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Previous issue date: 2014-04-02 / In Brazil there were more than 6000 mergers and acquisitions (M&A) in the last ten years, these operations have been the subject of research on its effects, resulting in differing conclusions as to the consequences of these operations, especially in relation to the benefits to shareholders regarding the creation of economic value, motivating this research to seek possible theoretical explanations and empirical confirmation about F&A. Thus, the objective of this research was to investigate whether the M&A events occurred between years 2000 and 2010 in companies listed on the BM&FBOVESPA created shareholder value. Variables Tobin's Q and the EVA?? were used as proxies for value creation. Data of 83 transactions M&A were analyzed in 28 purchasing companies or resulting companies, seeking to observe the behavior of the variables after the announcement of the transaction within 36 months and for the remainder of the period (ten years) where there was data availability. Also, the data allowed comparison between results of the sample's averages and the averages of others companies listed on the BM&FBOVESPA non-sampled. The results showed symmetry with those of most previous studies demonstrating that M&A did not affect the creation of value for any of the studied variables and that the variables had negative growth over the first 36 months and had continued showing a decline when it was possible to analyze by remainder of the period, and showed symmetry with the results of the companies non-sampled / No Brasil ocorreram mais de 6 mil transa????es de fus??es e aquisi????es (F&A) nos ??ltimos dez anos, e estas opera????es tem sido alvo de pesquisas acerca dos seus efeitos, resultando em conclus??es divergentes quanto aos reflexos destas opera????es, principalmente a respeito dos benef??cios aos acionistas no tocante ?? cria????o de valor econ??mico, motivando esta pesquisa a buscar explica????es te??ricas poss??veis de confirma????o emp??rica acerca das F&A. Desta forma, o objetivo geral desta pesquisa foi investigar se as opera????es de F&A ocorridos entre 2000 a 2010 em empresas listadas na BM&FBOVESPA criaram valor para os acionistas. Foram utilizadas como proxies para cria????o de valor as vari??veis Q de Tobin e o EVA??. Foram analisados dados de 83 transa????es de F&A em 28 empresas adquirentes ou resultantes, buscando observar o comportamento das vari??veis ap??s o an??ncio das transa????es em at?? 36 meses e tamb??m para o restante do per??odo (dez anos) nos casos em que houve a disponibilidade dos dados, bem como permitiu a compara????o com os resultados das m??dias entre a amostra e as m??dias das demais empresas listadas na bolsa. Os resultados obtidos guardam simetria com aqueles da maioria dos estudos anteriores demonstrando que as F&A n??o influenciaram a cria????o de valor por nenhuma das vari??veis estudadas e que as vari??veis apresentaram varia????o negativa ao longo dos primeiros 36 meses e continuaram mostrando o decl??nio quando puderam ser acompanhados pelo restante do per??odo, e mostraram simetria com os resultados das empresas que n??o pertenciam ?? amostra
| Identifer | oai:union.ndltd.org:IBICT/oai:132.0.0.61:tede/529 |
| Date | 02 April 2014 |
| Creators | Sales, ??merson Nogueira |
| Contributors | Weffort, Elionor Farah Jreige, Parisi, Claudio, Nakamura, Wilson Toshiro |
| Publisher | FECAP - Faculdade Escola de Com??rcio ??lvares Penteado, Mestrado em Ci??ncias Cont??beis, FECAP, BR, Controladoria e Contabilidade |
| Source Sets | IBICT Brazilian ETDs |
| Language | Portuguese |
| Detected Language | English |
| Type | info:eu-repo/semantics/publishedVersion, info:eu-repo/semantics/masterThesis |
| Format | application/pdf |
| Source | reponame:Biblioteca Digital de Teses e Dissertações do FECAP, instname:Fundação Aramando Álvares Penteado, instacron:FAAP |
| Rights | info:eu-repo/semantics/openAccess |
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