Determinantes de fusões e aquisições na indústria manufatureira no Brasil

Abstract

The main objective of this study was to investigate the determinants of merger and acquisition (M&A) Manufacturing Industry in the perspective of the acquiring companies. The study sample consisted of eighty-six publicly traded companies, with roles in trading at BMF&BOVESPA. The sample was divided into companies processes performed M&A (buyers) and businesses that did not undergo this process. The nature of the study is quantitative and verification determinants of M&A transactions happened through logistic regression models. The period of analysis of this work is between the years 2001 and 2011. The study sought to identify which characteristics of businesses are crucial to the operations of M&A and how the industry and a period of economic recession could influence these events. Among the various characteristics of the studied companies it was possible to identify some that were confirmed determinants for the processes of M&A. The results also showed that the period during and after the global financial crisis has positively influenced the acquiring companies in the process of M&A. It was concluded that the results of this work are relevant since managed to show some determinants of operations of M&A.