Journal of the Korean Operations Research and Management Science Society (한국경영과학회지)

The Korean Operations Research and Management Science Society (한국경영과학회)
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An Analysis on M&A Performance of Global Steel Companies through Competitiveness Variables

경쟁력 변수에 기초한 글로벌 철강업체의 M&A 성과

  • 허광숙 (포스코경영연구소) ;
  • 김진한 (금오공과대학교 산업경영학과)
  • Published : 2009.12.31
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Abstract

This study empirically tests post-M&A performance through competitiveness variables based on extensive firm-based panel data over the past 26 years in the world steel industry. Different measures of profitability, productivity, efficiency, market share, and growth rate which are considered as critical factors of competitiveness are used in the analysis. In particular, this paper tries to separate M&A samples into two cases; horizontal integration (between steel makers) and vertical integration (between steel makers and iron ore suppliers/steel consuming firms). Merged firms show significant improvement in competitiveness relative to other individual firms in the steel industry.

Keywords

References

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