A influência dos mecanismos internos e externos da governança corporativa no desempenho das aquisições corporativas

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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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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.