航空産業における企業の合併と提携に関する研究 A Study on Mergers and Alliances in the Airline Industry
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This paper analyzes the performance of mergers and alliances in the airline industry by using 8 cases of mergers, 12 cases of alliances and 7 cases of non-alliances. By a comparison of 9 financial ratios such as 3 profitability-related ratios and 4 liquidity-related ratios and two sales-related ratios, only the turnover period for sales credit shows improvement after mergers and alliances but the ROA, ROE and net equity ratios deteriorate after alliance. The classification accuracies between before and after merger and alliance are 82% and between alliance and non-alliance are 86% by discriminant analysis.
- Japanese Journal of Administrative Science
Japanese Journal of Administrative Science 17(3), 139-148, 2004
The Japanese Association of Administrative Science