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Capital Structure and Mergers: Retrospective Evidence from a Natural Experiment

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Listed:
  • Sumit K. Majumdar

    (University of Texas at Dallas)

  • Rabih Moussawi

    (Villanova University)

  • Ulku Yaylacicegi

    (University of North Carolina at Wilmington)

Abstract

This analysis evaluates the impact of corporate debt in influencing mergers of local exchange companies in the United States telecommunications industry between 1988 and 2001. Firms’ financial structures significantly affect behavior and performance; yet no evidence has shown how firms’ financial structures influence their merger activities. The impact of corporate debt levels on the various mergers that took place during the merger wave in the sector is significantly negative for the first set of mergers carried out, and significantly negative, but with smaller impact, for the second set of mergers. The results support the idea that firms with high debt levels can be monitored carefully, precluding engagement in potentially-risky mergers so as to not engender negative financial outcomes.

Suggested Citation

  • Sumit K. Majumdar & Rabih Moussawi & Ulku Yaylacicegi, 2018. "Capital Structure and Mergers: Retrospective Evidence from a Natural Experiment," Journal of Industry, Competition and Trade, Springer, vol. 18(4), pages 449-472, December.
    • Handle: RePEc:kap:jincot:v:18:y:2018:i:4:d:10.1007_s10842-017-0266-z
    DOI: 10.1007/s10842-017-0266-z
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    More about this item

    Keywords

    Competition policy; Corporate debt; Industry consolidation; Leverage; Mergers; Local exchange carriers; Retrospective evaluation; United States telecommunications industry;
    All these keywords.

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • L96 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Telecommunications

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