تاثیر دارایی های نامشهود و سود اقتصادی بر ترکیب و ادغام در صنعت خدمات ارتباطات
Abstract: The problems reporting intangible assets are a lack of standardization due to no universally accepted accounting categories, and the exclusion of cost of capital. This research tested the impact of the factors of intangible assets on economic profit based on the 1997 Horizontal Merger Guidelines as interpreted by the Federal Communications Commission. Two regressions were constructed measuring the impact of these factors on the economic profit using 12 telecom companies awarded mergers and acquisitions (M&A) approval between 2005 and 2006. The findings showed Net Property, Plant and Equipment (Net PP&E), Capital Expenditures, Research and Development (R&D), and Value Added showed positive impact on economic profit. However, the extent of impact was limited by the impact of Weighted Average Cost of Capital (WACC). The findings also showed the FCC\'s rulings in all six filings coincided with the 1997 Horizontal Merger Guidelines.
Keywords: Capital expenditures,Communication services industry,Economic profit,Federal Communication Commission,Intangible assets,Mergers and acquisitions, Research and development