A Combined Cascade Model to explain industrial consolidation: Theory and an application to steel. / Rui, Huaichuan.

In: International Finance Review, 2007, p. 255.

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A Combined Cascade Model to explain industrial consolidation: Theory and an application to steel. / Rui, Huaichuan.

In: International Finance Review, 2007, p. 255.

Research output: Contribution to journalArticlepeer-review

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@article{e26e910a5e0c4ef9803680d86f1af0b8,
title = "A Combined Cascade Model to explain industrial consolidation: Theory and an application to steel",
abstract = "Expansion through mergers and acquisitions (M&As) continues to be a viable international strategy utilised by industrial firms. A striking feature of this is that global giant firms lead the M&A wave and generate an unimaginable impact on relatively small and weak firms across sectors and even nations. There seems to be a kind of {\textquoteleft}cascade effect{\textquoteright} between the industrial consolidations in these areas. A combined cascade model developed in this paper explains that, the power imbalance caused by the degree of consolidation of the players within a firm{\textquoteright}s value system determines the movement and direction of the {\textquoteleft}cascade effect{\textquoteright}. With the existence of such effect, M&A will be a mutually interdependent, dynamic, reversible and endless process among industries.",
keywords = "Merger and acquisition, combined cascade model, steel industry, China",
author = "Huaichuan Rui",
year = "2007",
doi = "10.1016/S1569-3767(06)07011-7",
language = "English",
pages = "255",
journal = "International Finance Review",
issn = "1569-3767",
publisher = "JAI Press",

}

RIS

TY - JOUR

T1 - A Combined Cascade Model to explain industrial consolidation: Theory and an application to steel

AU - Rui, Huaichuan

PY - 2007

Y1 - 2007

N2 - Expansion through mergers and acquisitions (M&As) continues to be a viable international strategy utilised by industrial firms. A striking feature of this is that global giant firms lead the M&A wave and generate an unimaginable impact on relatively small and weak firms across sectors and even nations. There seems to be a kind of ‘cascade effect’ between the industrial consolidations in these areas. A combined cascade model developed in this paper explains that, the power imbalance caused by the degree of consolidation of the players within a firm’s value system determines the movement and direction of the ‘cascade effect’. With the existence of such effect, M&A will be a mutually interdependent, dynamic, reversible and endless process among industries.

AB - Expansion through mergers and acquisitions (M&As) continues to be a viable international strategy utilised by industrial firms. A striking feature of this is that global giant firms lead the M&A wave and generate an unimaginable impact on relatively small and weak firms across sectors and even nations. There seems to be a kind of ‘cascade effect’ between the industrial consolidations in these areas. A combined cascade model developed in this paper explains that, the power imbalance caused by the degree of consolidation of the players within a firm’s value system determines the movement and direction of the ‘cascade effect’. With the existence of such effect, M&A will be a mutually interdependent, dynamic, reversible and endless process among industries.

KW - Merger and acquisition, combined cascade model, steel industry, China

U2 - 10.1016/S1569-3767(06)07011-7

DO - 10.1016/S1569-3767(06)07011-7

M3 - Article

SP - 255

JO - International Finance Review

JF - International Finance Review

SN - 1569-3767

ER -