Growth Strategies of Media Companies: Efficiency Analysis

Mercedes Medina, Alfonso Sánchez-Tabernero, Arturo Larrainzar

Resumen


Estrategias de crecimiento de las empresas de medios: análisis de eficiencia

Estratégias de crescimento das empresas de mídia: análise de eficiência

Este 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.

To reference this paper / para citar este artículo / para citar este artigo

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

Recibido: 12/11/2018

Aceptado: 13/02/2019

Online: 13/12/2019

* Spanish Government fund: Reasons to consume fiction and entertainment audiovisual contents in the Spanish market  CSO2015-64615-R (MINECO/FEDER)


Palabras clave


Administración de comunicaciones; economía de la comunicación; fusión; adquisiciones; competencia; comercio internacional; digitalización

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DOI: https://doi.org/10.5294/pacla.2020.23.1.7

URL de la licencia: https://creativecommons.org/licenses/by-nc-nd/4.0/deed.es

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