Fusões e incorporações e o desempenho das cooperativas de crédito brasileiras

• Autor(a) principal: Amaral, Isis de Castro
• Data de Publicação: 2012
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: LOCUS Repositório Institucional da UFV
• Texto Completo: http://locus.ufv.br/handle/123456789/61
• topic: Cooperativas de crédito; Fusões; Incorporações; Desempenho; Regressões; Credit unions; Mergers; Acquisitions; Performance; Regressions; CNPQ::CIENCIAS SOCIAIS APLICADAS::ECONOMIA::ECONOMIAS AGRARIA E DOS RECURSOS NATURAIS::ECONOMIA AGRARIA

Credit unions have an important economic and social role in Brazil. Mediate financial transactions of its members, seeking to do so at the lowest possible cost, easier access to credit to those who are on the margins of the traditional banking system and act as market regulator, preventing the unfair practice charges by traditional banks. However, the expansion of activities of credit unions has been limited by questions regarding its nature and due to fierce competition. Issues such as limited scale of operation, due to the fact of acting alone, has led to difficulties inco-operatives market leverage. Thus, mergers and acquisitions has emerged as an alternative to permanence and growth of these institutions is important to analyze the impact that M& A had on the performance of cooperatives that have already entered a process of M & A between the years2001and 2008. Thus, this study aimed to analyze the effect of M & A on the performance of credit unions. Specifically, analyzing the factors most related to the level of performance of these cooperatives. The empirical analysis was proposed based on data envelopment analysis and quantile regression model. The results have been identified improvement in the performance of cooperatives after the M & A, both with respect to scale and technical factors. With respect to the factors most related to this improved performance, highlighted the level of immobilization of equity and administrative expenses. Finally the results showed the presence of stronger institutions and greater financial sustainability after they have entered a process of M &A.