Efeitos das fusões e aquisições nos desempenhos de inovação e financeiro: como são afetados pelo setor econômico em que as firmas adquirentes atuam?
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Tipo de produção
Tese
Data
2022
Autores
HSUN, S. C.
Orientador
Barros, Henrique Machado
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HSUN, S. C. Efeitos das fusões e aquisições nos desempenhos de inovação e financeiro: como são afetados pelo setor econômico em que as firmas adquirentes atuam? 2022. 178 f. Tese (Doutorado em Administração de Empresas) - Centro Universitário FEI, São Paulo, 2022 Disponível em: https://doi.org/10.31414/ADM.2022.T.131692.
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Fusão,Desenvolvimento organizacional
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As fusões e aquisições (M&As, mergers and acquisitions) remontam ao surgimento da economia de mercado como uma das estratégias preferidas pelas grandes corporações para alavancar economias de escala e de escopo, participação e poder de mercado, além de prestígio e reputação. É esperado que as M&As contribuam para as firmas crescerem, aumentarem os lucros e obterem mais inovações em ambientes de negócios cada vez mais dinâmicos. A inovação, por sua vez, sustenta o crescimento e prepara as firmas para a competição diante das flutuações cíclicas da economia. Devido à complexidade dos temas, a literatura tem reportado trabalhos que relacionam M&As e inovação sob recortes teóricos que limitam a compreensão do fenômeno de maneira mais abrangente. Consequentemente, torna-se mais difícil identificar os possíveis desempenhos causados pelas M&As em cenários multifacetados. Para endereçar a lacuna, esta tese oferece três trabalhos que exploram o tema de forma complementar. Como introdução ao universo intrigado de M&As e inovação, o primeiro contribui à literatura com uma revisão sistemática com o uso de métodos mistos (revisão guarda-chuva e bibliometria). As novas direções descobertas pavimentaram o
caminho para outros dois trabalhos hipotético-dedutivos em busca de respostas sobre as relações causais entre M&As e o desempenho das firmas adquirentes frente aos seus concorrentes em diferentes setores econômicos. Ambos os trabalhos contribuem à literatura sobre como as M&As afetam os desempenhos de inovação e financeiro entre os setores com diferentes perfis de inovação, competição e concentração. A rica nuance descoberta pelas múltiplas perspectivas setorial e temporal revela que os efeitos causados pelas M&As nos desempenhos de inovação e financeiro são distintos. Partindo do desempenho de inovação das adquirentes, as M&As geram resultados variados conforme o contexto setorial, sendo negativo no ambiente competitivo e positivo no inovativo ou no concentrado. Deve-se ressaltar que, entretanto, todos os setores caracterizados por algum perfil específico melhoraram a inovação das adquirentes quando comparados à amostra de todas as firmas sem diferenciação setorial. Por fim, como esperado, as M&As prejudicam o desempenho financeiro das firmas adquirentes. Como verificado com o desempenho de inovação, as características setoriais também afetam de maneira distinta o desempenho financeiro, sendo positivo no setor concentrado e negativo nos setores inovador ou competitivo. É notável que nenhum dos cenários é capaz de reverter a decadência do desempenho iniciada após as M&As
Mergers and acquisitions (M&As) date backward to the emergence of the market economy as one of the preferred strategies by the large corporations to leverage economies of scale and scope, market share and market power, as well as prestige and reputation. It is expected that M&As contribute firms to grow, increase profits and obtain more innovations in an increasingly dynamic business environment. Innovation, in turn, sustains growth and prepares the firms for competition under the cyclical fluctuations in the economy. Due to the complexity of the subjects, the literature has reported works that relate M&As and innovation under theoretical frameworks that limit the understanding of the phenomenon in a more comprehensive way. Consequently, it becomes more difficult to identify the possible performances caused by M&As in multifaceted scenarios. To address the gap, this dissertation offers three papers that explore the subject in a complementary way. As introduction to the intrigued universe of M&A and innovation, the first paper contributes to the literature with a systematic review by using mixed methods (umbrella review and bibliometrics). The new discovered directions paved the way for two other hypothetical deductive papers in search of answers in the causal relationships between M&As and the performance of acquiring firms against their competitors in different economic sectors. Both papers contribute to the literature on how M&As affect innovation and financial performance across sectors with different profiles of innovation, competition, and concentration. The rich nuance discovered by the multiple sectoral and temporal perspectives reveals that the effects caused by M&As on innovation and financial performance are distinct. From innovation performance of the acquirers, M&As generate different results according to the sectorial context, which is negative in competitive environment and positive in innovative or concentrated ones. It should be highlighted that, however, all sectors characterized by some specific profiles have the innovation of acquirers improved in comparison to the average of the entire sample of firms without sector differentiation. Finally, as expected, M&As harm the financial performance of acquiring firms. As verified with innovation performance, sectoral characteristics affect financial performance in diverse ways as well, which is less negative in concentrated sector and more negative in innovative or competitive ones. It is remarkable that none of the scenarios is capable of reversing the performance decline that has begun after the M&As
Mergers and acquisitions (M&As) date backward to the emergence of the market economy as one of the preferred strategies by the large corporations to leverage economies of scale and scope, market share and market power, as well as prestige and reputation. It is expected that M&As contribute firms to grow, increase profits and obtain more innovations in an increasingly dynamic business environment. Innovation, in turn, sustains growth and prepares the firms for competition under the cyclical fluctuations in the economy. Due to the complexity of the subjects, the literature has reported works that relate M&As and innovation under theoretical frameworks that limit the understanding of the phenomenon in a more comprehensive way. Consequently, it becomes more difficult to identify the possible performances caused by M&As in multifaceted scenarios. To address the gap, this dissertation offers three papers that explore the subject in a complementary way. As introduction to the intrigued universe of M&A and innovation, the first paper contributes to the literature with a systematic review by using mixed methods (umbrella review and bibliometrics). The new discovered directions paved the way for two other hypothetical deductive papers in search of answers in the causal relationships between M&As and the performance of acquiring firms against their competitors in different economic sectors. Both papers contribute to the literature on how M&As affect innovation and financial performance across sectors with different profiles of innovation, competition, and concentration. The rich nuance discovered by the multiple sectoral and temporal perspectives reveals that the effects caused by M&As on innovation and financial performance are distinct. From innovation performance of the acquirers, M&As generate different results according to the sectorial context, which is negative in competitive environment and positive in innovative or concentrated ones. It should be highlighted that, however, all sectors characterized by some specific profiles have the innovation of acquirers improved in comparison to the average of the entire sample of firms without sector differentiation. Finally, as expected, M&As harm the financial performance of acquiring firms. As verified with innovation performance, sectoral characteristics affect financial performance in diverse ways as well, which is less negative in concentrated sector and more negative in innovative or competitive ones. It is remarkable that none of the scenarios is capable of reversing the performance decline that has begun after the M&As