The impact of M&A experience on performance: An empirical analysis of the Brazilian case

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dc.contributor.authorBarile, Maíra Galuzio
dc.contributor.authorADRIANA BRUSCATO BORTOLUZZO
dc.coverage.paisNão Informadopt_BR
dc.creatorBarile, Maíra Galuzio
dc.date.accessioned2022-08-05T17:59:44Z
dc.date.available2022-08-05T17:59:44Z
dc.date.issued2020
dc.description.otherhis study intends to assess whether companies that experience M&A performed superiorly to those firms that did not in the same period in a emerging market. In addition, it aims to verify if the constant use of M&A is correlated with the improvement of a company’s financial performance, or if at some point the excessive use of M&A could harm the firm’s performance. The study analyzes M&A transactions in Brazil that took place from 1995 to 2014. In order to avoid selection bias, propensity score matching (PSM) is applied to compare the financial performance of companies that did M&A with those that did not carry out any M&A. The U-inverted relationship between performance and M&A experience was evaluated using linear regression model with a quadratic experience term. The results suggest a possible disadvantage in adopting M&A as a performance improvement tool, what may come from strategic decision-making problems within the company itself or from agency conflicts. In addition, an inverted U-shape relation was found between the performance and the number of M&A transactions accumulated in the last three years and five years, what corroborates the theory that M&A can improve financial performance at first, but the more transactions a company does, the less the ability to manage the results obtained from them.pt_BR
dc.format.extent48 - 60pt_BR
dc.format.mediumDigitalpt_BR
dc.identifier.issn2694-1430pt_BR
dc.identifier.issn2694-1449pt_BR
dc.identifier.issue3pt_BR
dc.identifier.urihttps://repositorio.insper.edu.br/handle/11224/3880
dc.identifier.volume1pt_BR
dc.language.isoInglêspt_BR
dc.publisherIPRPDpt_BR
dc.relation.ispartofInternational Journal of Business & Management Studiespt_BR
dc.rights.licenseO INSPER E ESTE REPOSITÓRIO NÃO DETÊM OS DIREITOS DE USO E REPRODUÇÃO DOS CONTEÚDOS AQUI REGISTRADOS. É RESPONSABILIDADE DOS USUÁRIOS INDIVIDUAIS VERIFICAR OS USOS PERMITIDOS NA FONTE ORIGINAL, RESPEITANDO-SE OS DIREITOS DE AUTOR OU EDITORpt_BR
dc.subject.keywordsMerger & acquisitionpt_BR
dc.subject.keywordsPerformancept_BR
dc.subject.keywordsAcquisition experiencept_BR
dc.titleThe impact of M&A experience on performance: An empirical analysis of the Brazilian casept_BR
dc.typejournal article
dspace.entity.typePublication
local.identifier.sourceUrihttps://ijbms.net/journal/62
local.subject.cnpqCiências Sociais Aplicadaspt_BR
local.typeArtigo Científicopt_BR
relation.isAuthorOfPublicationccfd47d5-bd80-4464-98ce-629abb672e3d
relation.isAuthorOfPublication.latestForDiscoveryccfd47d5-bd80-4464-98ce-629abb672e3d
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