of future cash flows to shareholders. The results support findings of previous studies that measured a positive wealth effect accruing to the acquirers’ shareholders due to the announcement. Furthermore, it reveals significant cumulative abnormal average returns for domestic transactions with alliance non-member acquirers and a considerable positive impact of high EBIT margins.
| Typ des Eintrags: | Artikel |
|---|---|
| Erschienen: | 2016 |
| Autor(en): | Biel, K. ; Ellenrieder, D. ; Kiesel, F. ; Ries, J. M. |
| Art des Eintrags: | Bibliographie |
| Titel: | Analysis of mergers and acquisitions in the airline industry - Learning from investor reactions |
| Sprache: | Englisch |
| Publikationsjahr: | 18 November 2016 |
| Titel der Zeitschrift, Zeitung oder Schriftenreihe: | Supply Chain Management |
| Jahrgang/Volume einer Zeitschrift: | 16 |
| (Heft-)Nummer: | 2 |
| Kurzbeschreibung (Abstract): | Over the past 15 years, the airline industry has been in constant transition. This can mainly be attributed to an ever-increasing competitive pres- sure, which has additionally been intensified by the continuing growth of low-cost carriers and the upcoming of the Gulf airlines. As a consequence, airlines which are not capable of streamlining their operations sufficiently often struggle with this competitive environment and may become targets for mergers and acquisitions. However, as has been shown for various transactions in the past, the expected syn- ergies do not necessarily materialize over the course of the integration process. Therefore, this article aims at investigating the performance of mergers and acquisitions in the airline industry between 2001 and 2015 using the share prices reactions following merger and acquisition announcements as a proxy of the present value of future cash flows to shareholders. The results support findings of previous studies that measured a positive wealth effect accruing to the acquirers’ shareholders due to the announcement. Furthermore, it reveals significant cumulative abnormal average returns for domestic transactions with alliance non-member acquirers and a considerable positive impact of high EBIT margins. |
| Fachbereich(e)/-gebiet(e): | 01 Fachbereich Rechts- und Wirtschaftswissenschaften 01 Fachbereich Rechts- und Wirtschaftswissenschaften > Betriebswirtschaftliche Fachgebiete 01 Fachbereich Rechts- und Wirtschaftswissenschaften > Betriebswirtschaftliche Fachgebiete > Fachgebiet Produktion und Supply Chain Management 01 Fachbereich Rechts- und Wirtschaftswissenschaften > Betriebswirtschaftliche Fachgebiete > Fachgebiet Unternehmensfinanzierung 01 Fachbereich Rechts- und Wirtschaftswissenschaften > Betriebswirtschaftliche Fachgebiete > Fachgebiet Industrielles Management |
| Hinterlegungsdatum: | 18 Nov 2016 12:17 |
| Letzte Änderung: | 20 Okt 2021 12:42 |
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