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Nandy, Debaprosanna, and Manas Kr Baidya. "Efficiency Study on Proposed Merger Plan of State Bank of India (SBI) and its Subsidiaries." International Journal of Productivity Management and Assessment Technologies 1, no. 1 (January 2012): 1–17. http://dx.doi.org/10.4018/ijpmat.2012010101.
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The Banking industry is undergoing unprecedented changes driven by consolidation through mergers and acquisitions all over the world. India is no exception. Merger of State Bank of India (SBI) and its subsidiary banks have been for several years, and SBI has already merged State Bank of Saurashtra (2008) and State Bank of Indore (2010) with itself. SBI management proposes to merge its five remaining subsidiaries within the next two fiscal years. The present paper measures and examines technical efficiency of SBI and its subsidiaries before and after their hypothetical merger. The study has utilized the two basic DEA models – CCR (Charnes, Cooper and Rhodes) and BCC (Bankers, Charnes and Cooper) to measure technical efficiencies of selected major Indian commercial banks before and after merger of SBI and its associates for the financial year 2009-10.The results reveal that the merger proposal of SBI associates may bring in fully technical efficiency but not fully scale efficiency of the merged entity. In order to be fully technical and scale efficient, merged SBI has to reduce its present number of employees substantially and should follow the prudent operating practices of three peer banks namely Corporation Bank, Axis Bank and Federal Bank.
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Woodall, Patrick, and Tyler L. Shannon. "Monopoly Power Corrodes Choice and Resiliency in the Food System." Antitrust Bulletin 63, no. 2 (April 26, 2018): 198–221. http://dx.doi.org/10.1177/0003603x18770063.
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The wave of mega-mergers sweeping the food, agribusiness, and retail grocery industry from seed to supermarket has accelerated consolidation and concentrated market power in the hands of only a few dominant corporations. Federal regulators have done little to curb the merger mania in these sectors, which will ultimately lower the prices farmers receive for crops and livestock and raise the prices consumers pay for food. But the consolidation also has significantly constrained the range of choices consumers have at the supermarket, prevented independent food innovators from surviving in the marketplace, amplified food safety problems, and presented challenges to the resiliency of the food system itself. This article examines the size, scale, and scope of recent mergers in the food, agribusiness, and grocery retail sectors and discusses the ramifications for consumers, farmers, and the food system.
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Szezepaniak, Angelika Kedzierska. "Mergers and Acquisitions in CEE Countries." Review of Business and Legal Sciences, no. 14 (July 19, 2017): 7. http://dx.doi.org/10.26537/rebules.v0i14.918.
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The world market economy is currently characterized by the tendency to globalization, which means that companies have to cooperate and tighten their relations. Companies working on the local market do not have many possibilities for development, so mergers and acquisitions (M&A also called consolidations or takeovers) can be a chance for them to cooperate with companies from all over the world. Consolidations (M&A) concern the aspect of management, corporate finance and corporate strategy dealing with buying, selling and merging of different companies. The main goal of mergers and acquisitions is usually an improvement of company performance and shareholder value over a long period of time. Mergers and acquisitions are similar corporate actions - they combine two previously separate companies into a single legal entity. In some cases, terming the combination a "merger" rather than an acquisition is done purely for political or marketing reasons. In a merger of two corporations, the shareholders usually have their shares in the old company exchanged for an equal number of shares in the merged entity.
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Kahle, Kathleen M., and René M. Stulz. "Is the US Public Corporation in Trouble?" Journal of Economic Perspectives 31, no. 3 (August 1, 2017): 67–88. http://dx.doi.org/10.1257/jep.31.3.67.
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We examine the current state of the US public corporation and how it has evolved over the last 40 years. After falling by 50 percent since its peak in 1997, the number of public corporations is now smaller than 40 years ago. These corporations are now much larger and over the last twenty years have become much older; they invest differently, as the average firm invests more in R&D than it spends on capital expenditures; and compared to the 1990s, the ratio of investment to assets is lower, especially for large firms. Public firms have record high cash holdings and, in most recent years, the average firm has more cash than long-term debt. Measuring profitability by the ratio of earnings to assets, the average firm is less profitable, but that is driven by smaller firms. Earnings of public firms have become more concentrated—the top 200 firms in profits earn as much as all public firms combined. Firms' total payouts to shareholders as a percent of earnings are at record levels. Possible explanations for the current state of the public corporation include a decrease in the net benefits of being a public company, changes in financial intermediation, technological change, globalization, and consolidation through mergers.
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Best, Michael H. "Organizing America: Wealth, Power, and the Origins of Corporate Capitalism. By Charles Perrow. Princeton, NJ: Princeton University Press, 2002. Pp. ix, 259. $34.95." Journal of Economic History 63, no. 1 (March 2003): 283–85. http://dx.doi.org/10.1017/s0022050703461809.
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Charles Perrow is interested in big organizations and how they shape communities, the distribution of wealth, power and income, and working lives. Today, organizations with over 500 employees employ more than half the working population in the United States. There were no such organizations in 1800. Referring to William Roy (Socializing Capital: The Rise of Large Industrial Corporations in America. Princeton, NJ: Princeton University Press, 1997) and Naomi Lamoreaux (The Great Merger Movement in American Business, 1895–1904. New York: Cambridge University Press, 1985) Perrow argues that corporate capitalism was entrenched in five short years (1898–1903) during which more than half the book value of all manufacturing capital was incorporated. The firms were made giant by consolidating the assets of several firms in the same industry.
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Hlushchenko, Ya, O. Korohodova, T. Moiseienko, O. Sosnovska, and N. Chernenko. "THE BANKING SECTOR CAPITAL CONSOLIDATION FACTORS IN INDUSTRY 4.0 AND COVID-19 CONDITIONS." Financial and credit activity: problems of theory and practice 3, no. 38 (June 30, 2021): 4–14. http://dx.doi.org/10.18371/fcaptp.v3i38.237414.
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Abstract. The paper is devoted to examination of consolidation factors in the banking sector in the context of Industry 4.0 and the complex global conditions associated with the global pandemic caused by COVID-19. The authors determine that the processes of consolidation in the banking sector were especially intensified in the XX century. The impetuses for this were namely the consolidation of industrial capital and expanding capacity of global markets, the growth of multinational corporations, the need to increase market capitalization of banks to expand lending capacity, increasing competition in the global banking market.
The correspondence of banking sector development stages to the waves of «mergers and acquisitions» and «industrial revolutions» (Industry 1.0 — 4.0) was established during the research. It is substantiated that the influence of Industry 4.0 in the COVID-19 era provides opportunity to expect further growth in both the number and value of transactions in the banking sector.
Examining the processes of banks consolidation in the global transformation of economic development, the authors found out that the main factors of Industry 4.0 and the COVID-19 pandemic influencing mergers and acquisitions in the banking sector are the following ones: impact of technology, introduction of artificial intelligence in customer service virtual banking and subordination of the goals of banking institutions to public values. The authors note that in the conditions of intensification of modern globalization processes, scientific and technological progress there is a negative impact of crisis phenomena on achieving the desired economic result, so considering the peculiarities of consolidation in the banking sector it is useful to take into account a number of current economic dynamics factors that will depend on the quality of economic situation assessment at different time intervals. The article considered numerous methodological approaches to assessing the factors influencing economic processes, which differ in the quality of information support, algorithms and mathematical complexity. Methodical tools are defined by the authors as a direction of further research.
As a result of the research, the authors established that in order to understand the success of the consolidation process of bank capital, it is necessary to have a certain criterion that can demonstrate the degree of adaptation of the banking sector to the current economic environment.
The obtained results indicate that it is system efficiency that should be chosen as such a criterion. The authors believe that in the modern technological way, the current concept of managing the activities of economic entities will be the «management of efficiency indicator», and not the management of the business as a whole or its individual business processes.
Keywords: banking sector, consolidation, COVID-19, Industry 4.0, industrial development, mergers and acquisitions.
JEL Classification G21, G32, G34, O14, O16
Formulas: 0; fig.: 3; tabl.: 1; bibl.: 24.
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Alejandra Gonzalez-Perez, Maria, and Juan Fernando Velez-Ocampo. "Targeting one’s own region: internationalisation trends of Colombian multinational companies." European Business Review 26, no. 6 (October 7, 2014): 531–51. http://dx.doi.org/10.1108/ebr-03-2013-0056.
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Purpose – This paper aims to provide an examination of the ongoing internationalisation processes undertaken by 30 major multinational Colombian-owned firms. It also presents a theoretical overview and a conceptual framework for the understanding of internationalisation patterns from emerging countries’ multinational enterprises. Design/methodology/approach – This study is built based both on the results collected from comparative case studies based in the literature and empirical observations of Colombia’s patterns. This study observed the evolution in terms of commitment and investment decisions that 30 major Colombian companies have undergone specially within the past decade. Findings – Although, it was found that direct exports is the widespread entry mode of Colombian companies to foreign markets, most of the observed firms preferred the consolidation in host markets through Mergers & Acquisitions instead of using Greenfield investments or joint ventures. These observations might suggest similarities with the process of internationalisation of Asian tigers multinationals, which means that they are consolidating their internationalisation process based on their learning, linkages and leverages capabilities. Furthermore, Colombian companies are following the internationalisation pattern of other multilatinas. These companies have first explorer natural markets for them; in other words, they have first attempt to be established in markets that share psychic features, and similar institutional environments, as psychic and physical proximity reduces risk and facilitates foreseen return of investments, and therefore long-term capital accumulation. Research limitations/implications – This study has some limitations that suggest further research. First, although the observed firms share one main characteristic: being Colombian-owned multinationals, they belong to diverse fields, so this might pose difficultly for the creation of a framework that explains other multinationals drivers to internationalise. A second limitation is that this analysis does not deepen into the internationalisation patterns of multilatinas from countries other than Colombia; this leaves room for further research questions that might deal with the issue of analysing advantages and disadvantages in the internationalisation process of developing country multinational corporations (DCMCs). A third limitation is that this study does not have a longitudinal approach, so this paper does not intent to provide definitive information about cause-and-effect relationship regarding the drivers for DCMCs to internationalize, instead, this study is intended to provide an analysis of the outward foreign direct investment decisions of Colombian multinational firms. Practical implications – There is limited research based on primary data on accessing the internationalisation process of Colombian multinational companies. This paper offers a research framework and results which could be replicated in other Developing Country Multinational Corporation (DCMNC), and could also be studied longitudinally. This study includes relevant information on the drivers for international expansion, market selection, perceived obstacles, entry modes and consolidation in host markets via acquisitions that could possibly support managerial decisions. Originality/value – There is limited research based on primary data on accessing the process of internationalisation of Colombian multinational companies. This paper offers research framework and results which could be replicated in other DCMNC, and also could be longitudinally studied. This study includes relevant information on the drivers for international expansion, market selection, perceived obstacles, entry modes and consolidation in host markets via acquisitions that could eventually support managerial decisions.
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Tubolec, I. I., and O. V. Tkalich. "GLOBALIZATION OF INTERNATIONAL FINANCIAL MARKETS." Scientific Bulletin of Ivano-Frankivsk National Technical University of Oil and Gas (Series: Economics and Management in the Oil and Gas Industry), no. 1(19) (May 21, 2019): 133–41. http://dx.doi.org/10.31471/2409-0948-2019-1(19)-133-141.
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The article deals with one of the components of globalization - the globalization of financial markets. The article considers financial markets, which are the component of globalization. The study investigates the international financial institutions that together form the international financial infrastructure and the main subjects of financial globalization. The study investigates the international financial institutions, which collectively form the international financial infrastructure and main subjects of financial globalization. The segments of the global financial market, which include the global debt market, the global stock market, other global financial markets (precious metals, real estate insurance), the global currency market, are considered. The article considers the segments of the global financial market, such as the global debt market, the global stock market, the global currency market and other global financial markets (precious metals, real estate insurance etc.).
The article presents the prospects of global financial markets, such as high world standards, higher level of diversification, higher liquidity and professional risk management.
It is established that the basis of the globalization of the financial system lies in the interaction of such phenomena as: technological progress; growing competition: on the one hand, between lending and financial institutions in the financial markets, and on the other hand, between the financial markets themselves, due to the significant development of information technology and telecommunications; restructuring of credit and financial; wide internationalization of business due to the increasing transnational nature of corporations; consolidation of regional integration associations (in Europe - Economic and Monetary Union); weakening of the firm control over the implementation of international agreements related to the movement of capital stock exchanges; - macroeconomic stabilization and reform in a number of developing and transition countries that have created a favorable climate for foreign investors; widespread use of the "principle of the lever".
We investigated that the integration of international capital markets, merger of financial institutions, the tendency to increase speculative operations in the financial markets and financial crises are the global trends in the development of international financial markets in the requisition of globalization.
It is proved that the, the emergence of the global financial space is represented by an increase in international financial flows, volumes of all types of international transactions, an increase in the number of companies and financial groups that operate outside of the national financial systems.
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Kuzmin, S. E. "Sources of Legal Regulation of Mergers, Acquisitions, Consolidations, Joint Stock Companies in Russia and Corporations in the United States." MGIMO Review of International Relations, no. 1(40) (February 28, 2015): 209–14. http://dx.doi.org/10.24833/2071-8160-2015-1-40-209-214.
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The article outlines general characteristics of the sources of law, regulating relations associated with mergers, consolidations, acquisitions of joint stock companies in Russia and corporations in the United States respectively in the Russian legislation and the legislation of the United States and individual States. Both in Russia and in the USA there is a constitutional separation of powers between the Federal authorities and the Subjects of the Federation/States respectively. In both countries legal regulation of mergers and acquisitions of corporations is carried out first of all by a number of laws. These laws fall into three main groups: securities laws, antitrust (competition) laws and civil and joint-stock legislation in Russia and corporate laws in the US. All the three groups are federal laws in Russia, while in the US the first two are federal too, but the last one is state laws. It is necessary to highlight the important role of judicial decisions in the United States on legal regulation of mergers, acquisitions, takeovers in comparison with Russia, which is due to the differences in the legal systems of the states in question. However, although Russia is not a state of case law, such legal acts as the resolution of the Plenum of the Supreme Commercial Court will undoubtedly have an impact on law enforcement practice and, consequently, on the regulation of relevant relations. Of particular importance are the findings of the Constitutional Court, whose decisions may cancel acts or their separate provisions provided they are recognized as unconstitutional. Such acts are repealed. Decisions of courts and other bodies based on acts or their separate provisions, recognized by the Constitutional Court of the Russian Federation unconstitutional, are not subject to execution and shall be revised in accordance with the Federal law. The US case law implies existence of a hierarchy of precedents according to which decisions adopted by the higher courts are binding for cases adjudicated in lower courts. Judicial decisions have a major impact on the regulation of mergers and acquisitions of corporations, in particular, the state corporate Laws. The article analyses the main similarities and differences of sources of legal regulation of mergers, consolidations, acquisitions of joint stock companies in Russia and corporations in the United States.
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Sheth, Jagdish. "Making India Globally Competitive." Vikalpa: The Journal for Decision Makers 29, no. 4 (October 2004): 1–10. http://dx.doi.org/10.1177/0256090920040401.
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The fast-paced economic and political changes across the world are forcing India to be more globally-oriented. This paper traces these global changes in a historical perspective and examines how India can be integrated into the global economy. It discusses the primary growth engines at different phases of the world growth cycle and suggests the main area around which there is a need to reengineer the country for global competitiveness. While Western Europe and the US/Canada engineered the 18th and the 19th century growth respectively, the author sees the large emerging nations as the 21st century growth engines and purchasing power parity (PPP) as the new measure of economic growth. As India integrates into the world economy, there is a need for it to reposition itself as a country. From the domestic-oriented, self-sufficient license raj, it has come a long way to become a globally-oriented economy focusing on those key sectors of the economy where it has a resource advantage over other nations. The objective is to offer better products at lower prices. Exports to the most demanding markets, after all, are the key to success for a globally competitive economy. To achieve this objective, India needs to reengineer itself in the following areas: Industrial policy through ideology-free policy; privatization of public enterprises; incentives for quality; innovation and productivity; employment through growth; intellectual property rights; and environment policy. International trade through convertible currency anchored to dollar; target exports to selective markets; balanced trade with anchor partners; and focus on selective exports based on comparative advantage. Domestic industry through industry consolidation for scale efficiency; globalization of domestic markets; investment in quality and innovation; process reengineering; and reduction in unorganized sector. National infrastructure through upgradation of transport and logistics; information infrastructure capital markets; financial institutions; special economic zones and energy reliability. Of these, domestic infrastructure is the weakest link. The Indian industries must reposition themselves from the diversified domestic corporations to focused global enterprises. To be a global hub, they need quality and reputation and must, therefore invest in design and research, create brand equity, increase productivity, leverage human capital, get access to low cost capital, and organize global supply chain. The author concludes with the following observations: India is destined to become a major economic power in the 21s century. India's future, however, will depend on the geopolitical realignment of nations and the emergence of ‘triad’ markets. Design is a very strong competitive advantage for India. Public enterprises should not be disinvested and should instead be encouraged to go global along with the private enterprises not just through exports but through mergers and acquisitions. The Indian industries must reposition themselves from the diversified domestic corporations to focused global enterprises.
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Zhylenko, Kateryna. "Current transformation trends in the economy in response to transnationalization." Herald of Ternopil National Economic University, no. 4 (86) (December 12, 2017): 88–95. http://dx.doi.org/10.35774/visnyk2017.04.088.
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The article considers current trends of transnationalization in the light of globalization of the world economy. The sources and channels of foreign direct investments are analyzed. It is pointed out, that the degree of TNC penetration into other countries’ economies is described by a means of ranking companies called transnationality index. The key factors of the rapid growth of TNCs and their turning into one of the most important actors of the current market economy are identified. There seems to be a tendency to a greater consolidation of TNCs, which is evidenced by a growing number of mergers and acquisitions of economic entities. It is noted that an increase in foreign direct investments over the last decades has been related to a rapid growth of international corporations that make investments, have branches and subsidiaries in many countries of the world. It is stressed that a further study of transnationalization should be carried out to understand both positive and negative consequences of structural changes in the global economy. A particular attention should be paid to changes in ways and systems of interaction between strategically significant sectors of the economy. A primary purpose of the paper is to consider the current role of TNCs, and to assess the degree of TNCs’ impact on the dynamics of changes in the world economy and international economic relations in the context of transnationalization. The growth of TNCs, which is currently observed, has given a new impetus to integration processes in the world economy. Definitely, it is due to the fact that overseas branches seek to be an integral part of economies of host countries and become incorporated into domestic markets of other countries. Modern TNCs are a combination of national enterprises and foreign affiliates, that form a coherent global system, in which separate branches located in various countries, operate within a framework of unified global strategy. Another feature of TNCs is their severe competition not only in the world markets of goods and services, but also on capital, labour, technology, and information markets.
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Wilson, Jeremy M., Jeff Gruenewald, and Clifford A. Grammich. "Officer views in contracting, merger, and hybrid agencies." Policing: An International Journal 42, no. 2 (April 8, 2019): 270–83. http://dx.doi.org/10.1108/pijpsm-03-2018-0034.
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Purpose The purpose of this paper is to assess officer perceptions of consolidation of law enforcement agencies under three specific models: contracting, merger and a hybrid of regionalization and contracting. Design/methodology/approach A survey was administered to 139 officers employed by four agencies using one of the models of interest. The survey asked officers their views on consolidation and how it has affected organizational and employment characteristics. Findings Officers generally support consolidation, but views vary by agency type. Officers in the contracting agencies, for example, generally viewed consolidation as less cost effective than officers in other agencies viewed it, but were more likely to say crime decreased and job security and workload improved after consolidation. Officers in the hybrid agency were less positive about changes in some employment and organizational characteristics. Research limitations/implications The sample size and response rates are low, and no comparison to other agencies is available, but the examination offers new information and lessons. Practical implications Communities considering police consolidation must consider a specific model and how to communicate changes to officers. This research illuminates officer perspectives on each. Originality/value This is the first investigation of views of shared services by specific model of consolidation. Such work is particularly valuable given increased interest in consolidation in recent years.
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Miller, Alan D. "Voting in corporations." Theoretical Economics 16, no. 1 (2021): 101–28. http://dx.doi.org/10.3982/te3668.
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I introduce a model of shareholder voting. I describe and provide characterizations of three families of shareholder voting rules: ratio rules, difference rules, and share majority rules. The characterizations rely on two key axioms: merger consistency, which requires consistency in voting outcomes following stock‐for‐stock mergers, and reallocation invariance, which requires the shareholder voting rule to be immune to certain manipulative techniques used by shareholders to hide their ownership. The paper also extends May's theorem.
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Pittard, Floyd L. "Systematic approach to functional consolidation and merger." National Civic Review 81, no. 4 (1992): 488–99. http://dx.doi.org/10.1002/ncr.4100810409.
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Esteve-Pérez, Silviano. "Consolidation by merger: the UK beer market." Small Business Economics 39, no. 1 (July 9, 2010): 207–29. http://dx.doi.org/10.1007/s11187-010-9295-2.
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Erickson, Merle M., and Shiing-wu Wang. "Tax Benefits as a Source of Merger Premiums In Acquisitions of Private Corporations." Accounting Review 82, no. 2 (March 1, 2007): 359–87. http://dx.doi.org/10.2308/accr.2007.82.2.359.
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Scholes et al. (2005) predict that S corporations, and other conduit entities such as partnerships and LLCs, can sell for a tax-driven purchase price premium relative to C corporations. We test this conjecture by comparing purchase price multiples in a sample of taxable stock acquisitions of S corporations to purchase price multiples for a matched set of taxable stock acquisitions of privately held C corporations. Consistent with Scholes et al.'s (2005) predictions, we find evidence that the organizational form of the target influences acquisition tax structure and acquisition price. Specifically, the evidence supports the conclusion that conduit entities (S corporations) fetch a taxbased purchase price premium relative to similar C corporations. Furthermore, our estimates indicate that average tax benefits in S corporation acquisitions are equal to approximately 12–17 percent of deal value.
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Mitchell, Peter. "UK industry consolidation is slow despite big merger." Nature Biotechnology 21, no. 3 (March 2003): 215. http://dx.doi.org/10.1038/nbt0303-215.
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Chen, Jian, and Youmin Xi. "Is it better to change top management after a merger or acquisition?" Corporate Ownership and Control 5, no. 3 (2008): 62–66. http://dx.doi.org/10.22495/cocv5i3p7.
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In this paper, we analyzed the relationship between turnover of top management and performance of listed companies after takeover. We made a hypothesis that after equity change of listed corporations, the turnover of top management improved the performance of these corporations. We chose the sample of listed corporations in Shenzhen and Shanghai security exchanges which had equity change, and we used the assessment of the “Operating Performance” Methodology to analyze the performance of these listed corporations empirically. We find that the company which had turnover of top management after the corporate control right changed, had significant performance improvement, and had better performance than the company which had not had turnover of top management after the corporate control right changed
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Prager, Elena, and Matt Schmitt. "Employer Consolidation and Wages: Evidence from Hospitals." American Economic Review 111, no. 2 (February 1, 2021): 397–427. http://dx.doi.org/10.1257/aer.20190690.
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We test whether wage growth slows following employer consolidation by examining hospital mergers. We find evidence of reduced wage growth in cases where both (i) the increase in concentration induced by the merger is large and (ii) workers’ skills are industry-specific. In all other cases, we fail to reject zero wage effects. We consider alternative explanations and find that the observed patterns are unlikely to be explained by merger-related changes besides labor market power. Wage growth slowdowns are attenuated in markets with strong labor unions, and wage growth does not decline after out-of-market mergers that leave local employer concentration unchanged. (JEL G34, I11, J22, J24, J31, J42, R32)
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Dwi Santo, Paulus Aluk Fajar. "Merger, Akusisi dan Konsolidasi dalam Perspektif Hukum Persaingan Usaha." Binus Business Review 2, no. 1 (May 30, 2011): 423. http://dx.doi.org/10.21512/bbr.v2i1.1149.
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Mergers, acquisitions and consolidation is a business strategy that is commonly used in the business world to be able to build competitive advantage company, which in time can enhance shareholder value while maximizing the prosperity of the company owners or shareholders. To achieve the above objective normative, policy-makers need a plan and steps of strategic and accurate information to avoid the risk of failure. However, the strategy of merger, acquisition and consolidation of certain potentially inhibit fair competition conditions, thus becoming one of the objects that need to be regulated in Law no. 5 Year 1999 concerning Prohibition of Monopolistic Practices and Unfair Business Competition. Market impact of mergers, acquisitions and consolidation is important for analysis because it can have significant legal consequences for businesses, so that the research method used is the juridical normative and empirical approaches. In practice of mergers, acquisitions and consolidation intersect with regulation in other sectors, especially banking and capital markets. That is, there should be equality of perception and interpretation among the institutions that issued the policy.
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Maharani, Diah Arum, and Helena Wirastri Wulandari. "Penggabungan, Peleburan dan Pengambilalihan pada Industri Telekomunikasi di Indonesia." Jurnal Penelitian Pos dan Informatika 5, no. 1 (March 6, 2017): 19. http://dx.doi.org/10.17933/jppi.2015.0501002.
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<p align="justify"><strong>Abstrak</strong> Kajian tentang penggabungan, peleburan dan pengambilalihan dari penyelenggara (operator) telekomunikasi seluler di Indonesia dilakukan untuk lebih menciptakan iklim yang sehat dan membangun perekonomian nasional tanpa merugikan pemain di sektor ini dan juga konsumen. Evaluasi penggabungan, peleburan, dan pengambilalihan dilakukan oleh masing-masing instansi terkait sesuai dengan kewenangan yang diberikan oleh Undang-Undang. Koordinasi tata cara/prosedur penggabungan, peleburan, dan pengambilalihan antara instansi terkait perlu dilakukan. Beberapa hal yang disarankan perlu dilakukan oleh Kemkominfo/BRTI terhadap penggabungan, peleburan, dan pengambilalihan penyelenggara telekomunikasi seluler diantaranya penilaian pre-merger dan pengawasan post-merger. Penilaian pre-merger melalui nilai perusahaan dan penilaian kelayakan (pre-merger) dalam hal strategic and business due diligence (kecuali isu hukum persaingan usaha); technological & integration issues; financial & commercial due diligence (kecuali isu hukum perusahaan); dan public interest. Sementara itu, pengawasan post-merger meliputi: laporan berkala tentang pencapaian komitmen, laporan berkala tentang kinerja, dan pengawasan terhadap kewajiban interkoneksi.</p><p align="justify"> </p><p align="justify"><strong>Abstract</strong> Studies on merger, consolidation and acquisition of mobile telecommunications providers(operators) in Indonesia is to be carried out to further create a healthy climate, and build the national economy, which would not be detrimental to the players and consumers in the sector. The evaluation of merger, consolidation, and acquisitions were carried out by each of the relevant agencies in accordance with the authority granted by the Act. The coordination of the procedure / merger procedure, consolidation or acquisition between the relevant agencies is to be implemented. Based on this study Kemkominfo / BRTI is recommended to assess the pre-merger and supervision of post-merger through the company's value and feasibility assessment (pre-merger) in terms of strategic and business due diligence (except in the law concerning competitive issues); technological and integration issues; financial & commercial due diligence (except for the company's legal issues); and public interest. The post-merger includes: periodic reports on the achievement of commitments, periodical reports on the performance and supervision of interconnection obligations.</p>
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Raghavan, Vedapuri. "CONSOLIDATION IN THE AIRLINE INDUSTRY: THE DELTA-NORTHWEST MERGER." Journal of International Finance and Economics 13, no. 2 (June 1, 2013): 89–96. http://dx.doi.org/10.18374/jife-13-2.10.
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Rhoades, Stephen A. "Consolidation of the Banking Industry and the Merger Guidelines." Antitrust Bulletin 37, no. 3 (September 1992): 689–705. http://dx.doi.org/10.1177/0003603x9203700307.
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Pawaskar, Vardhana. "Effect of Mergers on Corporate Performance in India." Vikalpa: The Journal for Decision Makers 26, no. 1 (January 2001): 19–32. http://dx.doi.org/10.1177/0256090920010103.
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This paper studies the impact of mergers on corporate performance. It compares the pre- and post-merger operating performance of the corporations involved in merger to identify their financial characteristics. Also, the effect on merger-induced monopoly profits is identified by looking at the persistence profile of the profits. Taking a sample of 36 cases of merger between 1992 and 1995, it is seen that there are no significant differences in the financial characteristics of the two firms involved in merger. The mergers seem to lead to financial synergies and a one-time growth. The analysis of the regression to norm shows that there is no increase in the postmerger profits. The competitive process is not impeded with merger even when no strong anti-trust laws are present.
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Majumdar, Sumit K., Rabih Moussawi, and Ulku Yaylacicegi. "Merger Motives and Technology Deployment: A Retrospective Evaluation." Antitrust Bulletin 65, no. 1 (January 23, 2020): 120–47. http://dx.doi.org/10.1177/0003603x19898903.
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The nature of post-merger technological progress outcomes is unclear, with theoretical and empirical literature being inconclusive and equivocal. We contend that merger motives materially drive post-merger outcomes and that post-merger outcomes vary significantly because merger motives vary. Hence, assessments of post-merger outcomes should take into account such motives, by the use of suitable statistical constructs. Our retrospective study has empirically assessed post-merger technology deployment patterns in the US telecommunications industry over a considerable recent historical period of major institutional changes. The events have provided information enabling us to conduct a detailed evaluation of the relative outcomes of differently motivated mergers under clean natural experiment conditions. Mergers have been classified as those undertaken for consolidation, financial, and market exploitation reasons. We have found consolidation and market exploitation motivated mergers to have had a positive impact, resulting in materially greater technology deployment outcomes for firms experiencing these mergers. The largest category of mergers that the firms have engaged in have been of the liquidity-seeking type, and such liquidity-seeking mergers have resulted in materially lower levels of technology deployment outcomes. On balance, we unequivocally conclude that negative lower technology deployment outcomes have outweighed the positive higher technology deployment outcomes. Such results should meaningfully influence agencies’ approaches in deciding whether or not to permit important sector mergers under review.
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Dr. Dilip Kumar Gupta, Dr Sapna Kasliwal,. "Small Number of Big Banks: An Overview of Recent Mergers in Indian Banking Sector." Psychology and Education Journal 58, no. 3 (February 25, 2021): 1113–23. http://dx.doi.org/10.17762/pae.v58i3.3108.
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Government of India with its vision to create globally competitive banks has initiated the consolidation of smaller PSB’s in bigger entities. The merger of five regional banks with State Bank of India and merger of two Public Sector Banks (PSBs) Dena and Vijaya with Bank of Baroda in recent past (2019) followed by mega consolidation plan of merging ten public sector banks into four banks is an indication of direction of the wind is going to blow for Indian banking industry. This policy of consolidation is an important tool used by banks for corporate restructuring and is in line with reformist agenda pursued by Govt of India (GOI) since 1990. These entities are to receive recapitalization funds from GOI to boost their net-worth strengthening their capital base. The present research is conducted to understand the objectives and statistics behind these mergers.
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Calomiris, Charles W. "Gauging the efficiency of bank consolidation during a merger wave." Journal of Banking & Finance 23, no. 2-4 (February 1999): 615–21. http://dx.doi.org/10.1016/s0378-4266(98)00096-x.
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Wollmann, Thomas G. "Stealth Consolidation: Evidence from an Amendment to the Hart-Scott-Rodino Act." American Economic Review: Insights 1, no. 1 (June 1, 2019): 77–94. http://dx.doi.org/10.1257/aeri.20180137.
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Prospective merger review is the most frequent application of antitrust law. It exempts transactions on the basis of size, though small deals can have large anticompetitive effects in segmented industries. I examine its impact on antitrust enforcement and merger activity in the context of an abrupt increase in the US exemption threshold. I find that among newly-exempt deals, antitrust investigations fall to almost zero while mergers between competitors rise sharply. Effectively all of the rise reflects an endogenous response of firms to reduced premerger scrutiny, consistent with large deterrent effects of antitrust enforcement. (JEL G34, G38, K21, L41)
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Adams, Edward E. "Chain Growth and Merger Waves: A Macroeconomic Historical Perspective on Press Consolidation." Journalism & Mass Communication Quarterly 72, no. 2 (June 1995): 376–89. http://dx.doi.org/10.1177/107769909507200210.
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Between the late 1890s and the early 1930s, newspaper chains experienced new growth. The number of newspaper acquisitions and mergers increased and decreased simultaneously with the emergence and decline of the “merger movements.” This study examines the two waves of merger activity affecting all industries around 1900 and the 1920s and compares it to acquisitions and mergers by the largest newspaper chains. This paper suggests that acquisition activity of all business and industry paralleled the acquisition activity in newspapers and fueled the growth of chains through acquisitions; thus newspapers concentrated at an increased rate because of the larger macroeconomic trend and not because of a tendency isolated to the newspaper industry.
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Bendeck, Yvette M., and Edward R. Waller. "Consolidation, Concentration, And Valuation In The Banking Industry." Journal of Business & Economics Research (JBER) 9, no. 8 (July 26, 2011): 41. http://dx.doi.org/10.19030/jber.v9i8.5293.
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We assess whether gains in wealth associated with bank consolidation are the result of reduced competition by examining effects of merger announcements on values of bidders, targets and rivals. The results suggest that gains in wealth are not due to increases in market power at the level of individual banks. Specifically, we find that returns to bidders, targets and rivals are unrelated to the effects of mergers on concentration.
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Olie, René. "Shades of Culture and Institutions-in International Mergers." Organization Studies 15, no. 3 (May 1994): 381–405. http://dx.doi.org/10.1177/017084069401500304.
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This article explores merger integration processes in the international context and the way in which the merged companies cope with difficulties emanating from firm-specific and nation-specific differences. The first part of the article discusses the consolidation process in general. Four factors are identified that define the significance of this process: (1) the degree of compatibility of adminis trative practices, management styles, organizational structures or organizational cultures; (2) the kind and degree of post-merger consolidation; (3) the extent to which parties value and want to retain their organizational integrity; (4) the nature of the relationship between the two organizations. In order to create a viable new organization it is argued that leadership, the symbolic reconstruction of a new identity, superordinate goals, and introducing multigroup memberships may reinforce integration. To illustrate the discussion, three case studies of large Dutch-German mergers are examined in the second part of the article. These cases show that leadership, an appropriate organizational structure, and compatibility of merger motives may be important facilitators in the merging process.
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OKADA, Masayuki, and Hitoshi KUWANO. "Progress in Consolidation of Public Real Estate after Merger of Municipalities." Japanese Journal of Real Estate Sciences 30, no. 4 (2017): 60–67. http://dx.doi.org/10.5736/jares.30.4_60.
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Gordon, Nora, and Brian Knight. "A spatial merger estimator with an application to school district consolidation." Journal of Public Economics 93, no. 5-6 (June 2009): 752–65. http://dx.doi.org/10.1016/j.jpubeco.2009.02.007.
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Lestari, Murti, and Lincolin Arsyad. "The Response of Performance to Merger Strategy in Indonesian Banking Industry: Analyses on Bank Mandiri, Bank Danamon, and Bank Permata." Gadjah Mada International Journal of Business 12, no. 2 (May 12, 2010): 231. http://dx.doi.org/10.22146/gamaijb.5510.
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This study analyzes the responses of performances of BankMandiri, Bank Danamon, and Bank Permata to merger strategy.This paper harnesses the quantitative approach with structuralbreak analysis method and impulse response function. Theplausible findings indicate that the merger of Bank Permataproduces a better performance response in comparison to theconsolidation of Bank Mandiri and the merger of Bank Danamon.The merger of Bank Permata does not result in performanceshocks, and the structural break does not prevail either. On theother hand, the consolidation of Bank Mandiri and the mergerof Bank Danamon result in structural breaks, particularly in thespread performance. In order to return to the stable position, themergers of Bank Mandiri and Bank Danamon require a longertime than does the merger of Bank Permata. This researchindicates that for large banks, the mergers and acquisitions(retaining one existing bank) will deliver a better performanceresponse than will the consolidations (no existing bank).Keywords: impulse response function; merger; structural break
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Kovacic, William E., and Dennis E. Smallwood. "Competition Policy, Rivalries, and Defense Industry Consolidation." Journal of Economic Perspectives 8, no. 4 (November 1, 1994): 91–110. http://dx.doi.org/10.1257/jep.8.4.91.
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Declining outlays for new weapons programs have triggered a process of consolidation that promises to shrink the U.S. defense industry drastically. Consolidation in the defense industry raises complex competition policy issues that are not amenable to conventional antitrust merger analysis. This paper presents a framework for identifying important contractor competencies, assessing rivalries in defense industry segments, and evaluating the competitive effects of mergers and other consolidation events. As applied to antitrust oversight and to Department of Defense funding, program, and acquisition strategy decisions, this framework can help preserve supply alternatives for developing state-of-the-art weapons needed to satisfy national security requirements.
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Lin, Chuang-Yuang, and Hung-Ta Lee. "The Bigger the Better? Merger and Acquisition Performance of Financial Holding Corporations." Emerging Markets Finance and Trade 46, no. 1 (January 2010): 96–107. http://dx.doi.org/10.2753/ree1540-496x460109.
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Ekimov, Alexander V. "THE PROFITABILITY AND RISK EFFECTS OF RUSSIAN BANKING INSTITUTIONS’ INVOLVEMENT IN BANCASSURANCE: MERGER SIMULATION METHODOLOGY." Ekonomika 96, no. 3 (January 31, 2018): 56–72. http://dx.doi.org/10.15388/ekon.2017.3.11567.
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This paper presents the methodology taken to evaluate the potential profitability and risk effects of Russian banking institutions’ involvement in bancassurance. An original methodology is applied, which was developed by Boyd and Graham, to conduct merger simulations between commercial banks and insurance companies. The methodology is based on mergers between firms, like the accounting principle of consolidation by pooling. This principle entails summing up the balance-sheet indicators of previously independent firms to simulate a hypothetical merger.
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Tanguay, Georges A., and David F. Wihry. "Voters’ Preferences Regarding Municipal Consolidation: Evidence from the Quebec De-Merger Referenda." Journal of Urban Affairs 30, no. 3 (August 2008): 325–45. http://dx.doi.org/10.1111/j.1467-9906.2008.00398.x.
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Novickytė, Lina. "BANKING CONSOLIDATION PROCESS AND IMPACT TO FINANCIAL STABILITY." Mokslas - Lietuvos ateitis 2, no. 2 (April 30, 2010): 62–68. http://dx.doi.org/10.3846/mla.2010.036.
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Globalization promotes financial market participants to seek opportunities for efficient management of available resources and maximize benefits. In recent years, took place in the consolidation process is mainly due to both macroeconomic and microeconomic factors. Most often leads to consolidation processes in order to gain economies of scale, market power and X-efficiency. Market consolidation and financial sector stability studies have shown that concentrated financial intermediaries market have a negative impact on the region/country/sector financial stability. In the future countries and regions (EU) must find ways and means to smoothly manage the inevitable process of globalization under the supervision of future merger transactions in order to guarantee the efficiency and sustainability of the financial sector.
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Charter, Chris. "The impact of post-merger cross-shareholdings on South African merger control policy." South African Journal of Economic and Management Sciences 11, no. 3 (October 19, 2012): 322–36. http://dx.doi.org/10.4102/sajems.v11i3.462.
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There is a concentration of EU and US standards in the South African economy. In addition, a number of large industries have been undergoing consolidation. As a result, the phenomenon of cross-holdings, both within and across industries, is not unusual. In cases where the level of cross-holding falls short of joint control, the competition authorities have at times sought to apply the co-ordinated effects doctrine or some variation thereof hoping to lessen potential competition. More recently, the Tribunal has also considered the possible unilateral effects of the acquisition of a minority stake in a rival. A number of cases has emerged that to a greater or lesser degree explores the impact of crossholdings and cross-directorships on the competitive behaviour of the firms concerned. This paper includes a review of some of these decisions with a view to determining whether any clear policy seems likely to emerge from the competition authorities. The authorities’ approach to date, reveals an evolution from reflex suspicion to a more reasoned, fact-based outlook. Cross-holdings and directorships are treated in the same way as any other evidence relevant to an analysis of a given merger. However, despite the Tribunal’s willingness to wrestle with various economic theories, the most recent decision suggests that the acquisition of a non-controlling cross-holding in a company may not fall under the analysis of South African merger regulation at all. Should that position change, following clarification by the Tribunal or an unequivocal ruling of the Competition Appeal Court, the body of case law goes some way to indicating the type and manner of analysis the authorities will employ.
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Kuriakose, Sony, and Justin Paul. "Strategic and financial similarities of bank mergers." Review of International Business and Strategy 26, no. 1 (March 7, 2016): 50–68. http://dx.doi.org/10.1108/ribs-09-2013-0084.
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Purpose – Consolidation through mergers and acquisitions indicates one of the major outcomes of the financial transformation process and contemporary trend in the Indian banking sector. Literature suggests that the pre-merger financials of banks are crucial in deciding the post-merger performance of merged entities. In this context, the aim of the present study is to provide insights on the strategic and financial similarities of merging partners in the bank mergers that occurred in the post-liberalization India. Design/methodology/approach – This paper considers all bank merger deals in the post-liberalization period, which involve purchase consideration either in the form of stock or cash. Hypotheses about the strategic similarities and dissimilarities are tested. The study considers all important aspects such as relative size of targets, diversity of earnings, efficiency, financial leverage, prudential norms and profitability. Findings – The study finds that banks are dissimilar in most of the key areas, and these might have an adverse impact on the post-merger performance. Originality/value – The study is original because we take into account all the bank merger deals in the period, which involve purchase consideration either in the form of stock or cash.
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Nesiba, Reynold F. "The Bank Merger Wave: The Economic Causes and Social Consequences of Financial Consolidation." Journal of Economic Issues 34, no. 3 (September 2000): 758–61. http://dx.doi.org/10.1080/00213624.2000.11506311.
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Walsh, Philip R., and Olalekan Ajibade. "Determining the efficacy of consolidating municipal electric utilities in Ontario, Canada." International Journal of Energy Sector Management 13, no. 2 (June 3, 2019): 298–317. http://dx.doi.org/10.1108/ijesm-07-2018-0017.
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Purpose This paper aims to examine empirically if the encouragement by government policy of merger and acquisition activity involving municipal and provincially owned electricity distribution utilities (LDCs) in the Province of Ontario has had positive effects in terms of value creation, operating performance and economies of scale. Design/methodology/approach It was anticipated that with LDC consolidation, there will be increased operational efficiency and improvement in the cost-effectiveness of the merged electrical utility. Using matched pairs dependent t-testing and Wilcoxon signed-rank testing, the authors compared data for three years before and after the merger or acquisition of 16 municipal utilities (616 total observations) to determine if there were any statistically significant changes (positive or negative) in measures of financial, operational and service efficiency. Findings The findings indicate statistically significant increases in debt as a percentage of shareholder equity in post-merger/acquisition utilities and consequently leveraged higher returns on equity. However, there were no statistically significant changes in financial, operational or service efficiency measures (with the exception of decreased efficiency in telephone response). Research limitations/implications A total of 16 mergers or acquisitions were reviewed involving 32 of 79 LDCs, with the research implications pointing to a need for existing policy to be reviewed to determine whether a more detailed examination is required by the provincial energy regulator, including a closer examination of managerial motives, before approving mergers between municipal electricity distributors. This research involves only a quantitative approach and further research would examine these transactions using qualitative measures for a deeper examination as to managerial motives. Practical implications The results suggest that the mergers or acquisitions to date have served only to increase shareholder risk without improvement in other financial, operational or service efficiencies, a contradiction to the rationale behind the Province’s merger policy. Social implications The consolidation policy for Ontario LDCs has not resulted in any statistically significant improvement in electricity rates or service for consumers. Originality/value This paper is the first examination of the effects of Ontario’s LDC consolidation policy in terms of specific financial, operational and service efficiency measures.
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Glascock, John L., Ying Zhang, and Tingyu Zhou. "A Review and Extension of Merger and Acquisition Research Between REITs and General Corporations." Journal of Real Estate Literature 26, no. 2 (October 1, 2018): 223–53. http://dx.doi.org/10.1080/10835547.2018.12090484.
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Gentry, Laura M., Erin Ryan, Jessica Rayman, and Martha Bace. "How to Wrangle Multiple Discrete Collections from One Donor: A Case Study of the Subject-based Physical and Digital Consolidation of the Wade Hall Collections." American Archivist 84, no. 1 (March 1, 2021): 62–90. http://dx.doi.org/10.17723/0360-9081-84.1.62.
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ABSTRACT The authors examined the Wade Hall Consolidation Project at the University of Alabama Libraries Special Collections. The project involved the physical consolidation of more than 1,400 small, discrete collections donated by Wade Hall into larger, subject-based collections along with the merger of 287 existing digital collections to mirror the physical arrangement. This project's goal was to improve access to and discovery of these collections by researchers. During physical consolidation, the archivists created subject-based collections with new finding aids and addressed issues including unclear provenance, legacy descriptions, inaccurate metadata, varying levels of processing, and lack of alignment with current archival best practices and standards. Digital consolidation of existing digital collections coincided with the migration to a new digital asset management system and presented its own challenges, including legacy descriptions, metadata transformation, digital preservation, and dealing with existing metadata shared on the Digital Public Library of America (DPLA) and other multi-institutional digital content aggregators. The authors sought to fill the gap in the literature concerning the consolidation of physical and digital collections and to provide guidance to others considering a consolidation project.
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Kephart, Christopher. "An analysis of when the merger price is the best representation of fair value in an appraisal action." Corporate Governance and Organizational Behavior Review 1, no. 1 (December 14, 2017): 42–51. http://dx.doi.org/10.22495/cgobr_v1_i1_p5.
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Delaware’s statutorily afforded right of appraisal is once again a hot topic. In an appraisal action, the Delaware Court of Chancery is charged with the task of determining the fair value of recently acquired Delaware corporations. However, the appraisal process is not an easy one, in no small part, to the inflexible statute guiding the appraisal procedure. The process is further complicated by the Delaware Supreme Court’s mandate that the Court of Chancery not to employ a bright line test in determining the fair value even for those transactions that were the result of a free and open market process. As a result, the courts are often left second-guessing a merger value that was the product of a fair merger process. I propose that in an arms-length third-party cash-out merger, the entire fairness standard of review is the appropriate standard to determine fair value within an appraisal action. A statutory safe harbor allowing the judiciary the opportunity to examine the process by which the target company and acquiring company arrived at the final merger value versus questioning the substance of the merger would serve the M&A and shareholder community well. In the absence of a legislative fix, the Court of Chancery has, at the least, provided buyers, sellers, and arbitrageurs alike, with scenarios that will likely result in the court determining that the merger rice is, in fact, the best representation of fair value. Essentially, when the inputs typically used by the court for determining fair value are in some way flawed, the court will likely conclude that the merger price is the best representation of fair value.
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Dafny, Leemore, Mark Duggan, and Subramaniam Ramanarayanan. "Paying a Premium on Your Premium? Consolidation in the US Health Insurance Industry." American Economic Review 102, no. 2 (April 1, 2012): 1161–85. http://dx.doi.org/10.1257/aer.102.2.1161.
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We examine whether and to what extent consolidation in the US health insurance industry has contributed to higher employer-sponsored insurance premiums. We exploit the differential impact across local markets of a national merger of two insurers to identify the causal effect of concentration on premiums. Using data for large groups, we estimate premiums in average markets were approximately seven percentage points higher by 2007 due to increases in local concentration from 1998–2006. We also find evidence consolidation facilitates the exercise of monopsonistic power vis-à-vis physicians, leading to reductions in their absolute employment and earnings relative to other healthcare workers. JEL: G22, I13
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Déchamps, Pascale, and Ilaria Fanton. "The impact of mergers on innovation in EU merger control." Competition Law Journal 17, no. 2 (December 2018): 94–101. http://dx.doi.org/10.4337/clj.2018.02.07.
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Are mergers good for innovation or do they hinder it? Finding a balance between protecting competition in innovation and allowing consolidation in markets where efficiencies might be generated has proven one of the biggest challenges of merger control in recent years. Although economic literature provides helpful pointers in striking that balance, it does not provide a general unambiguous framework. Competition authorities consider both aspects and may seem to have adopted different approaches to this issue in traditional markets (e.g. pharmaceuticals and pesticides) compared to digital markets. While the debate is still ongoing, this article summarizes the theoretical framework from the economic literature and how it has been applied in real recent cases by competition authorities.
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Wulandari K, Andita, Zanuar Arifin, and Amrie Firmansyah. "Analysis of Business Combination Implementation at PT China Construction Bank Indonesia." JURNAL TERAPAN MANAJEMEN DAN BISNIS 4, no. 2 (September 1, 2018): 184. http://dx.doi.org/10.26737/jtmb.v4i2.933.
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<p>This study aims to review the implementation of mergers conducted by the company. In Indonesia, merger activities are regulated in Indonesia Statement of Financial Accounting Standards Number 22 (hereinafter referred to as PSAK 22) concerning Business Combinations. Increased merger activities in the business world are driven by changes in economic conditions. The rise of merger and acquisition activities was caused by various things, such as technological advances, increasing financial conditions, excess capacity/financial failure, international market consolidation and deregulation.</p><p>The research method used in this research is qualitative descriptive with case studies of business combination events that occurred between PT Bank Windu Kentjana Internasional, Tbk as the party which received the merger and PT Bank Antardaerah as the company which joined. Regarding ownership, the name of PT Bank Windu Kentjana Internasional, Tbk changed to PT China Construction Bank Indonesia, Tbk (PT CCB Indonesia, Tbk).</p>The results of this study indicate that in general, the consolidated report of PT CCB Indonesia, Tbk for the period ended December 31, 2016, in general, has been prepared by PSAK 22, 2015.
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Chausovsky, Jonathan. "State Regulation of Corporations in the Late Nineteenth Century: A Critique of the New Jersey Thesis." Studies in American Political Development 21, no. 1 (March 2007): 30–65. http://dx.doi.org/10.1017/s0898588x07000168.
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The transformation from nineteenth-century proprietary capitalism to twentieth-century corporate capitalism involved fundamental changes in the rights of business corporations as market actors. At the end of the Civil War, corporations were controlled by individuals and families. At the turn of the twentieth century, corporations were in the midst of a merger movement that resulted in firms with concentrated capital, large numbers of shareholders, and control residing in management. New legal rights needed to be put in place to support this more advanced level of capitalist development. Most scholarship on the transformation of business corporation rights has focused on changes in the courts and in Congress, principally in regard to antitrust regulation. In addition, however, there was another locale essential to transforming the shape of the business organization: state legislatures developed and allocated corporate rights. Nineteenth-century state laws sought not only to enable the corporation to exist, but also to regulate its place within the state economy. With the advent of corporate capitalism at the turn of the twentieth century, state capacity to regulate through statutory law waned.