Evaluating the impact of mergers and acquisitions on company value in the IT industry : the Daum-Kakao case = IT산업에서의 인수합병이 기업가치에 미치는 영향 : 다음카카오 케이스를 중심으로 the Daum-Kakao case

This study examines the impact of the merger between Daum and Kakao on the value of IT companies in the industry. First, we conducted an event study using the market model and reasoned out market expectations. Second, we used mergers and acquisition (M&A) motivation theories and garnered options from industry experts’ derive expected effects. We then compared the expected affects and market expectations with the actual business strategy for the year following the merger to evaluate its impacts. The empirical results suggest that the merger of Daum-Kakao has had positive effects on company value itself. However, the merger did put attention on its Online to Offline (O2O) services and mobile platform businesses; thus there is no great advantage from Daum’s strengths and its position in the overall IT sector is compromised. The IT industry has a rapid technology development pace and M&A is common form for the external growth. Thus it is meaningful to examine potential advantages for a newly-merged firm from the merger in a short-term.
Advisors
Flynn, Sean M.researcher플린, 션researcher
Publisher
한국과학기술원
Issue Date
2016
Identifier
325007
Language
eng
Description

학위논문(석사) - 한국과학기술원 : 기술경영전문대학원, 2016.2 ,[iv, 36 p. :]

Keywords

Mergers and Acquisitions; M&A; impact of the merger; event study; Daumkakao; 인수합병; 인수합병효과; 이벤트스터디; 다음카카오

URI
http://hdl.handle.net/10203/221304
Link
http://library.kaist.ac.kr/search/detail/view.do?bibCtrlNo=649351&flag=t
Appears in Collection
ITM-Theses_Master(석사논문)
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