Mergers and Wages in Digital Networks: a Public Interest Perspective

Abstract:
This article has examined the relationship between mergers and their impact on average per-person wages for incumbents, over long periods of institutional changes within the United States telecommunications industry, from a public interest perspective. We evaluate the relationship of mergers and wages across two differing periods; one, when the sector was completely regulated, and, the other, when competition was introduced after the Telecommunications Act of 1996. We treat mergers as endogenous and use treatment effects analysis to examine the relationship of mergers and wages. Having split the data set into data for regulated and deregulated periods, we find no impact of mergers on wages in the regulated period. In the deregulated period, however, between 1996 and 2001, we find a significant negative impact on mergers and wages. For firms experiencing mergers, real average wages per employee are a third lower than in non-merging firms. This suggests a post-merger cost-cutting approach by firms. Our before-and-after findings of wages declining after mergers, in the 1996 to 2001 period, lead us to conclude that the merger approvals given after the passage of TA 1996 will not have met public interest guidelines as per which merger outcomes ought to be fair to affected firms’ employees and stakeholders. Additionally, we suggest a resolution to the empirical puzzle, of half-negative and half-positive merger and wage outcome findings existing in the literature, by incorporating institutional context into our analysis to explain why during some periods of time the relationship of merger and wage outcomes may be positive and at other times may be negative.
Author Listing： Sumit K. Majumdar;Rabih Moussawi;Ulku Yaylacicegi
Volume： None
Pages： 1-33
DOI： 10.1007/S10842-019-00297-1
Language： English
Journal： Journal of Industry, Competition and Trade

Journal of Industry Competition & Trade

J IND COMPET TRADE

影响因子：0.9 是否综述期刊：否 是否OA：否 是否预警：不在预警名单内 发行时间：- ISSN：1566-1679 发刊频率：4 issues per year 收录数据库：ESCI/Scopus收录 出版国家/地区：- 出版社：Springer Nature

期刊介绍

The Journal of Industry, Competition and Trade (JICT) publishes research on the microeconomic foundations of industrial strategy, innovation, competition, and trade policy, concentrating on the functioning of markets for goods and services. The journal’s primary aim is to bridge the gaps between economic theory, empirical analysis and economic policy, and to provide a forum for applied theoretical research on policy questions. Journal of Industry, Competition and Trade promotes the combination of theories with facts, and encourages the incorporation of facts into model building. focuses on using applied theoretical research to arrive at policy conclusions, and encourages researchers to investigate policy questions. For example, game theoretical models that analyse the sources of and obstacles to innovation, the functioning of markets or strategic interactions are combined with empirical facts; and supporting empirical analysis is provided for models that explain how institutions, consumers and firms interact, how they shape their environment, and how incentives influence behaviour. Papers that analyse institutions and policy measures are expected to make explicit reference to theoretical models, while theoretical work is expected to include the analysis of empirical implications. The journal serves as a forum for dialogue between economists from academia and (national or international) policy circles. The composition of the Editorial Board, which includes academics as well as leading economists working at governmental and international organizations, facilitates exchanges between academia and economic policy. Officially cited as: J Ind Compet Trade

《工业、竞争和贸易杂志》（JICT）发表关于工业战略、创新、竞争和贸易政策的微观经济基础的研究，集中于商品和服务市场的运作。该杂志的主要目标是弥合经济理论、实证分析和经济政策之间的差距，并为政策问题的应用理论研究提供一个论坛。《产业、竞争与贸易》杂志提倡理论与事实相结合，鼓励将事实融入模型构建。注重运用应用理论研究得出政策结论，并鼓励研究人员调查政策问题。例如，分析创新的来源和障碍、市场运作或战略互动的博弈理论模型与经验事实相结合;并为解释机构、消费者和企业如何相互作用、它们如何塑造环境以及激励措施如何影响行为的模型提供了支持性的经验分析。分析体制和政策措施的论文应明确提到理论模型，而理论工作应包括对经验影响的分析。该杂志是学术界和（国家或国际）政策界经济学家之间对话的论坛。编辑委员会的组成包括学术界人士以及在政府和国际组织工作的主要经济学家，促进了学术界与经济政策之间的交流。正式引用为：工业竞争贸易杂志

年发文量 14
国人发稿量 1
国人发文占比 7.14%
自引率 0.0%
平均录取率 -
平均审稿周期 -
版面费 US$2780
偏重研究方向 BUSINESS-
期刊官网 https://www.springer.com/10842/?utm_medium=display&utm_source=letpub&utm_content=text_link&utm_term=null&utm_campaign=HSSR_10842_AWA1_CN_CNPL_letpb_mp
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