Resumen
Firms consolidating their operations in heavily regulated industries face two major challenges in the
process of managing and implementing these deals. On the one hand, the integration problems caused by
corporate and national culture clashes. On the other hand, the antitrust concerns posed by national and
international regulators that may block the deal or diminish its synergies. This is particularly relevant as we
experience guarded globalization , defined by increasing nationalist sentiments among consumers and
greater commitment by national politicians and regulators to protectionist policies (Bremmer, 2014).
Drawing on data from the consolidation of the EU-15 airlines industry (1997-2017), we identify the main
market and non-market factors that managers (and regulators) are more concerned with. Using a content
analysis approach, our examination of the documents provides insights about the location and timing of the
integration, as well as the importance of market and non-market factors for the carriers, thus contributing to
the non-market and institutional theory literatures. Cross-national deals appear to raise less concerns than
consolidation within country borders. Moreover, pioneers face more regulatory hurdles than laggards. In
this regard, companies appear to acknowledge the influence of non-market variables on their business
activities, given the weight that terms related to non-market have on the data gathered. They offer avenues
for future research on institutional theory and the management of market and non-market factors across
borders
Serving Two Masters: A content analysis of market and non-market
influences on European airline consolidation