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Master's Dissertation
DOI
10.11606/D.18.2018.tde-12072018-094402
Document
Author
Full name
Mariana Martins Meirelles de Castro
Institute/School/College
Knowledge Area
Date of Defense
Published
São Carlos, 2018
Supervisor
Committee
Kalatzis, Aquiles Elie Guimarães (President)
Krauter, Elizabeth
Pellicani, Aline Damasceno
Title in Portuguese
Efeitos do controle e governança familiar em fusões e aquisições: evidências de uma economia emergente
Keywords in Portuguese
Desempenho operacional
Empresas familiares
Fusões e aquisições
Governança corporativa
Mercados emergentes
Abstract in Portuguese
Neste trabalho examinamos os efeitos do controle e governança familiar nas decisões de fusões e aquisições (M&A). Analisamos 420 empresas não-financeiras listadas na BM&FBovespa entre 1997 e 2007 e encontramos que empresas controladas por famílias empresarias por meio de excesso de direitos de voto são mais propensas a se engajar em atividades de M&A. Encontramos também que empresas cujo presidente do conselho de administração é um membro da família controladora, a probabilidade de crescimento via M&A diminui. Finalmente, encontramos que as atividades de M&A em empresas controladas por famílias prejudicam o desempenho operacional de longo prazo. Em conjunto, mecanismos de excesso de controle parecem atenuar a restrição de recursos financeiros das famílias para perseguir o crescimento via M&A, entretanto, esta estratégia de crescimento gera resultados operacionais inferiores. Estes resultados têm importantes implicações para a literatura de governança e para a prática empresarial em países emergentes como o Brasil.
Title in English
Effects of family governance and control on mergers and acquisitions: evidence from an emerging economy
Keywords in English
Corporate governance
Emerging markets
Family firms
Merge and acquisitions
Operational performance
Abstract in English
We examine the effect of family control and governance on merge and acquisitions (M&A) decisions. We analyze 420 Brazilian non-financial firms from 1997 to 2007 and found that family-controlled firms with excess of control rights are more likely to engage in M&A transactions. We unravel that family chairman reduces the likelihood of family firms to grow through M&As. We also find that M&A activities in family controlled firms are detrimental to their operational performance in the long-run. Overall, family control enhancing mechanism seems to attenuate family limited resources to expand through M&A, where institutions are weak and the capital market is not developed, but this growth strategy leads to poor operational performance. Altogether, these results have important implications for corporate governance research and practice in emerging economies like Brazil.
 
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Publishing Date
2018-07-24
 
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