Search results

1 – 2 of 2
Per page
102050
Citations:
Loading...
Access Restricted. View access options
Article
Publication date: 12 January 2023

Gimede Gigante, Andrea Cerri and Giuseppe Leone

This research investigates the effect of mergers and acquisition (M&A) transactions in the pharmaceutical sector. The study assesses the short-term value creation or destruction…

1539

Abstract

Purpose

This research investigates the effect of mergers and acquisition (M&A) transactions in the pharmaceutical sector. The study assesses the short-term value creation or destruction for shareholders of pharmaceutical companies involved in M&A activities on the acquiring side.

Design/methodology/approach

The empirical analysis is carried out by applying the event study methodology in order to define the cumulative abnormal return for each transaction observed. Then, the correlations between abnormal returns and economic metrics are determined building a multiple regression model. These metrics refers to the acquirer, target or to the deal itself.

Findings

Evidence show a short-term value creation for shareholders of pharmaceutical companies involved in M&A transactions on the acquiring side. On the one hand, the analysis suggests a negative correlation between the value creation and the acquiring firm's level of indebtedness. On the other hand, the value creation is positively correlated with target's metrics such as Return on Equity (ROE), Return on Assets (ROA) and Research and Development (R&D) intensity. Value creation is also tied to deal-specific characteristics regarding the cash used in the transaction and the comparative extent of the deal.

Practical implications

This analysis allows to predict returns around an announcement day considering the described indicators of value creation or destruction. M&As play a key role in the strategy implementation as reaction to exogenous shocks and endogenous needs.

Originality/value

This study enriches the literature of corporate finance applied to the pharmaceutical sector. Indeed, this industry is gaining increasing relevance in the M&A panorama. Thus, the related dynamics need to be assessed considering the uniqueness of the pharmaceutical sector in terms of regulation, stakeholders and social impact.

Details

Managerial Finance, vol. 49 no. 8
Type: Research Article
ISSN: 0307-4358

Keywords

Access Restricted. View access options
Article
Publication date: 30 September 2024

Raksmey Sann, Pipat Pimpohnsakun and Panuwat Booncharoen

Developing an optimal strategy for maintaining quality customer relationships in the logistics industry is critical for achieving long-term benefits. This study aims to examine…

729

Abstract

Purpose

Developing an optimal strategy for maintaining quality customer relationships in the logistics industry is critical for achieving long-term benefits. This study aims to examine the relationship between logistics service quality (LSQ), customer satisfaction, trust, and behavioral loyalty in the context of Khon-Kaen Bus Terminal 3 in Thailand. The purpose is to understand how service quality influences customer trust and loyalty in the context of bus transport.

Design/methodology/approach

Face-to-face questionnaires were administered to 338 experienced bus transport users at Khon-Kaen Terminal 3. A quantitative approach was utilized, employing partial least squares structural equation modeling to analyze the relationships between logistics operations, after-sales service quality, customer satisfaction, trust and loyalty.

Findings

The results reveal that both logistics operations service quality and after-sales service quality positively impact customer satisfaction and trust. Trust, in turn, significantly influences customer loyalty, and it is enhanced when customers receive satisfactory services. The study demonstrates that customer loyalty is strengthened by building trust and providing a high-quality logistics service, confirming the significant relationship between LSQ and loyalty.

Research limitations/implications

While this study acknowledges the challenge posed by Khon-Kaen Terminal 3’s strong monopoly, it also recognizes that users may have limited alternatives. Consequently, the research highlights the difficulty in accurately measuring customer loyalty.

Originality/value

This study contributes to the literature by examining LSQ in a Thai context, offering new perspectives on customer loyalty in the bus transport sector. It provides practical recommendations for improving customer relationships and gaining a competitive advantage in the logistics industry.

Details

International Journal of Quality and Service Sciences, vol. 16 no. 4
Type: Research Article
ISSN: 1756-669X

Keywords

1 – 2 of 2
Per page
102050