EXTERNAL CORPORATE GOVERNANCE MECHANISMS: MERGERS AND ACQUISITIONS ON THE BRAZILIAN MARKET

被引：1

作者：

Parente Monteiro, Mario Augusto ^{[1
,2
]}

Oliveira, Marcelle Colares ^{[3
,4
]}

Marcon, Rosilene ^{[5
,6
]}

de Alencar, Roberta Carvalho ^{[4
,7
]}

机构：

[1] Univ Fortaleza, Adm Empresas, Av Washington Soares,1231 CCA Edson Queiroz, Fortaleza, CE, Brazil

[2] Univ Fortaleza UNIFOR, Fortaleza, CE, Brazil

[3] Univ Sao Paulo, CNPq, Sao Paulo, Brazil

[4] Univ Fed Ceara UFC, Controladoria & Contabilidade, Fortaleza, CE, Brazil

[5] UFSC, CNPq, Engn Prod, Itajai, SC, Brazil

[6] Univ Vale Itajai UNIVALI, Itajai, SC, Brazil

[7] Univ Sao Paulo, Controladoria & Contabilidade, Sao Paulo, Brazil

来源：

REVISTA DE GESTAO FINANCAS E CONTABILIDADE | 2014年 / 4卷 / 02期

关键词：

mergers and acquisitions; external mechanisms; corporate governance;

D O I：

10.18028/2238-5320/rgfc.v4n2p4-19

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The research aims to answer the following question: What is the effectiveness of mergers and acquisitions in the Brazilian market as external corporate governance mechanism? The main objective of the study is to verify if mergers and acquisitions operations in Brazilian market may act as an external mechanism of corporate governance, replacing managers and, as a consequence of changes in management, improving financial performance. The study is exploratory, qualitative in its approach, supported by documentary research on secondary data concerning an intentional sample of Brazilian companies aiming to identify the effect of M&A operations on the corporate governance structure of the acquired firm and on its financial results. Data obtained on the website of the Brazilian Securities and Exchange Commission (CVM), related to Brazilian M&A operations in the period 2005-2010, were analyzed. Although M&A operations in Brazil were found to have disciplinary nature in our sample of firms in the studied period, our results are inconclusive regarding the effectiveness of these transactions and external governance mechanisms.

引用

页码：4 / 19

页数：16

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