Is there really synergy creation after M and A? evidence from Brazil under the life cycle approach
Autor(a) principal: | |
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Data de Publicação: | 2022 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional da UFMG |
Texto Completo: | http://dx.doi.org/10.22201/fca.24488410e.2022.2991 http://hdl.handle.net/1843/60018 |
Resumo: | Theoretical models predict that M&A results in synergy creation, and the empirical literature suggests that mature firms are consistently less risky and then more likely to succeed on such activities. We then investigate the life cycle stage’s role in the synergy creation after a Merger and Acquisition (M&A) activity in the Brazilian capital market. We use data from non-financial firms listed at the Brazilian capital market between 2010 and 2017. Data on M&A negotiations were extracted from the ANBIMA’s database, while financial accounting information was collected on the Comdinheiro® database. Using the Propensity Score Matching to develop a control group, we estimate a linear regression model to capture the diff-in diff effects on synergy creation for each stage, but focusing on mature firms, after the M&A activity. After several robustness checks, we firstly document a decrease on average in performance measures after the M&A. Moreover, we found no statistical differences for maturity neither for other stages. These results give rise to questions about the proper conditions for the bidder before engaging in such a firm reorganization and claims for future research on synergy creation and motives for M&As. |
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2023-10-25T18:37:47Z2023-10-25T18:37:47Z20226716889http://dx.doi.org/10.22201/fca.24488410e.2022.29910186-1042http://hdl.handle.net/1843/60018Theoretical models predict that M&A results in synergy creation, and the empirical literature suggests that mature firms are consistently less risky and then more likely to succeed on such activities. We then investigate the life cycle stage’s role in the synergy creation after a Merger and Acquisition (M&A) activity in the Brazilian capital market. We use data from non-financial firms listed at the Brazilian capital market between 2010 and 2017. Data on M&A negotiations were extracted from the ANBIMA’s database, while financial accounting information was collected on the Comdinheiro® database. Using the Propensity Score Matching to develop a control group, we estimate a linear regression model to capture the diff-in diff effects on synergy creation for each stage, but focusing on mature firms, after the M&A activity. After several robustness checks, we firstly document a decrease on average in performance measures after the M&A. Moreover, we found no statistical differences for maturity neither for other stages. These results give rise to questions about the proper conditions for the bidder before engaging in such a firm reorganization and claims for future research on synergy creation and motives for M&As.Os modelos teóricos prevêem que as F&A resultam na criação de sinergias, e a literatura empírica sugere que as empresas maduras são consistentemente menos arriscadas e, portanto, mais propensas a ter sucesso nestas atividades. Nós então investigar o papel do estágio do ciclo de vida na criação de sinergia após uma fusão e aquisição (M&A) desempenho no mercado de capitais brasileiro. Utilizamos dados de empresas não financeiras listadas na capital brasileira mercado entre 2010 e 2017. Os dados sobre negociações de M&A foram extraídos da base de dados da ANBIMA, enquanto as informações contábeis financeiras foram coletadas na base de dados Comdinheiro®. Usando propensão Score Matching Para desenvolver um grupo de controle, estimamos um modelo de regressão linear para capturar os efeitos diff-in diff na criação de sinergia para cada etapa, mas com foco em empresas maduras, após atividade de M&A. Depois várias verificações de robustez, primeiro documentamos uma diminuição média nas medidas de desempenho após o Fusões e aquisições. Além disso, não encontramos diferenças estatísticas para maturidade ou outros estágios. Esses resultados levantar dúvidas sobre as condições adequadas para o licitante antes de se envolver em tal empreendimento reorganização e apela a pesquisas futuras sobre a criação de sinergias e motivos para fusões e aquisições.engUniversidade Federal de Minas GeraisUFMGBrasilFCE - DEPARTAMENTO DE CIÊNCIAS ADMINISTRATIVASFCE - DEPARTAMENTO DE CIÊNCIAS CONTÁBEISFCE - DEPARTAMENTO DE CIÊNCIAS ECONÔMICASContaduría y AdministraciónAdministração de empresasMercado de capitaisMergers and acquisitionsSynergyLife cycle stagesPropensity score matchingIs there really synergy creation after M and A? evidence from Brazil under the life cycle approachinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlehttp://www.cya.unam.mx/index.php/cya/article/view/2991Paulo Victor Gomes NovaesWagner Moura LamounierValéria Gama Fully Bressaninfo:eu-repo/semantics/openAccessreponame:Repositório Institucional da UFMGinstname:Universidade Federal de Minas Gerais (UFMG)instacron:UFMGLICENSELicense.txtLicense.txttext/plain; charset=utf-82042https://repositorio.ufmg.br/bitstream/1843/60018/1/License.txtfa505098d172de0bc8864fc1287ffe22MD51ORIGINALIs there really synergy creation after....pdfIs there really synergy creation after....pdfapplication/pdf422502https://repositorio.ufmg.br/bitstream/1843/60018/2/Is%20there%20really%20synergy%20creation%20after....pdf9716ff48ca880be88695d370516f405cMD521843/600182023-10-26 17:10:55.848oai:repositorio.ufmg.br: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Repositório de PublicaçõesPUBhttps://repositorio.ufmg.br/oaiopendoar:2023-10-26T20:10:55Repositório Institucional da UFMG - Universidade Federal de Minas Gerais (UFMG)false |
dc.title.pt_BR.fl_str_mv |
Is there really synergy creation after M and A? evidence from Brazil under the life cycle approach |
title |
Is there really synergy creation after M and A? evidence from Brazil under the life cycle approach |
spellingShingle |
Is there really synergy creation after M and A? evidence from Brazil under the life cycle approach Paulo Victor Gomes Novaes Mergers and acquisitions Synergy Life cycle stages Propensity score matching Administração de empresas Mercado de capitais |
title_short |
Is there really synergy creation after M and A? evidence from Brazil under the life cycle approach |
title_full |
Is there really synergy creation after M and A? evidence from Brazil under the life cycle approach |
title_fullStr |
Is there really synergy creation after M and A? evidence from Brazil under the life cycle approach |
title_full_unstemmed |
Is there really synergy creation after M and A? evidence from Brazil under the life cycle approach |
title_sort |
Is there really synergy creation after M and A? evidence from Brazil under the life cycle approach |
author |
Paulo Victor Gomes Novaes |
author_facet |
Paulo Victor Gomes Novaes Wagner Moura Lamounier Valéria Gama Fully Bressan |
author_role |
author |
author2 |
Wagner Moura Lamounier Valéria Gama Fully Bressan |
author2_role |
author author |
dc.contributor.author.fl_str_mv |
Paulo Victor Gomes Novaes Wagner Moura Lamounier Valéria Gama Fully Bressan |
dc.subject.por.fl_str_mv |
Mergers and acquisitions Synergy Life cycle stages Propensity score matching |
topic |
Mergers and acquisitions Synergy Life cycle stages Propensity score matching Administração de empresas Mercado de capitais |
dc.subject.other.pt_BR.fl_str_mv |
Administração de empresas Mercado de capitais |
description |
Theoretical models predict that M&A results in synergy creation, and the empirical literature suggests that mature firms are consistently less risky and then more likely to succeed on such activities. We then investigate the life cycle stage’s role in the synergy creation after a Merger and Acquisition (M&A) activity in the Brazilian capital market. We use data from non-financial firms listed at the Brazilian capital market between 2010 and 2017. Data on M&A negotiations were extracted from the ANBIMA’s database, while financial accounting information was collected on the Comdinheiro® database. Using the Propensity Score Matching to develop a control group, we estimate a linear regression model to capture the diff-in diff effects on synergy creation for each stage, but focusing on mature firms, after the M&A activity. After several robustness checks, we firstly document a decrease on average in performance measures after the M&A. Moreover, we found no statistical differences for maturity neither for other stages. These results give rise to questions about the proper conditions for the bidder before engaging in such a firm reorganization and claims for future research on synergy creation and motives for M&As. |
publishDate |
2022 |
dc.date.issued.fl_str_mv |
2022 |
dc.date.accessioned.fl_str_mv |
2023-10-25T18:37:47Z |
dc.date.available.fl_str_mv |
2023-10-25T18:37:47Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/1843/60018 |
dc.identifier.doi.pt_BR.fl_str_mv |
http://dx.doi.org/10.22201/fca.24488410e.2022.2991 |
dc.identifier.issn.pt_BR.fl_str_mv |
0186-1042 |
url |
http://dx.doi.org/10.22201/fca.24488410e.2022.2991 http://hdl.handle.net/1843/60018 |
identifier_str_mv |
0186-1042 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.ispartof.none.fl_str_mv |
Contaduría y Administración |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
Universidade Federal de Minas Gerais |
dc.publisher.initials.fl_str_mv |
UFMG |
dc.publisher.country.fl_str_mv |
Brasil |
dc.publisher.department.fl_str_mv |
FCE - DEPARTAMENTO DE CIÊNCIAS ADMINISTRATIVAS FCE - DEPARTAMENTO DE CIÊNCIAS CONTÁBEIS FCE - DEPARTAMENTO DE CIÊNCIAS ECONÔMICAS |
publisher.none.fl_str_mv |
Universidade Federal de Minas Gerais |
dc.source.none.fl_str_mv |
reponame:Repositório Institucional da UFMG instname:Universidade Federal de Minas Gerais (UFMG) instacron:UFMG |
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UFMG |
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UFMG |
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Repositório Institucional da UFMG |
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