Respostas estratégicas de redução de incerteza face à distância institucional nas aquisições estrangeiras no Brasil

Detalhes bibliográficos
Autor(a) principal: Vicente, Simone César da Silva
Data de Publicação: 2014
Tipo de documento: Dissertação
Idioma: por
Título da fonte: Biblioteca Digital de Teses e Dissertações da Uninove
Texto Completo: http://bibliotecatede.uninove.br/tede/handle/tede/746
Resumo: In this study we analyze how foreign multinational companies account for uncertainty in acquisitions in Brazil given the differences or distances, institutional separating the countries of origin of Brazil. Specifically, we look at how an extensive set of variables of the institutional environment - economic, political, financial, cultural, administrative, demographic, global connections, knowledge and geographical - that form the institutional distance impact three specific actions of foreign multinationals in acquisitions: (1) finish or not finish, its intention to carry out the acquisition of the Brazilian company, (2) the option to buy only partial ownership, as opposed to the acquisition of the entire share capital of Brazilian target, (3) to extend the time between the announcement and the effective completion of the transaction. The three action strategies examined - achievement, the degree of property acquired and the time to completion - are conceptualized as actions against the degree of uncertainty and complexity associated with operating in institutionally distant markets. Methodologically, we make an empirical study based on data collected from secondary sources, with hypothesis testing using statistical multivariate analysis. The sample consisted of 770 foreign companies from 38 countries, with intent to acquisitions of Brazilian companies in the period 2008-2012. Results showed differential impacts of dimensions of institutional distance on the actions of companies. However, supporting evidence that partial aspects of institutional distance influence the strategic behavior of multinationals on their purchases. In private, the financial distance influences the degree of implementation and the property acquired, the full institutional distance between countries was significant preference for partial or full acquisitions, and cultural and geographical distances influence the degree of acquired property. The institutional distance as a determinant for the time gap and the effective implementation is not supported in acquisitions in the period in Brazil, given the evidence that over 70% of purchases are announced and implemented simultaneously. This study contributes to the literature in two ways: it allows to understand how the institutional distance is an emerging economy through development, and assimilate the actions that companies use to variations in institutional environments in which they operate. For the practice of management, the study discusses how companies can grow to different economies institutionally minimizing uncertainties, risks and investments. The study also points to the need to analyze a set of indicators of the institutional environment and their interfaces with the company in international business, for example, in decisions to expansion core business and diversifying the use of accumulated experience in new business, thus conceptualizing not as atomistic decisions of managers of multinationals.
id NOVE_10db82d7fb2aa1ffdb19b1990e9db8fd
oai_identifier_str oai:localhost:tede/746
network_acronym_str NOVE
network_name_str Biblioteca Digital de Teses e Dissertações da Uninove
repository_id_str
spelling Ferreira, Manuel Aníbal Silva Portugal VasconcelosSerra, Fernando Antonio Ribeirohttp://lattes.cnpq.br/4170407039210695Costa, Benny Kramerhttp://lattes.cnpq.br/4524013741486821Ogasavara, Mario Henriquehttp://lattes.cnpq.br/7985065366684340CPF:10297530836http://lattes.cnpq.br/2185048822326025Vicente, Simone César da Silva2015-04-08T15:35:20Z2014-10-022014-08-21VICENTE, Simone César da Silva. Uncertainty reduction strategies in the face of institutional distance on cross-border acquisitions in Brazil. 2014. 127 f. Dissertação (Mestrado em Administração) - Universidade Nove de Julho, São Paulo, 2014.http://bibliotecatede.uninove.br/tede/handle/tede/746In this study we analyze how foreign multinational companies account for uncertainty in acquisitions in Brazil given the differences or distances, institutional separating the countries of origin of Brazil. Specifically, we look at how an extensive set of variables of the institutional environment - economic, political, financial, cultural, administrative, demographic, global connections, knowledge and geographical - that form the institutional distance impact three specific actions of foreign multinationals in acquisitions: (1) finish or not finish, its intention to carry out the acquisition of the Brazilian company, (2) the option to buy only partial ownership, as opposed to the acquisition of the entire share capital of Brazilian target, (3) to extend the time between the announcement and the effective completion of the transaction. The three action strategies examined - achievement, the degree of property acquired and the time to completion - are conceptualized as actions against the degree of uncertainty and complexity associated with operating in institutionally distant markets. Methodologically, we make an empirical study based on data collected from secondary sources, with hypothesis testing using statistical multivariate analysis. The sample consisted of 770 foreign companies from 38 countries, with intent to acquisitions of Brazilian companies in the period 2008-2012. Results showed differential impacts of dimensions of institutional distance on the actions of companies. However, supporting evidence that partial aspects of institutional distance influence the strategic behavior of multinationals on their purchases. In private, the financial distance influences the degree of implementation and the property acquired, the full institutional distance between countries was significant preference for partial or full acquisitions, and cultural and geographical distances influence the degree of acquired property. The institutional distance as a determinant for the time gap and the effective implementation is not supported in acquisitions in the period in Brazil, given the evidence that over 70% of purchases are announced and implemented simultaneously. This study contributes to the literature in two ways: it allows to understand how the institutional distance is an emerging economy through development, and assimilate the actions that companies use to variations in institutional environments in which they operate. For the practice of management, the study discusses how companies can grow to different economies institutionally minimizing uncertainties, risks and investments. The study also points to the need to analyze a set of indicators of the institutional environment and their interfaces with the company in international business, for example, in decisions to expansion core business and diversifying the use of accumulated experience in new business, thus conceptualizing not as atomistic decisions of managers of multinationals.Neste estudo analisamos como as empresas multinacionais estrangeiras respondem à incerteza nas aquisições de empresas no Brasil face às diferenças, ou distâncias, institucionais que separam os países de origem do Brasil. Especificamente, analisa-se como um conjunto extenso de variáveis do ambiente institucional - econômica, político, financeira, cultural, administrativa, demográfica, conexões globais, conhecimento e geográfica que formam a distância institucional, impacta três ações específicas das multinacionais estrangeiras nas aquisições: (1) concretizar, ou não concretizar, a sua intenção de realizar a aquisição da empresa brasileira, (2) a optar pela aquisição de apenas posse parcial, em contraponto à aquisição da totalidade do capital da empresa alvo brasileira, (3) a prolongar o tempo que medeia entre o anúncio e a concretização efetiva do negócio. As três ações estratégias examinadas - concretização, o grau de propriedade adquirido e o tempo para concretização são conceitualizadas como ações face ao grau de incerteza e complexidade associado a operar em mercados institucionalmente mais distantes. Metodologicamente, realiza-se um estudo empírico, baseado em dados coletados de fontes secundárias, com o teste de hipóteses usando técnicas estatísticas de análise multivariada. A amostra foi composta por 770 empresas estrangeiras, de 38 países, com intenção de aquisições de empresas brasileiras, no período de 2008 a 2012. Os resultados permitiram observar impactos diferenciados das dimensões de distância institucional nas ações das empresas. No entanto, sustentam evidências parciais que aspectos de distância institucional influenciam as ações estratégicas das multinacionais nas suas aquisições. Em especial, a distância financeira influencia a concretização e o grau de propriedade adquirida, a distância institucional total entre os países foi significativa na preferência por aquisições parciais ou totais, e as distâncias cultural e geográfica influenciam o grau de propriedade adquirida. A distância institucional como determinante para o lapso temporal e para a efetiva concretização não é sustentada nas aquisições realizadas no período no Brasil, dada à evidência que mais de 70% das aquisições são anunciadas e concretizadas simultaneamente. Este estudo contribui para a literatura de duas formas: permite entender como se constitui a distância institucional numa economia emergente de desenvolvimento intermédio, e assimilar as ações que as empresas utilizam face a variações nos ambientes institucionais em que operam. Para a prática da gestão, o estudo discute como as empresas podem crescer para economias institucionalmente diferentes minimizando incertezas, riscos e investimentos. O estudo também aponta para a necessidade de analisar um conjunto de indicadores do ambiente institucional e suas interfaces com a empresa nos negócios internacionais, como, por exemplo, nas decisões de expansão diversificando o core business e a utilização da experiência acumulada em novos negócios, assim conceitualizando como não atomísticas as decisões dos dirigentes das multinacionais.Made available in DSpace on 2015-04-08T15:35:20Z (GMT). No. of bitstreams: 1 Simone Cesar da Silva Vicente.pdf: 1098832 bytes, checksum: 748e6089d70109f9b6af813dad6e56b2 (MD5) Previous issue date: 2014-08-21application/pdfporUniversidade Nove de JulhoPrograma de Pós-Graduação em AdministraçãoUninoveBRAdministraçãoambiente institucionaldistância institucionalaquisições internacionais de empresasBrasilestratégias de redução de incertezaações estratégicasinstitutional environmentinstitutional distancecross-border acquisitionsBraziluncertainty reduction strategiesstrategic actionsCIENCIAS SOCIAIS APLICADAS::ADMINISTRACAORespostas estratégicas de redução de incerteza face à distância institucional nas aquisições estrangeiras no BrasilUncertainty reduction strategies in the face of institutional distance on cross-border acquisitions in Brazilinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesis8024035432632778221600info:eu-repo/semantics/openAccessreponame:Biblioteca Digital de Teses e Dissertações da Uninoveinstname:Universidade Nove de Julho (UNINOVE)instacron:UNINOVEORIGINALSimone Cesar da Silva Vicente.pdfapplication/pdf1098832http://localhost:8080/tede/bitstream/tede/746/1/Simone+Cesar+da+Silva+Vicente.pdf748e6089d70109f9b6af813dad6e56b2MD51tede/7462022-06-03 17:23:54.931oai:localhost:tede/746Biblioteca Digital de Teses e Dissertaçõeshttp://bibliotecatede.uninove.br/PRIhttp://bibliotecatede.uninove.br/oai/requestbibliotecatede@uninove.br||bibliotecatede@uninove.bropendoar:2022-06-03T20:23:54Biblioteca Digital de Teses e Dissertações da Uninove - Universidade Nove de Julho (UNINOVE)false
dc.title.por.fl_str_mv Respostas estratégicas de redução de incerteza face à distância institucional nas aquisições estrangeiras no Brasil
dc.title.alternative.eng.fl_str_mv Uncertainty reduction strategies in the face of institutional distance on cross-border acquisitions in Brazil
title Respostas estratégicas de redução de incerteza face à distância institucional nas aquisições estrangeiras no Brasil
spellingShingle Respostas estratégicas de redução de incerteza face à distância institucional nas aquisições estrangeiras no Brasil
Vicente, Simone César da Silva
ambiente institucional
distância institucional
aquisições internacionais de empresas
Brasil
estratégias de redução de incerteza
ações estratégicas
institutional environment
institutional distance
cross-border acquisitions
Brazil
uncertainty reduction strategies
strategic actions
CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO
title_short Respostas estratégicas de redução de incerteza face à distância institucional nas aquisições estrangeiras no Brasil
title_full Respostas estratégicas de redução de incerteza face à distância institucional nas aquisições estrangeiras no Brasil
title_fullStr Respostas estratégicas de redução de incerteza face à distância institucional nas aquisições estrangeiras no Brasil
title_full_unstemmed Respostas estratégicas de redução de incerteza face à distância institucional nas aquisições estrangeiras no Brasil
title_sort Respostas estratégicas de redução de incerteza face à distância institucional nas aquisições estrangeiras no Brasil
author Vicente, Simone César da Silva
author_facet Vicente, Simone César da Silva
author_role author
dc.contributor.advisor1.fl_str_mv Ferreira, Manuel Aníbal Silva Portugal Vasconcelos
dc.contributor.advisor-co1.fl_str_mv Serra, Fernando Antonio Ribeiro
dc.contributor.advisor-co1Lattes.fl_str_mv http://lattes.cnpq.br/4170407039210695
dc.contributor.referee1.fl_str_mv Costa, Benny Kramer
dc.contributor.referee1Lattes.fl_str_mv http://lattes.cnpq.br/4524013741486821
dc.contributor.referee2.fl_str_mv Ogasavara, Mario Henrique
dc.contributor.referee2Lattes.fl_str_mv http://lattes.cnpq.br/7985065366684340
dc.contributor.authorID.fl_str_mv CPF:10297530836
dc.contributor.authorLattes.fl_str_mv http://lattes.cnpq.br/2185048822326025
dc.contributor.author.fl_str_mv Vicente, Simone César da Silva
contributor_str_mv Ferreira, Manuel Aníbal Silva Portugal Vasconcelos
Serra, Fernando Antonio Ribeiro
Costa, Benny Kramer
Ogasavara, Mario Henrique
dc.subject.por.fl_str_mv ambiente institucional
distância institucional
aquisições internacionais de empresas
Brasil
estratégias de redução de incerteza
ações estratégicas
topic ambiente institucional
distância institucional
aquisições internacionais de empresas
Brasil
estratégias de redução de incerteza
ações estratégicas
institutional environment
institutional distance
cross-border acquisitions
Brazil
uncertainty reduction strategies
strategic actions
CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO
dc.subject.eng.fl_str_mv institutional environment
institutional distance
cross-border acquisitions
Brazil
uncertainty reduction strategies
strategic actions
dc.subject.cnpq.fl_str_mv CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO
description In this study we analyze how foreign multinational companies account for uncertainty in acquisitions in Brazil given the differences or distances, institutional separating the countries of origin of Brazil. Specifically, we look at how an extensive set of variables of the institutional environment - economic, political, financial, cultural, administrative, demographic, global connections, knowledge and geographical - that form the institutional distance impact three specific actions of foreign multinationals in acquisitions: (1) finish or not finish, its intention to carry out the acquisition of the Brazilian company, (2) the option to buy only partial ownership, as opposed to the acquisition of the entire share capital of Brazilian target, (3) to extend the time between the announcement and the effective completion of the transaction. The three action strategies examined - achievement, the degree of property acquired and the time to completion - are conceptualized as actions against the degree of uncertainty and complexity associated with operating in institutionally distant markets. Methodologically, we make an empirical study based on data collected from secondary sources, with hypothesis testing using statistical multivariate analysis. The sample consisted of 770 foreign companies from 38 countries, with intent to acquisitions of Brazilian companies in the period 2008-2012. Results showed differential impacts of dimensions of institutional distance on the actions of companies. However, supporting evidence that partial aspects of institutional distance influence the strategic behavior of multinationals on their purchases. In private, the financial distance influences the degree of implementation and the property acquired, the full institutional distance between countries was significant preference for partial or full acquisitions, and cultural and geographical distances influence the degree of acquired property. The institutional distance as a determinant for the time gap and the effective implementation is not supported in acquisitions in the period in Brazil, given the evidence that over 70% of purchases are announced and implemented simultaneously. This study contributes to the literature in two ways: it allows to understand how the institutional distance is an emerging economy through development, and assimilate the actions that companies use to variations in institutional environments in which they operate. For the practice of management, the study discusses how companies can grow to different economies institutionally minimizing uncertainties, risks and investments. The study also points to the need to analyze a set of indicators of the institutional environment and their interfaces with the company in international business, for example, in decisions to expansion core business and diversifying the use of accumulated experience in new business, thus conceptualizing not as atomistic decisions of managers of multinationals.
publishDate 2014
dc.date.available.fl_str_mv 2014-10-02
dc.date.issued.fl_str_mv 2014-08-21
dc.date.accessioned.fl_str_mv 2015-04-08T15:35:20Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.citation.fl_str_mv VICENTE, Simone César da Silva. Uncertainty reduction strategies in the face of institutional distance on cross-border acquisitions in Brazil. 2014. 127 f. Dissertação (Mestrado em Administração) - Universidade Nove de Julho, São Paulo, 2014.
dc.identifier.uri.fl_str_mv http://bibliotecatede.uninove.br/tede/handle/tede/746
identifier_str_mv VICENTE, Simone César da Silva. Uncertainty reduction strategies in the face of institutional distance on cross-border acquisitions in Brazil. 2014. 127 f. Dissertação (Mestrado em Administração) - Universidade Nove de Julho, São Paulo, 2014.
url http://bibliotecatede.uninove.br/tede/handle/tede/746
dc.language.iso.fl_str_mv por
language por
dc.relation.cnpq.fl_str_mv 8024035432632778221
dc.relation.confidence.fl_str_mv 600
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Universidade Nove de Julho
dc.publisher.program.fl_str_mv Programa de Pós-Graduação em Administração
dc.publisher.initials.fl_str_mv Uninove
dc.publisher.country.fl_str_mv BR
dc.publisher.department.fl_str_mv Administração
publisher.none.fl_str_mv Universidade Nove de Julho
dc.source.none.fl_str_mv reponame:Biblioteca Digital de Teses e Dissertações da Uninove
instname:Universidade Nove de Julho (UNINOVE)
instacron:UNINOVE
instname_str Universidade Nove de Julho (UNINOVE)
instacron_str UNINOVE
institution UNINOVE
reponame_str Biblioteca Digital de Teses e Dissertações da Uninove
collection Biblioteca Digital de Teses e Dissertações da Uninove
bitstream.url.fl_str_mv http://localhost:8080/tede/bitstream/tede/746/1/Simone+Cesar+da+Silva+Vicente.pdf
bitstream.checksum.fl_str_mv 748e6089d70109f9b6af813dad6e56b2
bitstream.checksumAlgorithm.fl_str_mv MD5
repository.name.fl_str_mv Biblioteca Digital de Teses e Dissertações da Uninove - Universidade Nove de Julho (UNINOVE)
repository.mail.fl_str_mv bibliotecatede@uninove.br||bibliotecatede@uninove.br
_version_ 1811016862872371200