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What drives mergers and acquisitions...

Kim, Jewoo.

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What drives mergers and acquisitions in the restaurant industry?

Record Type:	Electronic resources : Monograph/item
Title/Author:	What drives mergers and acquisitions in the restaurant industry?/
Author:	Kim, Jewoo.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2015,
Description:	134 p.
Notes:	Source: Dissertation Abstracts International, Volume: 77-06(E), Section: A.
Contained By:	Dissertation Abstracts International77-06A(E).
Subject:	Management. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10009091
ISBN:	9781339457697

What drives mergers and acquisitions in the restaurant industry?
Kim, Jewoo.

What drives mergers and acquisitions in the restaurant industry? - Ann Arbor : ProQuest Dissertations & Theses, 2015 - 134 p.

Source: Dissertation Abstracts International, Volume: 77-06(E), Section: A.

Thesis (Ph.D.)--Iowa State University, 2015.

This item is not available from ProQuest Dissertations & Theses.

Mergers and acquisitions (M&A) activity has been growing in the restaurant industry over the past three decades. Recognizing that the importance of M&A has increased as a result of this growth, this study used simulation technique to investigate whether restaurant M&A deals occur in waves. Results indicated that the restaurant industry had three M&A waves between 1981 and 2010.

ISBN: 9781339457697Subjects--Topical Terms:

516664
Management.

What drives mergers and acquisitions in the restaurant industry?
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245 1 0 $a What drives mergers and acquisitions in the restaurant industry?
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2015
300 $a 134 p.
500 $a Source: Dissertation Abstracts International, Volume: 77-06(E), Section: A.
500 $a Adviser: Tianshu Zheng.
502 $a Thesis (Ph.D.)--Iowa State University, 2015.
506 $a This item is not available from ProQuest Dissertations & Theses.
520 $a Mergers and acquisitions (M&A) activity has been growing in the restaurant industry over the past three decades. Recognizing that the importance of M&A has increased as a result of this growth, this study used simulation technique to investigate whether restaurant M&A deals occur in waves. Results indicated that the restaurant industry had three M&A waves between 1981 and 2010.
520 $a After confirming the existence of restaurant M&A waves, this study then investigated the macroeconomic determinants of the restaurant waves employing two econometric methods: a distributed lag (DL) model and error correction model (ECM). The results of DL estimation showed that cost of debt negatively affected deal frequency in the long term and inflation had a negative lagged effect on deal frequency. On the other hand, current activity and economic outlook had a significantly positive effect on both deal frequency and deal value. The effect of current activity was lagged while that of economic outlook was lagged and long-term. The results of ECM estimation showed that cost of debt had a negative effect on deal frequency in the short and long term while economic outlook had a significantly positive effect on deal frequency in the long term.
520 $a This study contributes to the restaurant industry and its scholarship in several ways. Theoretically, this study extends the restaurant literature by proving the existence of restaurant M&A waves and exploring the relationship between macroeconomic conditions and the restaurant waves. It also examines the applicability of the main theoretical frameworks for general M&A waves in all industries to industry-level waves. Practically, this study can help restaurant firms increase synergistic gains from their M&A deals by identifying important economic conditions that restaurant firms should take into account when considering M&A deals. Moreover, restaurant firms can use such conditions to predict an appropriate time for their M&A deals.
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