Made available in DSpace on 2014-12-17T13:53:14Z (GMT). No. of bitstreams: 1 LeonardoQC.pdf: 657702 bytes, checksum: e3ca2527141ad9609b4cdf030e534656 (MD5) Previous issue date: 2007-08-24 / The current study analyzes the birth and development of two strategic alliances established between shrimp producers in Rio Grande do Norte: the Unipesca and the Coopercam. To achieve this aim, two approaches which, at first sight, could be considered contradictory were used: the Transactional Costs Economy and Embeddedness. The first approach is fundamentally based in the studies of Williamson (1985; 1991; 1996; 1999; 2000; 2002). Embededness, on the other hand, went through the review of a series of authors, such as Burt (1992), Granovetter (1973; 1985), Uzzi (1997), Gulati (1994; 1995; 1997; 1998; 1999; 2000), Nielsen (2005), Ring (2002), Ring and Van de Ven (1994), Zafirovski (2002), among others. To analyze the birth and development of the cooperatives in this study, Gulati s work (1998) was used. This study shows the steps to be studied for a better comprehension of an alliance: the decision of starting an alliance and the choice of the partners, the decision about the governance structure, the evolution of the alliance and the development of the companies which established this partnership. To carry this study out, a study case accordingly to Yin s proposal (2001) was adopted. Semi-structured interviews with pre-defined plots were conducted in two phases: in the beginning of 2006 and in the beginning of 2007. The subjects from the research were, in 2006, representative members of the main associations and corporations, besides the shrimp producers from the state, when the context of the activity was set. In the second phase, in 2007, representative members from the two cooperatives that were listed above were interviewed the president from Coopercam and the marketing manager from Unipesca. Besides these two members, directors from two important organizations in each of these cooperatives were also interviewed, giving out the necessary information for the research. Secondary data was also collected from the Brazilian Association of Crab producers website, as well as from news from important newspapers in RN, such as Tribuna do Norte. The primary data was analyzed in terms of quality, accordingly to the documental analysis technique. Thus, through the data that was collected, it can be concluded that the reasons that motivated the companies to cooperate can be explained in terms of the transactional costs economy. However, the choice of partners is more connected to aspects approached by the social embededness. When aspects related to development and evolution were analyzed, it could be seen that both aspects from TCE and Embededness were vital to explain the development of the cooperatives mentioned / O presente estudo faz uma an?lise sobre a forma??o e o desenvolvimento de duas alian?as estrat?gicas formadas entre produtores de camar?o no Rio Grande do Norte: a Unipesca e a Coopercam. Utilizou-se de duas abordagens que, a princ?pio, poderiam ser consideradas contradit?rias: a Economia dos Custos de Transa??o e a Imers?o Social. A primeira abordagem se baseia fundamentalmente nos estudos de Williamson (1985; 1991; 1996; 1999; 2000; 2002). A Imers?o Social, por sua vez, passou pela revis?o de uma s?rie de autores, tais como Burt (1992), Granovetter (1973; 1985), Uzzi (1997), Gulati (1994; 1995; 1997; 1998; 1999; 2000), Nielsen (2005), Ring (2002), Ring e Van de Ven (1994), Zafirovski (2002), dentre outros. Para a an?lise da forma??o e do desenvolvimento das cooperativas em estudo, utilizou-se o trabalho de Gulati (1998), que aponta os passos a serem estudados para a compreens?o de uma alian?a: a decis?o de entrar e a escolha dos parceiros, a decis?o sobre a estrutura de governan?a, a evolu??o da alian?a e o desempenho das firmas que estabeleceram essa parceria. Para realiza??o do estudo adotou-se o estudo de caso conforme proposi??o de Yin (2001). Foram realizadas entrevistas semi-estruturadas com roteiros pr?-determinados, em duas fases: no in?cio de 2006 e no in?cio de 2007. Os sujeitos da pesquisa foram, em 2006, representantes das principais associa??es e cooperativas, al?m de produtores de camar?o do estado, quando se realizou a contextualiza??o da atividade. Na segunda fase, em 2007, foram entrevistados os representantes das duas cooperativas em quest?o, sendo o presidente, no caso da Coopercam, e o gerente comercial, no caso da Unipesca. Al?m destes, tamb?m foram entrevistados dirigentes de duas organiza??es de grande relev?ncia em cada uma dessas cooperativas, tendo, estes entrevistados fornecido as informa??es necess?rias ? pesquisa. Tamb?m foram coletados dados secund?rios no site da ABCC, al?m de reportagens em jornais de grande circula??o no estado, como Tribuna do Norte. Os dados prim?rios foram analisados segundo a t?cnica de an?lise de conte?do proposta por Bardin (1977). No que se refere aos dados secund?rios, estes foram analisados qualitativamente segundo a t?cnica de an?lise documental (BARDIN, 1977; SILVERMAN, 1995). Assim, atrav?s dos dados coletados, p?de-se concluir que as raz?es que motivaram as firmas a cooperarem passam por quest?es abordadas pela Economia dos Custos de Transa??o. No entanto, a escolha dos parceiros passou muito mais por quest?es abordadas pela imers?o social. Quando analisados quest?es relativas ? evolu??o e o desempenho, verificou-se que aspectos tanto da ECT quanto da Imers?o Social foram centrais para explicar o desenvolvimento das cooperativas em quest?o

Submitted by Elba Lopes (elba.lopes@fecap.br) on 2017-02-06T23:53:43Z No. of bitstreams: 2 Amauri_Laino_Tavares.pdf: 2637187 bytes, checksum: 52e1aa08ebb38c3a58184830dada23e5 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2017-02-06T23:53:43Z (GMT). No. of bitstreams: 2 Amauri_Laino_Tavares.pdf: 2637187 bytes, checksum: 52e1aa08ebb38c3a58184830dada23e5 (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2014-02-27 / The objective of this work is to compare the behavior of indicators of efficiency of acquirers and dominant financial institutions in M&A operations in Brazil before and after these transactions. To fulfill the objectives of this research an event study was performed considering sixty transactions between 1994 and 2012, which also considered 17 indicators classified in three categories: I- Profit Efficiency, II- Operational Efficiency and III- Managerial Efficiency. The comparison was made through parametric and non-parametric tests in order to identify significant changes in the cross sectional efficiency levels of the firms in the post-transaction moment. The results showed that for a significance ?=0.10, amongst the 17 variables, seven behaved diferently after the operations. Of the four ratios of the category I-Profit Efficiency, the one that presented significant changes performed worse in terms of Operating Profit on Total Assets. In regards to the eleven indicators of the category II- Operating Efficiency, there were five identified with significant variations, amongst them, the only one that showed improved efficiency was the ratio of Administrative Expenses on Credit Operations. On the other hand, the other four variables, Operating Expenses on Total Assets, Total Expenses on Total Assets, Expenses in Financial Intermediation on Debt, and Other Operating Expenses on Total Expenses showed reduction of operating efficiency. Last, for the category III-Managerial Efficiency, of its two indicators, only the indicator of Profits before Taxes on Equity demonstrated significant variations, which showed losses in terms of efficiency as well. The conclusions about the analysis of these variations suggest that, although M&A's motivations are frequently explained as a possibility of gain in terms of efficiency for the merged companies, it was not possible to find evidence of the predominance of these benefits in the Brazilian bank industry operations yet. It makes it necessary to perform additional research that investigates the possibility of the existence of other type of gains due to theses events. / O objetivo deste trabalho ?? comparar o comportamento de indicadores de efici??ncia de institui????es financeiras adquirentes ou dominantes em processos de Fus??es e Aquisi????es no Brasil nos per??odos anterior e posterior ?? realiza????o destas opera????es. Para o cumprimento do objetivo foi realizado um estudo de evento que abrangeu sessenta transa????es realizadas entre 1994 e 2012, o qual considerou 17 indicadores classificados em tr??s categorias: I-Efici??ncia de Lucros, II- Efici??ncia Operacional e III- Efici??ncia Gerencial. A compara????o foi realizada por meio de testes de diferen??as de m??dias (param??tricos) e medianas (n??o param??tricos) com o intuito de se identificarem altera????es significantes nos patamares de efici??ncia em cross section das institui????es no per??odo p??s-transa????o. Os resultados mostraram que para um n??vel de signific??ncia ?=0,10, dentre as 17 vari??veis estudadas, sete comportaram-se diferentemente ap??s as opera????es. Dos quatro indicadores classificados na categoria I-Efici??ncia de Lucros apenas um apresentou altera????o significante, implicando perda de efici??ncia em termos de Lucro Operacional sobre Ativo Total. Com rela????o aos onze indicadores da categoria II- Efici??ncia Operacional foi identificado que cinco deles apresentaram mudan??as significantes, sendo que o ??nico deste grupo que implicou ganhos de efici??ncia foi o indicador de Despesas Administrativas sobre Opera????es de Cr??dito. Por outro lado, as outras quatro vari??veis, Despesas Operacionais sobre Ativo Total, Despesas Totais sobre Ativo Total, Despesas da Intermedia????o Financeira sobre Passivos e Outras Despesas Operacionais sobre Despesas Totais mostraram perda de efici??ncia. Finalmente, para a categoria III- Efici??ncia Gerencial, dentre seus dois indicadores, apenas o indicador de Resultado antes de Impostos sobre Patrim??nio L??quido demonstrou altera????o significante, apontando tamb??m redu????o de efici??ncia. As conclus??es acerca da an??lise do comportamento das vari??veis indicam que, apesar de a ocorr??ncia de F&A ser frequentemente motivada por poss??veis ganhos de efici??ncia ??s empresas fundidas, ainda n??o ?? poss??vel constatar predomin??ncia desse fen??meno entre as opera????es promovidas por institui????es financeiras banc??rias no Brasil. Torna-se ent??o necess??ria ent??o, a realiza????o de estudos adicionais que explorem a possibilidade de exist??ncia de outras formas de ganhos em decorr??ncia desses eventos.