Análise do desempenho econômico-financeiro de empresas brasileiras que realizaram operações de fusões e de aquisições
DOI:
https://doi.org/10.5007/2175-8077.2016v18n45p79Abstract
O objetivo principal desta pesquisa é identificar os efeitos provocados pelas fusões e aquisições no desempenho econômico-financeiro de empresas brasileiras de capital aberto que realizaram essas operações entre 2008 e 2012. Para testar a relação entre o desempenho econômico-financeiro das companhias após as fusões e as aquisições (F&As), utilizou-se a técnica de dados em painel na forma dinâmica, sendo os modelos estimados pelo Método dos Momentos Generalizados-Sistema. As evidências indicam que o desempenho das companhias foi persistente após as operações, produziram ganhos de desempenho e aumento no poder de mercado, pelas sinergias geradas pelo aumento no tamanho das companhias; além disso, ainda, o crescimento interno produziu um maior retorno se comparado ao crescimento por F&A; e as operações financiadas por mais de uma modalidade de recursos reduziram o desempenho das empresas no período analisado. Portanto, observa-se que as F&As são estratégias que podem gerar aumento na lucratividade das empresas após sua realização.
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