Made available in DSpace on 2016-03-15T19:34:14Z (GMT). No. of bitstreams: 1 Marcelo Henrique Lapolla Aguiar Andrade.pdf: 500014 bytes, checksum: bb8f1a156110545b471f00ccb3868c14 (MD5) Previous issue date: 2014-09-17 / Universidade Presbiteriana Mackenzie / The current academic research aims to explore the main aspects of the Schumpeterian economic model, so as to identify its equivalency with Brazilian Antitrust Law and its actual application by the antitrust authority, the Administrative Counsel of Economic Defense CADE, according to the terms of Federal Law 12,529, of May 29th, 2011. As such, theory and empiric aspects of Joseph Schumpeter s rational are examined, specific traits of the role of the national antitrust authority and the common aspects that arise from both. / A presente pesquisa acadêmica tem por objetivo explorar os principais aspectos do modelo econômico schumpeteriano, a fim de identificar sua aderência ao Direito da Concorrência brasileiro e a efetiva aplicação pela autoridade da concorrência, o Conselho Administrativo de Defesa Econômica CADE, no âmbito da Lei Federal nº 12.529, de 29 de maio de 2011. Para tanto, são abordados aspectos teóricos e empíricos do racional de Joseph Schumpeter, traços específicos da atuação a autoridade da concorrência nacional e os aspectos comuns percebidos em ambos.

Mergers and acquisitions (M&A) are a popular way of growing a company. This is challenged by previous research that shows that an M&A-transaction generally harms the financial key metrics of the acquiring company. The main focus of this report is to examine if there is an effect on financial ratios for Scandinavian companies partaking in an M&A as an acquirer. The effect is captured by the movements in the key metrics return on equity (ROE), return on assets (ROA), return on invested capital (ROIC), EBIT-margin. In addition, both ESG-ranking and underlying non-financial values, like if the deal was domestic or not, the age of the executives and board gender diversity, are looked at for a better understanding of what differences there are between the performance of M&As.  A database of Scandinavian companies acting within Europe was created containing the specific deal characteristics over a period of three years prior as well as three years after the deal. The statistical methods used to analyze this data were Wilcoxon signed-rank test, bivariate Pearson Correlation and Independent Samples t-test. The generated results in the aggregated dataset showed a negative performance of ROE and ROIC in the period after the deal, compared to the period prior to the deal. This result was also seen in the sub-set of foreign deals with an additional negative performance of ROA for the acquirer while the sub-set of domestic deals did not show any significant negative performance in the period after the deal. We found that it was not possible to analyze the post-period effect on ESG-ranking as the data for our included companies was too scarce. Our findings suggest, when looking at our certain key metrics, that M&A-transactions are not economically justified and that executives might be partially motivated by something other than economic performance when deciding upon an M&A. It is furthermore possible to conclude that the disclosing of ESG data has not been a priority for companies in the past and continues to be ignored by the masses which makes it difficult to progress academically in this field.