DESEMPENHO DA AQUISIÇÃO CORPORATIVA ENTRE EMPRESAS BRASILEIRAS FAMILIARES E NÃO FAMILIARES DE CAPITAL ABERTO
DOI:
https://doi.org/10.14392/asaa.2020130307Keywords:
Aquisições corporativas, Fusões e aquisições, Desempenho, Empresas familiares, Teoria da Agência.Abstract
Objetivo: Este estudo objetiva verificar se as aquisições realizadas por empresas familiares geram melhor desempenho do que aquelas realizadas por empresas não familiares listadas na B3 no período entre 2009 e 2016.
Método: As informações necessárias foram coletadas na base de dados da Thomson Reuters Eikon e no site da B³, e a classificação das empresas em familiares ou não familiares foi feita por meio da abordagem de componente de envolvimento da família no controle, na propriedade e na gestão da empresa e da abordagem de identidade organizacional. Regressões múltiplas com dados empilhados foram estimadas para a amostra de 244 aquisições (86 empresas).
Resultados: Os resultados indicaram que as empresas brasileiras familiares apresentam, em média, desempenho superior dos eventos de aquisições corporativas em relação às empresas brasileiras não familiares. Os achados são consistentes com a Teoria da Agência, que diz que o distanciamento entre a propriedade e o controle resulta em conflitos de agência e assimetria informacional, problemas que oferecem maiores oportunidades de expropriação dos acionistas por parte dos gestores. Assim, visto que nas empresas familiares esse distanciamento é menor, pois a propriedade e a gestão tendem a coincidir, os conflitos de agência e a assimetria informacional entre principal-agente ocorrem com menor intensidade nas empresas familiares em comparação às empresas não familiares.
Contribuições: As evidências empíricas permitem reflexões, tanto aos acionistas quanto aos executivos, sobre o uso da estratégia de aquisição corporativa, além de instigar novos mecanismos de controle e monitoramento por parte dos acionistas sobre a tomada de decisão dos gestores.
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