A influência dos mecanismos internos e externos da governança corporativa no desempenho das aquisições corporativas
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Data
2021-05-14
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Universidade Federal de Goiás
Resumo
Acquisitions are important strategic operations that can result in success when there is
positive performance or failure when value is destroyed. The search for the performance of
corporate acquisitions combined with the demand for corporate governance issues boosted
the development of this research. This study aims to analyze how the internal and external
mechanisms of corporate governance influence the performance of corporate acquisitions of
publicly traded American companies. The study was carried out with secondary data,
organized in a panel, for acquisitions made by American publicly traded companies, in the
period from 2009 to 2019, estimated using the Ordinary Least Squares (OLS) regression
model. The results demonstrate that the internal mechanisms, representative of the
associations' learning history, the ownership structure mechanism, specifically, the presence
of ownership concentration in the property, has a positive association of 7% in the
performance of the acquirers. Regarding the influence of external mechanisms, those that
occur in the environment external to the organization, three positive results were found,
results and indicators of the association with the performance of acquisitions, such as the
hiring of consultancy in the acquisition operation, the presence of institutional investors in the
ownership and the density of the acquisition sector, with 12.8%, 4% and 0.01%, respectively.
Additionally, interactions between internal and external mechanisms of corporate governance
that influence the performance of acquisitions were found. This study presents theoretical and
practical contributions to identify corporate governance mechanisms of companies that are
more likely to obtain the best performance when making acquisitions, which can be explored
both by research, as well as by management and defined parties.
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Citação
CARVALHO, M. F. V. A influência dos mecanismos internos e externos da governança corporativa no desempenho das aquisições corporativas. 2021. 70 f. Dissertação (Mestrado em Ciências Contábeis) - Universidade Federal de Goiás, Goiânia, 2021.