Indicadores econômico-financeiros determinantes de fusões e aquisições: um estudo na indústria de tecnologia no Brasil

• Autor(a) principal: Viglioni, Marco Túlio Dinali
• Data de Publicação: 2018
• Outros Autores: Carvalho, Francisval de Melo, Benedicto, Gideon Carvalho de
• Tipo de documento: Artigo
• Idioma: por
• Título da fonte: Repositório Institucional da UFLA
• Texto Completo: http://repositorio.ufla.br/jspui/handle/1/33686
• topic: Indústrias - Fusões e aquisições; Indústria de tecnologia; Regressão logística; Industries - Mergers & Acquisitions; Technology industry; Logistic regression

The purpose of this study was to analyze the main economic and financial ratio determinant in mergers and acquisitions in the technology industry in Brazil from the perspective of the acquiring firms. The quantitative model used was the logistic regression – Logit – using as a determinant variable the M&A event and as an independent variable the economic and financial indicators arranged in time series panel data in a series of quarterly data from 2009 to 2017. The results allowed to infer that mergers and acquisitions determinants were found from the perspective of the acquiring firm, the third-party equity (CT) and the firm size (TA). Contradictory results, statistically relevant despite negative, were identified in the return on equity (ROE), return on assets (ROA), general liquidity (LG) and the economic value added (EVA). It was observed that third-party equity is an important factor for the firm to finance its activities, while the firm size represents the increase in total firm assets. With regard to the negative (ROA) and (ROE), it appears that this may be compensated by the increase in the size of the firm. Regarding the EVA there has been a loss of value to shareholders after the M&A and this could be related to the period analyzed being insufficient for firms in the technology industry to obtain short-term returns