dor_id: 4121938

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650.#.4.x: Ciencias Sociales y Económicas

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336.#.#.a: Artículo

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590.#.#.a: Coordinación de Difusión Cultural, UNAM

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883.#.#.q: Dirección General de Publicaciones y Fomento Editorial, UNAM

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856.4.0.u: http://www.cya.unam.mx/index.php/cya/article/view/2991/1616

100.1.#.a: Novaes Gomes, Paulo Victor; Lamounier, Wagner Moura; Fully Bressan, Valéria Gama

524.#.#.a: Novaes Gomes, Paulo Victor, et al. (2022). Is there really synergy creation after M&A? Evidence from Brazil under the life cycle approach. Contaduría y Administración; Vol. 67, Núm. 1:, 2022. Recuperado de https://repositorio.unam.mx/contenidos/4121938

720.#.#.a: Conselho Nacional de Desenvolvimento Científico e Tecnológico - CNPqConselho Nacional de Desenvolvimento Científico e Tecnológico - CNPq

245.1.0.a: Is there really synergy creation after M&A? Evidence from Brazil under the life cycle approach

502.#.#.c: Universidad Nacional Autónoma de México

561.1.#.a: Facultad de Contaduría y Administración, UNAM

264.#.0.c: 2022

264.#.1.c: 2021-05-28

653.#.#.a: D53, g34, m41.; mergers and acquisitions; synergy; life cycle stages; propensity score matching.d53, g34, m41.; mergers and acquisitions; synergy; life cycle stages; propensity score matching.

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884.#.#.k: http://www.cya.unam.mx/index.php/cya/article/view/2991

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041.#.7.h: eng

520.3.#.a: Theoretical models predict that M&A results in synergy creation, and the empirical literature suggests that mature firms are consistently less risky and then more likely to succeed on such activities. We then investigate the life cycle stage’s role in the synergy creation after a Merger and Acquisition (M&A) activity in the Brazilian capital market. We use data from non-financial firms listed at the Brazilian capital market between 2010 and 2017. Data on M&A negotiations were extracted from the ANBIMA’s database, while financial accounting information was collected on the Comdinheiro® database. Using the Propensity Score Matching to develop a control group, we estimate a linear regression model to capture the diff-in-diff effects on synergy creation for each stage, but focusing on mature firms, after the M&A activity. After several robustness checks, we firstly document a decrease on average in performance measures after the M&A. Moreover, we found no statistical differences for maturity neither for other stages. These results give rise to questions about the proper conditions for the bidder before engaging in such a firm reorganization and claims for future research on synergy creation and motives for M&As. Theoretical models predict that M&A results in synergy creation, and the empirical literature suggests that mature firms are consistently less risky and then more likely to succeed on such activities. We then investigate the life cycle stage’s role in the synergy creation after a Merger and Acquisition (M&A) activity in the Brazilian capital market. We use data from non-financial firms listed at the Brazilian capital market between 2010 and 2017. Data on M&A negotiations were extracted from the ANBIMA’s database, while financial accounting information was collected on the Comdinheiro® database. Using the Propensity Score Matching to develop a control group, we estimate a linear regression model to capture the diff-in-diff effects on synergy creation for each stage, but focusing on mature firms, after the M&A activity. After several robustness checks, we firstly document a decrease on average in performance measures after the M&A. Moreover, we found no statistical differences for maturity neither for other stages. These results give rise to questions about the proper conditions for the bidder before engaging in such a firm reorganization and claims for future research on synergy creation and motives for M&As.

773.1.#.t: Contaduría y Administración; Vol. 67, Núm. 1: (2022)

773.1.#.o: http://www.cya.unam.mx/index.php/cya/index

046.#.#.j: 2021-10-20 00:00:00.000000

020.#.#.a: info:eu-repo/semantics/article||||||||||||

022.#.#.a: ISSN electrónico: 2448-8410; ISSN impreso: 0186-1042

310.#.#.a: Trimestral

264.#.1.b: Facultad de Contaduría y Administración, UNAM

758.#.#.1: http://www.cya.unam.mx/index.php/cya/index

doi: https://doi.org/10.22201/fca.24488410e.2022.2991

245.1.0.b: |Is there really synergy creation after m&a? evidence from Brazil under the life cycle approach|

last_modified: 2021-11-09 13:10:00

license_url: https://creativecommons.org/licenses/by/4.0/legalcode.es

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Artículo

Is there really synergy creation after M&A? Evidence from Brazil under the life cycle approach

Novaes Gomes, Paulo Victor; Lamounier, Wagner Moura; Fully Bressan, Valéria Gama

Facultad de Contaduría y Administración, UNAM, publicado en Contaduría y Administración, y cosechado de Revistas UNAM

Licencia de uso

Procedencia del contenido

Entidad o dependencia
Facultad de Contaduría y Administración, UNAM
Revista
Repositorio
Contacto
Revistas UNAM. Dirección General de Publicaciones y Fomento Editorial, UNAM en revistas@unam.mx

Cita

Novaes Gomes, Paulo Victor, et al. (2022). Is there really synergy creation after M&A? Evidence from Brazil under the life cycle approach. Contaduría y Administración; Vol. 67, Núm. 1:, 2022. Recuperado de https://repositorio.unam.mx/contenidos/4121938

Descripción del recurso

Autor(es)
Novaes Gomes, Paulo Victor; Lamounier, Wagner Moura; Fully Bressan, Valéria Gama
Colaborador(es)
Conselho Nacional de Desenvolvimento Científico e Tecnológico - CNPqConselho Nacional de Desenvolvimento Científico e Tecnológico - CNPq
Tipo
Artículo de Investigación
Área del conocimiento
Ciencias Sociales y Económicas
Título
Is there really synergy creation after M&A? Evidence from Brazil under the life cycle approach
Fecha
2021-05-28
Resumen
Theoretical models predict that M&A results in synergy creation, and the empirical literature suggests that mature firms are consistently less risky and then more likely to succeed on such activities. We then investigate the life cycle stage’s role in the synergy creation after a Merger and Acquisition (M&A) activity in the Brazilian capital market. We use data from non-financial firms listed at the Brazilian capital market between 2010 and 2017. Data on M&A negotiations were extracted from the ANBIMA’s database, while financial accounting information was collected on the Comdinheiro® database. Using the Propensity Score Matching to develop a control group, we estimate a linear regression model to capture the diff-in-diff effects on synergy creation for each stage, but focusing on mature firms, after the M&A activity. After several robustness checks, we firstly document a decrease on average in performance measures after the M&A. Moreover, we found no statistical differences for maturity neither for other stages. These results give rise to questions about the proper conditions for the bidder before engaging in such a firm reorganization and claims for future research on synergy creation and motives for M&As. Theoretical models predict that M&A results in synergy creation, and the empirical literature suggests that mature firms are consistently less risky and then more likely to succeed on such activities. We then investigate the life cycle stage’s role in the synergy creation after a Merger and Acquisition (M&A) activity in the Brazilian capital market. We use data from non-financial firms listed at the Brazilian capital market between 2010 and 2017. Data on M&A negotiations were extracted from the ANBIMA’s database, while financial accounting information was collected on the Comdinheiro® database. Using the Propensity Score Matching to develop a control group, we estimate a linear regression model to capture the diff-in-diff effects on synergy creation for each stage, but focusing on mature firms, after the M&A activity. After several robustness checks, we firstly document a decrease on average in performance measures after the M&A. Moreover, we found no statistical differences for maturity neither for other stages. These results give rise to questions about the proper conditions for the bidder before engaging in such a firm reorganization and claims for future research on synergy creation and motives for M&As.
Tema
D53, g34, m41.; mergers and acquisitions; synergy; life cycle stages; propensity score matching.d53, g34, m41.; mergers and acquisitions; synergy; life cycle stages; propensity score matching.
Idioma
eng
ISSN
ISSN electrónico: 2448-8410; ISSN impreso: 0186-1042

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