Please use this identifier to cite or link to this item: http://repositorio.ufla.br/jspui/handle/1/33686
Title: Indicadores econômico-financeiros determinantes de fusões e aquisições: um estudo na indústria de tecnologia no Brasil
Other Titles: Economic and financial ratio determinants in mergers and acquisitions: a study on the technology industry in Brazil
Keywords: Indústrias - Fusões e aquisições
Indústria de tecnologia
Regressão logística
Industries - Mergers & Acquisitions
Technology industry
Logistic regression
Issue Date: Sep-2018
Publisher: Universidade de Brasília
Citation: VIGLIONI, M. T. D.; CARVALHO, F. de M.; BENEDICTO, G. C. de. Indicadores econômico-financeiros determinantes de fusões e aquisições: um estudo na indústria de tecnologia no Brasil. Contabilidade, Gestão e Governança, Brasília, DF, v. 21, n. 3, p. 420-438, set./dez. 2018.
Abstract: The purpose of this study was to analyze the main economic and financial ratio determinant in mergers and acquisitions in the technology industry in Brazil from the perspective of the acquiring firms. The quantitative model used was the logistic regression – Logit – using as a determinant variable the M&A event and as an independent variable the economic and financial indicators arranged in time series panel data in a series of quarterly data from 2009 to 2017. The results allowed to infer that mergers and acquisitions determinants were found from the perspective of the acquiring firm, the third-party equity (CT) and the firm size (TA). Contradictory results, statistically relevant despite negative, were identified in the return on equity (ROE), return on assets (ROA), general liquidity (LG) and the economic value added (EVA). It was observed that third-party equity is an important factor for the firm to finance its activities, while the firm size represents the increase in total firm assets. With regard to the negative (ROA) and (ROE), it appears that this may be compensated by the increase in the size of the firm. Regarding the EVA there has been a loss of value to shareholders after the M&A and this could be related to the period analyzed being insufficient for firms in the technology industry to obtain short-term returns
URI: http://repositorio.ufla.br/jspui/handle/1/33686
Appears in Collections:DAE - Artigos publicados em periódicos



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