Fatores determinantes das fusões e aquisições bancárias no mercado brasileiro

Abstract

OBJECTIVE The aim of this study was to identify the determinants of mergers and acquisitions in the Brazilian banking market during the period 2000-2012. The theoretical construct con-sidered literature related to the topic, in particular the study of Becalli and Frantz (2012), from which hypotheses we pro-posed involving aspects related to the size, efficiency of man-agement, specializing in business, capitalization, liquidity and growth of banks. METHODOLOGY We used about 30 banks and 82 mergers and acquisitions obtained in the databases of the Central Bank and the ser-vice Economática. For analysis, we used the binomial logistic regression model and Cox regression model. Found to partial adherence to the theoretical model used. RESULTS AND CONCLUSIONS The results showed that the F & A have been performed by banks larger, more efficient, more liquid and high historical growth. Like that, banks with greater experience in lending are less likely to become acquirers.PRACTICAL IMPLICATIONS The research identified the determinants of bank mergers and acquisitions in the Brazilian market, subject rarely ex-plored in the national literature, particularly for banks.