ABSTRACT

Firms are important regional identity anchors. Accordingly, acquisitions by foreign companies are publicly discussed regarding the gains or losses in regional prestige that they bring about. However, the perception and evaluation of mergers and acquisitions (M&As) in public discourse has so far only been marginally analysed. The study therefore examines the interpretation and evaluation of inward and outward M&As in Vienna between 1999 and 2016 by highly reputed local print media providing comprehensive business coverage. The three main approaches are differentiated according to their valuing of the regional impact of M&As – an orthodox, a heterodox, and a relational perspective. These perspectives are operationalized in terms of the concept of ‘framing’, which refers to the aspects of an issue that are emphasized in media coverage to elicit a certain interpretation and thus, to make the issue socially relevant. The results show a regionally ‘uneven’ media reception, which is expressed in the application of different frames to inward and outward M&As. Over time, and particularly during the crisis since 2009, the heterodox frame seems to have dominated media evaluation. Hence, the arguments on inward and outward M&As still differ: the implications for the own region seem to influence media evaluations of M&As.

摘要

公司是重要的区域认同锚。相应地，外国公司的收购就其带来的地区声望的收益或损失进行了公开讨论。然而，迄今为止，公共话语中对并购 (M&A) 的看法和评估只得到了很少的分析。因此，本研究考察了 1999 年至 2016 年期间，由提供全面商业报道的当地知名印刷媒体对维也纳境内外并购的解释和评估。三种主要方法根据其对并购的区域影响的评估进行区分——正统的、非正统的和关系的观点。这些观点是根据“框架”的概念来操作的，它指的是媒体报道中强调的某个问题的各个方面，以引起某种解释，从而使该问题具有社会相关性。结果显示了区域性“不平衡”的媒体接受度，这表现在对内向和向外并购的不同框架的应用上。随着时间的推移，特别是在 2009 年以来的危机期间，异端框架似乎主导了媒体评价。因此，关于对内并购和对外并购的争论仍然不同：对本地区的影响似乎会影响媒体对并购的评价。异端的框架似乎主导了媒体评价。因此，关于对内并购和对外并购的争论仍然不同：对本地区的影响似乎会影响媒体对并购的评价。异端的框架似乎主导了媒体评价。因此，关于对内并购和对外并购的争论仍然不同：对本地区的影响似乎会影响媒体对并购的评价。