Home/Working Papers/Criação de Valor em Fusões e Aquisições além de Fronteiras: Uma análise empírica do caso brasileiro
Criação de Valor em Fusões e Aquisições além de Fronteiras: Uma análise empírica do caso brasileiro
Código: WPE – 335
Maria Pia de Siqueira Garcia
Adriana Bruscato Bortoluzzo
Dirk Michael Boehe
Hsia Hua Sheng
This study aims to investigate whether the cross-border acquisitions made by Brazilian companies over the past 15 years have created value to their shareholders. Drawing on Institutional, Socio-cultural and Organizational Learning theories, this study develops and empirically tests several hypotheses on the determinants of M&A performance. The results are in line with these theories and contribute to the literature as well as to the business community as they demonstrate that the crossborder acquisitions of Brazilian companies do create value. Value creation is positive when the cultural distance between the acquiring and acquired companies is low to medium and when the institutional context in which the acquired company operates is developed. We also find that the relationship between the previous experience of acquiring companies in international M&As and the performance of a new cross-border operation follows an inverted-U shape. This result reconciles the contradictory findings from previous research. Our results suggest that studies on international M&As must include the M&A experience of the acquiring firm as well as the institutional characteristics of its target countries.