Corporate venturing externo: o impacto das aquisições e joint ventures no desempenho das empresas

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Universidade Federal de Goiás
External Corporate Venturing is one of the dimensions of corporate entrepreneurship, entrepreneurship practiced by existing companies. Through external corporate venturing companies seek survival, consolidation in the market in which they operate, explore new markets and obtain better financial returns. For the practice of external corporate venturing companies can make acquisitions, joint ventures, licensing, mergers and corporate venture capital transactions. This study focused on acquisitions and joint ventures as external corporate venturing practices. The impact of these practices on business performance is still inconclusive, so the aim of this study was to assess the impact of external corporate venturing in the performance of large companies. For this, we used secondary data disclosed by companies in the consumer discretionary sector and non-cyclical listed on the Bolsa de Valores de São Paulo (Bovespa). We analyzed the relevant facts disclosed in Comissão de Valores Mobiliários (CVM) for the collection of data on the ad acquisitions and joint ventures undertaken by those companies during the years 2010-2014, and the financial statements on the Bovespa for the collection financial data for performance measurement. The data were analyzed by regression data into fixed effect and random effect panel. Regression models were estimated with the performance variables return on assets (ROA) and return on equity (ROE). The results indicate that the realization of acquisition and joint venture operations have no statistically significant impact on ROA and ROE of large companies listed on the Bovespa. Although the results are not consistent with some previous studies on the topic, present contributions to the theory and practice, especially regarding the aspect of time that can be decisive in the relationship between acquisitions and joint venture operations and performance. For future studies recommended a bigger time horizon and verification of goals and strategies that companies have to invest in acquisitions and joint venture operations, because if adopted for the purpose of short-term financial returns may not be the most suitable .
SILVA, M. J. F. Corporate venturing externo: o impacto das aquisições e joint ventures no desempenho das empresas. 2016. 79 f. Dissertação (Mestrado em Administração) - Universidade Federal de Goiás, Goiânia, 2016.