Submitted by Carlos Eduardo Stefaniak Aveline (eduardo.aveline@gvmail.br) on 2016-05-06T17:56:45Z No. of bitstreams: 1 Tese-Aveline-final.pdf: 1301218 bytes, checksum: a839c2cabeb929ca4c448f75a8f88b10 (MD5) / Approved for entry into archive by Pamela Beltran Tonsa (pamela.tonsa@fgv.br) on 2016-05-06T19:17:06Z (GMT) No. of bitstreams: 1 Tese-Aveline-final.pdf: 1301218 bytes, checksum: a839c2cabeb929ca4c448f75a8f88b10 (MD5) / Made available in DSpace on 2016-05-09T12:08:58Z (GMT). No. of bitstreams: 1 Tese-Aveline-final.pdf: 1301218 bytes, checksum: a839c2cabeb929ca4c448f75a8f88b10 (MD5) Previous issue date: 2016-04-06 / Cross-border reverse takeover, led by Brazilian multinationals, generated superior performance? Cross-border reverse takeover has been the term used to describe the acquisition of companies in developed countries by companies from developing countries. These acquisitions, reverse because reversing the traditional flow of international investments, now account for a significant portion of these investments and calls into question the traditional way of thinking about international business. My argument is that the companies that made acquisitions in developed countries will have access to resources not available in the country of origin, such as new technologies, more advanced management techniques, more developed capital markets, low-cost financial resources, among others. On the other hand, they have developed skills to manage these resources and now have a competitive advantage over local competitors, leading to higher performance. However, based on data from Thomson ONE database, which records all mergers and announced acquisitions, ompleted or not, and employing the methodologies of event studies and multivariate regressions, based on accounting data on a sample of Brazilian companies listed on the stock exchange, this thesis shows that statistically can not be said that these companies achieved superior performance. / O Cross-border reverse takeover, conduzido pelas multinacionais brasileiras, gerou desempenho superior? Cross-border reverse takeover tem sido a expressão usada para designar a aquisição de empresas em países desenvolvidos por empresas de países em desenvolvimento. Essas aquisições, reversas porque invertem o fluxo tradicional dos investimentos internacionais, respondem atualmente por parcela significativa desses investimentos e colocam em cheque a forma tradicional de pensar os negócios internacionais. Meu argumento é que as empresas que fizeram aquisições em países desenvolvidos passam a ter acesso aos recursos não disponíveis no país de origem, tais como novas tecnologias, técnicas de gestão mais avançadas, mercado de capitais mais desenvolvidos, recursos financeiros de baixo custo, entre outros. Por outro lado, elas já desenvolveram competências para gerir esses recursos e passam a ter vantagem competitiva sobre os competidores locais, levando ao desempenho superior. No entanto, partindo dos dados da base de dados Thomson ONE, que registra todas as fusões e aquisições anunciadas, oncluídas ou não, e empregando as metodologias de estudos de evento e de regressões multivariadas, com base em dados contábeis sobre uma amostra de empresas brasileiras listadas em bolsa de valores, esta tese demonstra que estatisticamente não é possível afirmar que essas empresas obtiveram desempenho superior.

Made available in DSpace on 2015-12-04T11:45:30Z (GMT). No. of bitstreams: 1 Samantha_Meloni.pdf: 921381 bytes, checksum: cff854c44bdaed4049f619c8d456f829 (MD5) Previous issue date: 2006-05-08 / The increase of multinational companies has brought many challenges for the Accounting. For example, this type of enterprise - cross-border - demands over and over accounting information for the management decision, especially in the performance evaluation of the foreign subsidiaries. In order to analyze performance evaluation of their subsidiaries, headquarters, most of the time, define an accounting standard to be used. The foreign subsidiaries managers' adaptation on accounting standards of the headquarters country may generate discontent about performance evaluation. With this, this dissertation has the objective, according managers' perception, to analyze the factors that impact performance evaluation of foreign subsidiaries by headquarters in a multinational enterprise. The research was done through surveys sent to 28 subsidiaries, beyond the headquarters, in order to analyze the perception of the managers about performance evaluation. Some variables were related to the factors in order to conciliate the perception of the managers with characteristics of their country. Results evidenced that the perception of the managers in the currency translation variable is related to the inflation of the country, or either, how much bigger the inflation of the country, worst satisfaction managers will have. In contrast of this, the perception of the managers did not present relation with the exchange of the country. The perception of the managers about the economic scenario could not be related of any analyzed factors, such as the GIP, external investments, exportations and importations. About the criteria of recognition and measurement of the fixed and intangible assets, the perception of the managers could be related to the local minimum value for recognition, therefore the adjustments change the result of the subsidiaries. And, finally, the perception of the managers about tax variable could be related to the tax burden of the country. In general, the countries that have strong influence of the fiscal accounting in the financial accounting could felt wronged, because they would be more distant of the accounting practices followed by the headquarters / The increase of multinational companies has brought many challenges for the Accounting. For example, this type of enterprise - cross-border - demands over and over accounting information for the management decision, especially in the performance evaluation of the foreign subsidiaries. In order to analyze performance evaluation of their subsidiaries, headquarters, most of the time, define an accounting standard to be used. The foreign subsidiaries managers' adaptation on accounting standards of the headquarters country may generate discontent about performance evaluation. With this, this dissertation has the objective, according managers' perception, to analyze the factors that impact performance evaluation of foreign subsidiaries by headquarters in a multinational enterprise. The research was done through surveys sent to 28 subsidiaries, beyond the headquarters, in order to analyze the perception of the managers about performance evaluation. Some variables were related to the factors in order to conciliate the perception of the managers with characteristics of their country. Results evidenced that the perception of the managers in the currency translation variable is related to the inflation of the country, or either, how much bigger the inflation of the country, worst satisfaction managers will have. In contrast of this, the perception of the managers did not present relation with the exchange of the country. The perception of the managers about the economic scenario could not be related of any analyzed factors, such as the GIP, external investments, exportations and importations. About the criteria of recognition and measurement of the fixed and intangible assets, the perception of the managers could be related to the local minimum value for recognition, therefore the adjustments change the result of the subsidiaries. And, finally, the perception of the managers about tax variable could be related to the tax burden of the country. In general, the countries that have strong influence of the fiscal accounting in the financial accounting could felt wronged, because they would be more distant of the accounting practices followed by the headquarters. / O aumento de companhias multinacionais tem trazido muitos desafios para a Contabilidade. Por exemplo, esse tipo de empreendimento - cross-border - exige cada vez mais informa????es cont??beis para a tomada de decis??o, especialmente no que concerne ?? avalia????o de desempenho das subsidi??rias no exterior. Para analisar o desempenho de suas subsidi??rias, a matriz, na maioria das vezes, define uma norma cont??bil a ser utilizada. As adapta????es dos gestores das subsidi??rias estrangeiras ??s pr??ticas cont??beis do pa??s da matriz podem gerar insatisfa????o quanto ?? avalia????o de desempenho. Esta disserta????o tem o objetivo de analisar, do ponto de vista de percep????o dos gestores, os fatores que impactam a an??lise de desempenho de subsidi??rias estrangeiras pela matriz em um determinado empreendimento multinacional. A pesquisa foi realizada por meio de question??rios enviados a 28 subsidi??rias, al??m da matriz, com o intuito de analisar a percep????o dos gestores quanto ?? avalia????o de desempenho. Algumas vari??veis foram relacionadas a fatores na busca de conciliar a percep????o dos gestores com caracter??sticas do pa??s em que se situam. Os resultados evidenciaram que a percep????o dos gestores da vari??vel tradu????o da moeda est?? relacionada ?? infla????o do pa??s, ou seja, quanto maior a infla????o do pa??s, maior a insatisfa????o dos gestores. De forma oposta, a percep????o dos gestores n??o apresentou rela????o com o c??mbio do pa??s. A percep????o dos gestores quanto ao cen??rio econ??mico n??o p??de ser relacionada a nenhum dos fatores analisados, tais como PIB, investimentos externos, exporta????es e importa????es. Quanto aos crit??rios de reconhecimento e mensura????o dos ativos fixos e intang??veis, a percep????o dos gestores pode estar relacionada ao valor m??nimo local para reconhecimento, pois os ajustes impactam o resultado das subsidi??rias. E, por ??ltimo, a percep????o dos gestores quanto ?? vari??vel impostos pode estar relacionada ?? carga tribut??ria do pa??s. De maneira geral, os pa??ses que possuem forte influ??ncia da contabilidade fiscal na contabilidade financeira poderiam se sentir prejudicados, pois estariam mais distantes das pr??ticas cont??beis seguidas pela matriz.