Desempenho de fusões e aquisições cross border: análise empírica do caso brasileiro

Bortoluzzo, Adriana Bruscato; Garcia, Maria Pia de Siqueira; Boehe, Dirk Michael; Sheng, Hsia Hua

doi:10.1590/s0034-759020140606

Cited by 14 publications

(19 citation statements)

References 38 publications

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“…Their results showed significant improvements in the firms' performance after M&A operations (domestic and cross-border), regarding the following variables: sales, net profits, assets, dividends, and, to a lesser extent, the ratio, net profits/sales. Bortoluzzo et al (2014) investigated whether the acquisitions made by Brazilian firms abroad contributed to their financial performance. The authors found that, in fact, investing abroad through cross-border activities improves the performance of Brazilian firms when the cultural distance between home and host countries is low or medium, and the institutional environment in which they operate is developed.…”

mentioning

confidence: 99%

Mergers and acquisitions in Brazilian industry: a study of spillover effects

Bruhn¹,

Calegário

Carvalho

et al. 2017

IJPPM

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Purpose The purpose of this paper is to investigate the effects of different kinds of merger and acquisitions (M&As) on domestic industries’ productivity in the form of technological change (TC) and efficiency change (EC) in the Brazilian extracting and processing industries. Design/methodology/approach Panel data analysis is employed to test the impact of different kinds of M&As spillovers on each component of productivity growth. The database contains data collected from 2007 to 2011 referring to the Brazilian industries. The estimation procedure involves two stages. The first stage decomposes TFP growth into EC and TC using a input-based Malmquist Productivity Index. In the second step, EC and TC indexes are used interchangeably as a dependent variable in panel data regressions on the M&As-spillover variables. Findings The results indicate a positive relationship between TC and M&As made by Brazilian majority capital acquiring foreign-held capital from a company established abroad, which is consistent with reverse spillover theory. They also suggest an inverse relationship between TC and M&A operations made by companies with foreign majority capital acquiring both Brazilian-held capital and foreign-held capital from a company established in Brazil. Only the sectors that are capable of increasing their productivity via TC are able to benefit from technology transfer. Research limitations/implications This study is limited by the extent of data aggregation applied, which did not identify M&A transaction effects at the firm level. The available data do not allow isolating the effects of M&A processes on industry performance, given the co-occurrence of several factors that affect the performance of the industry. The study results imply that public managers must remain cognizant of the critical need to preserve and maximize competition between foreign and domestic firms while promoting a competitive environment that encourages the development of domestic technological capacities and skilled human capital. Practical implications M&A processes raise important issues with respect to organizational decisions and industrial policy. Studies of M&A transactions may be of fundamental importance to the expansion of healthy companies as they evolve through successive stages of growth and development. Liberalizing regulations to promote M&A transactions, and corporate market control is only justified if it promotes social welfare and economic development. Understanding the complexity and dynamics of this phenomenon and appreciating the heterogeneity of possible outcomes can lead to more relevant discussion regarding their contributions. Social implications Results found in this study indicate the need for greater efforts to understand how M&A operations, especially those associated to foreign-held capital, interact with local owned enterprises in developing economies and what benefits can be achieved through public policy. M&A operations need to be well evaluated by considering the kinds and intensities of externalities they might generate, whether and how local firms can potentially internalize those gains, building up absorptive capacities in order to achieve productivity spillover gains. Originality/value This study not only offers a more accurate understanding of the diverse nature and effects of M&A operations, but also stimulates a more relevant public policy discussion related to both foreign direct investment and OFDI incentives in Brazil. The growing economic importance of the activities of developing emerging countries’ multinational enterprises is making governments more inclined to re-evaluate their political strategies. Indeed, governments are beginning to recognize that markets need to be created, monitored and nurtured.

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mentioning

confidence: 99%

Mergers and acquisitions in Brazilian industry: a study of spillover effects

Bruhn¹,

Calegário

Carvalho

et al. 2017

IJPPM

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“…The larger the experience of the MNC with the host country and with acquisitions, the lower will probably be the perceived complexities and thus the lower the temporal hiatus between acquisition announcement and finalization (Dikova et al, 2010). In sum, in the negotiation stage of the acquisition process, it seems reasonable to suggest that prior acquisition experience, and especially acquisition experience in the same country, may facilitate the finalization of the acquisition (Bortoluzzo et al, 2014).…”

Section: Acquisition Experiencementioning

confidence: 99%

The pre-acquisition process

Ferreira

Borini

Vicente

et al. 2017

IJOEM

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Purpose The purpose of this paper is to focus on the pre-acquisition process and, specifically, how the complexity involved in the transaction may drive the temporal gap between the formal announcement and the completion of the deal. The authors emphasize the time (in days) between announcement and completion. Design/methodology/approach The empirical setting consists of the cross-border acquisitions (CBAs) of Brazilian firms by multinational corporations announced between 2008 and 2012. Using a sample of 741 acquisitions, the authors examine how institutional (cultural and regulatory) and technological complexity and the predictable mitigating effect of prior acquisition experience in Brazil all impact on the time needed for evaluating the target and negotiating. Findings The results show that these complexity factors do matter for hastening the process and that recent experience with acquisitions in Brazil shortens the time needed to completion. Originality/value This study contributes to the literature on the acquisition process and the uncertainty and complexity factors in CBA in an emerging economy.

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“…As teorias que surgiram das instituições, e que analisam o impacto da distância cultural, as diferenças regulatórias e as contingências institucionais nos eventos de reestruturação corporativa, são cada vez mais numerosas hoje em dia (BORTOLUZZO et al, 2014), isso se deu porque análises mais tradicionais centradas apenas nos aspectos econômicos e de mercado se revelaram insuficientes para apreender toda a complexidade inerente a um processo de incorporação.…”

Section: Alternativas Para a Análise Do Casounclassified

De Gerente Sênior a Diretor Executivo: Quantos Passos Devo Dar? O Caso Kroton, Anhanguera E Estácio

Andrade

Araújo

Lucena

2019

RGO

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Em 22 de abril de 2013, a Kroton Educacional S/A e a Anhanguera Participações S/A anunciaram a celebração de um acordo de incorporação entre as duas instituições. O acordo celebrado estava sujeito a três condições básicas: (1) Aprovação pela Assembleia Geral; (2) Realização de auditorias em ambas as empresas e (3) Aprovação por parte do Conselho Administrativo de Defesa Econômica (CADE). Em maio de 2014, o CADE aprovou a incorporação das ações da Anhanguera pela Kroton, entretanto, exigiu a alienação de algumas intuições de ensino e a limitação de matrículas em algumas cidades. Em 20 de junho de 2016, a Kroton enviou ao conselho de administração da Estácio Participações S/A uma proposta de incorporação de suas ações, assim como foi feito na incorporação anterior, já que esta última estava sujeita as mesmas condições. Em 06 de fevereiro de 2017, o CADE optou pela não aprovação do processo motivada por questões concorrenciais. Sob a ótica da Teoria Institucional, estes processos de incorporação podem ser “lidos” além da perspectiva de mercado ou da regulamentação para compreender: como os ambientes institucionais das empresas tiveram sua parcela de influência no resultado destas incorporações?

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Desempenho de fusões e aquisições cross border: análise empírica do caso brasileiro

Cited by 14 publications

References 38 publications

Mergers and acquisitions in Brazilian industry: a study of spillover effects

Mergers and acquisitions in Brazilian industry: a study of spillover effects

The pre-acquisition process

De Gerente Sênior a Diretor Executivo: Quantos Passos Devo Dar? O Caso Kroton, Anhanguera E Estácio

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