Growth Strategies of Media Companies: Efficiency Analysis

38 páginas

Autores:: Medina, Mercedes
Sánchez Tabernero, Alfonso
Larrainzar, Arturo

Tipo de recurso:

Fecha de publicación:: 2020

Institución:: Universidad de la Sabana

Repositorio:: Repositorio Universidad de la Sabana

Idioma:: eng

id	REPOUSABA2_851880310e7390713166cb4db337250d
oai_identifier_str	oai:intellectum.unisabana.edu.co:10818/38952
network_acronym_str	REPOUSABA2
network_name_str	Repositorio Universidad de la Sabana
repository_id_str
dc.title.es_CO.fl_str_mv	Growth Strategies of Media Companies: Efficiency Analysis
dc.title.alternative.es_CO.fl_str_mv	Estrategias de crecimiento de las empresas de medios: análisis de eficiencia Estratégias de crescimento das empresas de mídia: análise de eficiência
title	Growth Strategies of Media Companies: Efficiency Analysis
spellingShingle	Growth Strategies of Media Companies: Efficiency Analysis Administración de comunicaciones Economía de la comunicación Fusión Adquisiciones Comercio internacional Digitalización
title_short	Growth Strategies of Media Companies: Efficiency Analysis
title_full	Growth Strategies of Media Companies: Efficiency Analysis
title_fullStr	Growth Strategies of Media Companies: Efficiency Analysis
title_full_unstemmed	Growth Strategies of Media Companies: Efficiency Analysis
title_sort	Growth Strategies of Media Companies: Efficiency Analysis
dc.creator.fl_str_mv	Medina, Mercedes Sánchez Tabernero, Alfonso Larrainzar, Arturo
dc.contributor.author.none.fl_str_mv	Medina, Mercedes Sánchez Tabernero, Alfonso Larrainzar, Arturo
dc.subject.es_CO.fl_str_mv	Administración de comunicaciones Economía de la comunicación Fusión Adquisiciones Comercio internacional Digitalización
topic	Administración de comunicaciones Economía de la comunicación Fusión Adquisiciones Comercio internacional Digitalización
description	38 páginas
publishDate	2020
dc.date.accessioned.none.fl_str_mv	2020-01-21T20:41:29Z
dc.date.available.none.fl_str_mv	2020-01-21T20:41:29Z
dc.date.issued.none.fl_str_mv	2020
dc.type.es_CO.fl_str_mv	article
dc.type.coarversion.fl_str_mv	http://purl.org/coar/version/c_970fb48d4fbd8a85
dc.type.coar.fl_str_mv	http://purl.org/coar/resource_type/c_6501
dc.type.hasVersion.es_CO.fl_str_mv	publishedVersion
dc.identifier.citation.es_CO.fl_str_mv	Medina, M., Sánchez-Tabernero, A., & Larrainzar, A. (2020). Growth strategies of media companies: Efficiency analysis. Palabra Clave, 23(1), e2317. DOI: https://doi.org/10.5294/pacla.2020.23.1.7
dc.identifier.issn.none.fl_str_mv	0122-8285
dc.identifier.other.none.fl_str_mv	https://palabraclave.unisabana.edu.co/index.php/palabraclave/article/view/9905 https://palabraclave.unisabana.edu.co/index.php/palabraclave/article/view/9905/pdf
dc.identifier.uri.none.fl_str_mv	http://hdl.handle.net/10818/38952
dc.identifier.doi.none.fl_str_mv	https://doi.org/10.5294/pacla.2020.23.1.7
identifier_str_mv	Medina, M., Sánchez-Tabernero, A., & Larrainzar, A. (2020). Growth strategies of media companies: Efficiency analysis. Palabra Clave, 23(1), e2317. DOI: https://doi.org/10.5294/pacla.2020.23.1.7 0122-8285
url	https://palabraclave.unisabana.edu.co/index.php/palabraclave/article/view/9905 https://palabraclave.unisabana.edu.co/index.php/palabraclave/article/view/9905/pdf http://hdl.handle.net/10818/38952 https://doi.org/10.5294/pacla.2020.23.1.7
dc.language.iso.es_CO.fl_str_mv	eng
language	eng
dc.relation.ispartofseries.none.fl_str_mv	Palabra Clave, 23(1), e2317
dc.rights.*.fl_str_mv	Attribution-NonCommercial-NoDerivatives 4.0 International
dc.rights.coar.fl_str_mv	http://purl.org/coar/access_right/c_abf2
dc.rights.uri.*.fl_str_mv	http://creativecommons.org/licenses/by-nc-nd/4.0/
rights_invalid_str_mv	Attribution-NonCommercial-NoDerivatives 4.0 International http://creativecommons.org/licenses/by-nc-nd/4.0/ http://purl.org/coar/access_right/c_abf2
dc.format.es_CO.fl_str_mv	application/pdf
dc.publisher.es_CO.fl_str_mv	Universidad de La Sabana
dc.publisher.department.none.fl_str_mv	Dirección de Publicaciones
dc.source.es_CO.fl_str_mv	Universidad de La Sabana
dc.source.none.fl_str_mv	Intellectum Repositorio Universidad de La Sabana
institution	Universidad de la Sabana
bitstream.url.fl_str_mv	https://intellectum.unisabana.edu.co/bitstream/10818/38952/3/license.txt https://intellectum.unisabana.edu.co/bitstream/10818/38952/2/license_rdf
bitstream.checksum.fl_str_mv	f52a2cfd4df262e08e9b300d62c85cab 4460e5956bc1d1639be9ae6146a50347
bitstream.checksumAlgorithm.fl_str_mv	MD5 MD5
repository.name.fl_str_mv	Intellectum Universidad de la Sabana
repository.mail.fl_str_mv	contactointellectum@unisabana.edu.co
_version_	1811952271163916288
spelling	Medina, MercedesSánchez Tabernero, AlfonsoLarrainzar, Arturo2020-01-21T20:41:29Z2020-01-21T20:41:29Z2020Medina, M., Sánchez-Tabernero, A., & Larrainzar, A. (2020). Growth strategies of media companies: Efficiency analysis. Palabra Clave, 23(1), e2317. DOI: https://doi.org/10.5294/pacla.2020.23.1.70122-8285https://palabraclave.unisabana.edu.co/index.php/palabraclave/article/view/9905https://palabraclave.unisabana.edu.co/index.php/palabraclave/article/view/9905/pdfhttp://hdl.handle.net/10818/38952https://doi.org/10.5294/pacla.2020.23.1.738 páginasEste artículo analiza las principales opciones estratégicas de las empresas de medios y entretenimiento sobre qué hacer para crecer — internacionalización o diversificación — y cómo hacerlo — crecimiento orgánico e inorgánico — en un contexto de competencia cada vez mayor. Identificamos correlaciones entre dichas estrategias y tres pilares básicos del proceso de toma de decisiones de los gerentes: crecimiento, rentabilidad y endeudamiento. Se concluye que las fusiones y las adquisiciones pueden generar un rápido crecimiento pero son costosas en términos de Retorno sobre el Capital de Inversión (ROIC) y generalmente aumentan el apalancamiento de la empresa. Por consiguiente, la vía inorgánica no podría ser la mejor opción para las empresas con dificultades para acceder al capital o para negocios muy cíclicos. Adicionalmente, se identifica que la integración vertical genera un ROIC más bajo que la integración horizontal, y se muestra cómo las estrategias de internacionalización aumentan la rentabilidad de las empresas audiovisuales. Se analizan los indicadores básicos de 50 empresas cotizadas en el sector que cumplen con tres criterios necesarios para nuestro estudio: transparencia de datos, tamaño suficiente de la empresa y una cierta trayectoria que nos permitiría estudiar las consecuencias de las estrategias escogidas durante largos períodos de tiempo, al menos 15 años. Se estudia la evolución de las empresas entre los años 2010 y 2016 con métricas de la base de datos de Thomson Reuters. En ese último año, representaron el 88 por ciento de los ingresos mundiales de televisión.application/pdfengUniversidad de La SabanaDirección de PublicacionesPalabra Clave, 23(1), e2317Attribution-NonCommercial-NoDerivatives 4.0 Internationalhttp://creativecommons.org/licenses/by-nc-nd/4.0/http://purl.org/coar/access_right/c_abf2Universidad de La SabanaIntellectum Repositorio Universidad de La SabanaAdministración de comunicacionesEconomía de la comunicaciónFusiónAdquisicionesComercio internacionalDigitalizaciónGrowth Strategies of Media Companies: Efficiency AnalysisEstrategias de crecimiento de las empresas de medios: análisis de eficienciaEstratégias de crescimento das empresas de mídia: análise de eficiênciaarticlepublishedVersionhttp://purl.org/coar/version/c_970fb48d4fbd8a85http://purl.org/coar/resource_type/c_6501Albarran, A. B., & Dimmick, J. (1996). Concentration and economics of multiformity in the communication industries. Journal of Media Economics, 9(4), 41–50. DOI: https://doi.org/10.1207/ s15327736me0904_3Aldrich, H., & Auster, E. R. (1986). Even dwarfs started small: Liabilities of age and size and their strategic implications. Research in organizational behavior, 8, 165–186. Retrieved from https://psycnet. apa.org/record/1988-12412-001Allocca, M. A., & Kessler, E. H. (2006). Innovation speed in small and medium‐sized enterprises. Creativity and Innovation Management, 15(3), 279–295. DOI: https://doi.org/10.1111/j.1467- 8691.2006.00389.xAnsoff, I. (1957). Strategies for diversification. Harvard Business Review, 35(5), 113–124. Retrieved from http://sgpwe.izt.uam.mx/files/ users/uami/sppc/13O/Gestion_y_Control_Estrategico_I/Lectura_10._Ansoff_Igor_Strategies_for_Diversification.pdfBuzzell, R. D., Gale, B. T., & Sultan, R. G. (1975). Market share — a key to profitability. Harvard Business Review, 53(1), 97–106. Retrieved from https://hbr.org/1975/01/market-share-a-key-to-profitabilityCarayannis, E. G., & Rakhmatullin, R. (2014). The quadruple/quintuple innovation helixes and smart specialisation strategies for sustainable and inclusive growth in Europe and beyond. Journal of the Knowledge Economy, 5(2), 212–239. DOI: https://doi.org/10.1007/ s13132-014-0185-8Carman, J. M., & Langeard, E. (1980). Growth strategies for service firms. Strategic Management Journal, 1(1), 7–22. DOI: https://doi. org/10.1002/smj.4250010103Carvajal, M., & García Avilés, J. A. (2008). From newspapers to multimedia groups: Business growth strategies of the regional press in Spain. Journalism Practice, 2(3), 453–462. DOI: https://doi. org/10.1080/17512780802281198Casero-Ripollés, A., & Izquierdo-Castillo, J. (2013). Between decline and a new online business model: The case of the Spanish newspaper industry. Journal of Media Business Studies, 10(1), 63–78. DOI: https://doi.org/10.1080/16522354.2013.11073560Chalaby, J. K. (2016). Television and globalization: The TV content global value chain. Journal of Communication, 66(1), 35–59. DOI: https://doi.org/10.1111/jcom.12203Chalaby, J. (2018). Hedging against disaster: Risk and mitigation in the media and entertainment industries. International Journal of Digital Television 9(2), 167–184. DOI: https://doi.org/10.1386/ jdtv.9.2.167_1Chan-Olmsted, S. M., & Chang, B. H. (2003). Diversification strategy of global media conglomerates: Examining its patterns and determinants. The Journal of Media Economics, 16(4), 213–233. DOI: https://doi.org/10.1207/s15327736me1604_1Chon, B. S., Choi, J., Barnett, G., Danowski, J. A., & Joo, S. H. (2003). A structural analysis of media convergence: Cross-industry mergers and acquisitions in the information industries. Journal of Media Economics, 16(3), 141–157. DOI: https://doi.org/10.1207/ s15327736me1603_1Coad, A., Daunfeldt, S. O., Hölzl, W., Johansson, D., & Nightingale, P. (2014). High-growth firms: Introduction to the special section. Industrial and Corporate Change, 23(1), 91–112. DOI: https:// doi.org/10.1093/icc/dtt052Cronin Jr., J. J., & Page Jr., T. J. (1988). An examination of the relative impact of growth strategies on profit performance. European Journal of Marketing, 22(1), 57–68. DOI: https://doi.org/10.1108/ eum0000000005268D’Annunzio, A. (2017). Vertical integration in the TV market: Exclusive provision and program quality. International Journal of Industrial Organization, 53, 114–144. DOI: https://doi.org/10.1016/j.ijindorg.2017.05.002Doyle, G. (2018). Television production: Configuring for sustainability in the digital era. Media, Culture & Society, 40(2), 285–295. DOI: https://doi.org/10.1177/0163443717717634Doyle, G. (2015). Multi-platform media and the miracle of the loaves and fishes. Journal of Media Business Studies, 12(1), 49–65. DOI: https://doi.org/10.1080/16522354.2015.1027113Esser, A. (2016). Challenging US leadership in entertainment industries? The rise and sale of Europe’s international TV production groups. International Journal of Communications, 10, 3585–3614. Retrieved from https://ijoc.org/index.php/ijoc/article/view/4809Evens, T., & Donders, K. (2016). Mergers and acquisitions in TV broadcasting and distribution: Challenges for Competition, industrial and media policy. Telematics and Informatics, 33(2), 674–682. DOI: https://doi.org/10.1016/j.tele.2015.04.003Hendriks, P. (1995). Communications policy and industrial dynamics in media markets: Toward a theoretical framework for analyzing media industry organization. Journal of Media Economics, 8(2), 61–76. DOI: https://doi.org/10.1207/s15327736me0802_6Jung, J., & Chan-Olmsted, S. (2005). Impacts of media conglomerates’ dual diversification on financial performance. Journal of Media Economics, 18(3), 183–202. DOI: https://doi.org/10.1207/ s15327736me1803_2Kerr, J., & Slocum, J. W. (1987). Managing corporate culture through reward systems. The Academy of Management Executive, 1(2), 99– 107. DOI: https://doi.org/10.5465/ame.1987.4275817Kolo, C., & Vogt, P. (2003). Strategies for growth in the media and communications industry: Does size really matter? International Journal on Media Management, 5(4), 251–261. DOI: https://doi. org/10.1080/14241270309390041Krugman, P. (1980). Scale economies, product differentiation, and the pattern of trade. The American Economic Review, 70(5), 950–959. Retrieved from https://www.jstor.org/stable/1805774Lawler, E. E. (1997). Rethinking organization size. Organizational Dynamics, 26(2), 24–35. DOI: https://doi.org/10.1016/s0090- 2616(97)90003-6Makidies, C. C., & Williamson, P. J. (1994). Related diversification, core competences and core performance. Strategic Management Journal, 15(S2), 149–165. DOI: https://doi.org/10.1002/ smj.4250151010Matsusaka, J. G. (2001). Corporate diversification, value maximization, and organizational capabilities. The Journal of Business, 74(3), 409–431. DOI: https://doi.org/10.1086/321932Medina, M., Sánchez-Tabernero, A., & Arrese, A. (2016). Content as products in media markets. In G. F Lowe & C. Brown (Ed.), Managing media firms and industries. what’s so special about media management? (pp. 243–261). Heidelberg, Germany: Springer-Verlag. DOI: https://doi.org/10.1007/978-3-319-08515-9_14Medina, M., & Herrero, M. (2013). Keys to monetize social media in the audiovisual business. In M. Friedrichsen, & W. Mühl-Benninghaus (Eds.), Handbook of social media management value chain and business models in changing media markets (pp. 311–325), Berlin, Germany: Springer. DOI: https://doi.org/10.1007/978-3-642-28897-5_18Noam, E. (2016). Who owns the world’s media? Media concentration and ownership around the world. Oxford, UK: Oxford University Press. DOI: https://doi.org/10.1093/acprof:oso/9780199987238.001.0001Ofcom. (2017). International communications market report. Retrieved from https://www.ofcom.org.uk/research-and-data/multi-sector-research/cmr/cmr-2017/internationalOliver, J. (2014). Dynamic capabilities and superior firm performance in the UK media industry. Journal of Media Business Studies, 11(2), 57–78. DOI: https://doi.org/10.1080/16522354.2014.11073580Papadakis, V. M., & Thanos, I. C. (2010). Measuring the performance of acquisitions: An empirical investigation using multiple criteria. British Journal of Management, 21(4), 859–873. DOI: https://doi. org/10.1111/j.1467-8551.2009.00671.xPeltier, S. (2004). Mergers and acquisitions in the media industries: Where failures really unforseeable? Journal of Media Economics, 17(4), 261–278. DOI: https://doi.org/10.1207/s15327736me1704_2Picard, R. (2014). Twilight or new dawn of journalism?: Evidence from the changing news ecosystem. Journalism Studies, 15(5), 1–11. DOI: https://doi.org/10.1080/1461670X.2014.895530PwC. (2016). Global entertainment and media outlook 2016–2020: A world of differences. PwC. Retrieved from https://www.pwc.com.tr/ tr/industry/entertainment-media/outlook-global-entertainment-and-media-outlook-2016-2020.pdfRoos, J., & von Krogh, G. (2016). Managing strategy processes in emergent industries: The case of media firms. Heidelberg, Germany: Springer.Sánchez-Tabernero, A., & Carvajal, M. (2002). Media concentration in the European market. New trends and challenges. Pamplona, Spain: Servicio de publicaciones de la Universidad de NavarraSchlesinger, P., & Doyle, G. (2015). From organizational crisis to multi-platform salvation? Creative destruction and the recomposition of news media. Journalism, 16(3), 305–323. DOI: https://doi. org/10.1177/1464884914530223Schmalensee, R. (1981). Economies of scale and barriers to entry. Journal of political Economy, 89(6), 1228–1238. Retrieved from http:// www.jstor.org/stable/1837192Schwartz, H., & Davis, S. M. (1981). Matching corporate culture and business strategy. Organizational Dynamics, 10(1), 30–48. DOI: https://doi.org/10.1016/0090-2616(81)90010-3Stigler, G. J. (1958). The economies of scale. The Journal of Law and Economics, 1(1) 54–71. DOI: https://doi.org/10.1086/466541Storper, M. (1989). The transition to flexible specialisation in the US film industry: external economies, the division of labour, and the crossing of industrial divides. Cambridge Journal of Economics, 13(2), 273– 305. DOI: https://doi.org/10.1093/oxfordjournals.cje.a035094Urgellés, A. (2017). From attention to engagement in the battle for the audiences. In M. Medina (Ed.), Current and emerging issues in the audiovisual industry (pp. 97–117). London, UK: ISTE-Wiley. DOI: https://doi.org/10.1002/9781119384632Van Kranenburg, H. & Ziggers, G. W. (2018). Mergers and acquisitions and their performance. In A. Albarran, B. Mierzejewska & J. Jung, Handbook of media economics and media management (pp. 201– 218). New York, NY: Routledge.Verhoeven, M., von Rimscha, M. B., Krebs, I., Siegert, G., & Sommer, C. (2018). Identifying paths to audience success of media products: The media decision-makers’ perspective. International Journal on Media Management, 20(1), 51–77. DOI: https://doi.org/10.108 0/14241277.2017.1402019Wirtz, B. W. (2001). Reconfiguration of value chains in converging media and communications markets. Long Range Planning, 34(4), 489– 506. DOI: http://dx.doi.org/10.1016/S0024-6301(01)00066-8Wirth, M. & Bloch, H. (1995). Industrial organization theory and media industry analysis. Journal of Media Economics, 8(2), 15–26. DOI: https://doi.org/10.1207/s15327736me0802_3Yoo, C. S. (2002). Vertical integration and media regulation in the new economy. Yale Journal on Regulation, 19(1), 171–295. Retrieved from http://digitalcommons.law.yale.edu/yjreg/vol19/iss1/5Gutiérrez-Rentería, M. E., & López Hernández, C. E. (2014). La convergencia digital propicia convergencia entre industrias: principales empresas que participan en el mercado de capitales concentran los mayores ingresos en 2013. Revista de Comunicación 13, 144– 162. Retrieved from https://dialnet.unirioja.es/servlet/articulo?codigo=4875645LICENSElicense.txtlicense.txttext/plain; charset=utf-8498https://intellectum.unisabana.edu.co/bitstream/10818/38952/3/license.txtf52a2cfd4df262e08e9b300d62c85cabMD53CC-LICENSElicense_rdflicense_rdfapplication/rdf+xml; charset=utf-8805https://intellectum.unisabana.edu.co/bitstream/10818/38952/2/license_rdf4460e5956bc1d1639be9ae6146a50347MD5210818/38952oai:intellectum.unisabana.edu.co:10818/389522020-10-02 17:06:35.207Intellectum Universidad de la Sabanacontactointellectum@unisabana.edu.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

Growth Strategies of Media Companies: Efficiency Analysis

Publicaciones similares