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系統識別號 U0026-2407202014273900
論文名稱(中文) Firm Performance Before versus After an M&A: The Role of Marketing Effectiveness and Marketing Efficiency
論文名稱(英文) Firm Performance Before versus After an M&A: The Role of Marketing Effectiveness and Marketing Efficiency
校院名稱 成功大學
系所名稱(中) 國際企業研究所
系所名稱(英) Institute of International Business
學年度 108
學期 2
出版年 109
研究生(中文) 楊安弟
研究生(英文) Adi Sopyan
學號 R66077109
學位類別 碩士
語文別 英文
論文頁數 52頁
口試委員 指導教授-曾瓊慧
口試委員-張紹基
口試委員-郭亞慧
中文關鍵字 行銷有效性  營銷效率  公司績效  橫向併購 
英文關鍵字 Marketing Effectiveness  Marketing Efficiency  Firm Performance  Horizontal Mergers and Acquisitions 
學科別分類
中文摘要 近年來,併購(M&A)在商業中變得越來越流行。在有關該主題的文獻研究中,最常見的併購動機是為了取得綜效;但從文獻中的研究證據顯示併購的成功紀錄並不多,因此這些綜效是否真的能夠達到作用仍有待商榷。特別是現今的研究很少著墨在併購後的綜效方面。因此本研究試圖回答行銷有效性和行銷效率如何影響公司績效,以及比較水平併購之前和之後的效果。

以2008年至2017年美國公司516個水平併購交易為樣本,我們發現 行銷效率與水平併購前後的公司績效呈正相關。此外,在進行水平併購之後,行銷有效性與公司績效之間的正相關關係更強。我們還發現 在進行水平併購交易之前,行銷效率與公司績效沒有顯著的關係;但是,在水平併購之後,行銷效率與公司績效之間的關係呈現正向。
英文摘要 Mergers and acquisitions (M&As) have become increasingly popular in business practice in recent years. The literature discussed the most common motive for M&As, which is the achievement of synergy. However, the findings in the research showed that M&As have a poor record of success which leaves the discussion to remain open to question whether synergies are achievable through M&A. Mainly, researchers are rarely focused on the comprehensive effect of M&A. This study aims to further investigate: how do marketing effectiveness and efficiency affect firm performance and how does the effect differs between before a horizontal M&A and after a horizontal M&A.

We developed a set of hypotheses, tested on a sample of 516 horizontal M&As from US firms in the period between 2008 to 2017. We found that marketing effectiveness has a positive relationship with firm performance for both before and after horizontal M&As. Further, the positive relationship between marketing effectiveness and firm performance is stronger after the horizontal M&A. Besides, we found that marketing efficiency has no relationship with firm performance before horizontal M&A deals. However, the relationship between marketing efficiency and firm performance becomes positive after horizontal M&A.
論文目次 TABLE OF CONTENTS

PASSING CERTIFICATE i
ABSTRACT ii
ABSTRACT iii
ACKNOWLEDGMENTS iv
TABLE OF CONTENTS v
LIST OF TABLES vii
CHAPTER ONE INTRODUCTION 1
CHAPTER TWO LITERATURE REVIEW 5
2.1. The Motives for Mergers and Acquisitions 6
2.2. Determinants of post-M&A Performance 9
2.3. Post-Acquisition on Marketing. 14
2.4. Research Gap. 16
CHAPTER THREE HYPOTHESES DEVELOPMENT 17
3.1. Marketing Effectiveness and Firm Performance before The Horizontal M&A 18
3.2. Marketing Effectiveness and Firm Performance after The Horizontal M&A 19
3.3. Marketing Efficiency and Firm Performance before The Horizontal M&A 21
3.4. Marketing Efficiency and Firm Performance after The Horizontal M&A 22
CHAPTER FOUR DATA AND METHODOLOGY 24
4.1. Data Sources 24
4.2. The Sample 24
4.3. Variable Measurements 26
4.3.1 Firm Performance 26
4.3.2 Marketing Effectiveness 26
4.3.3 Marketing Efficiency 27
4.3.4 Control Variables 28
CHAPTER FIVE RESEARCH RESULT 32
5.1 Descriptive Statistics 32
5.2 Hypotheses Testing. 37
CHAPTER SIX DISCUSSION AND CONCLUSION 41
6.1. Discussion 41
6.2. Theoretical and Practical Implications 43
6.2.1 Theoretical Implications 43
6.2.2 Practical Implications 44
6.3. Limitations and Future Research. 44
PREFERENCES 45
APPENDIX 52
Appendix A Distribution of Industry Sector in Four-Digit SIC Codes 52
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