Governança corporativa e economia dos custos de transação: a percepção do mercado sobre uma hipotética fusão entre banco do Brasil e caixa econômica federal

• Ano de defesa: 2018
• Autor(a) principal: Lima, Maria Estela de Carvalho
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Instituição de defesa: Universidade Positivo; Brasil; Pós-Graduação; Programa de Pós-Graduação em Administração; UP
• Palavras-chave em Português: Administração; Governança corporativa; Administração - Aspectos econômicos; Bancos - Fusão e incorporação; CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO
• Link de acesso: https://repositorio.cruzeirodosul.edu.br/handle/123456789/1908

The purpose of the study is to understand what the perception of the market about the influence of corporate governance practices and transaction economic costs is to obtain financial and operational synergies, in a hypothetical merger between Banco do Brasil and Caixa Econômica Federal, two important public banks in Brazil. Although in the market practice, in the theoretical references and in the legislation are adopted the terms merger, acquisition, incorporation and integration, the study uses only the term Fusion, as it is used in the study of Penrose (2006), where the same is employed to designate any combination method between existing companies, whether by acquiring one by another, by the association of two or even the reorganization of an entire branch of activities. It is understood that the organizational changes by mergers gained importance in the first two decades of the 21st century, in an economic scene with increasing competitiveness, where the process of approximation of the business complexes, including financial organizations, has represented prominent role in the search for better results. Moreover, the same period is impacted by the expectation of public spending adjustments, and there is the possibility that some decisions also reach the financial part of the federal government. In this sense, always remembering that the main aim of a fusion arrangement is to obtain financial and operational synergies, the study adopts the view of corporate governance and the transaction economic costs to analyze how this process and its synergies would be perceived by professionals who work in mergers and acquisitions, in the capital market and in the banking market. Important to note that the study does not focus the positioning of the Administrative Council for Economic Defense, nor on the adjustment of the eventual new organisation to the frameworks of the Basel Agreement, for the definition of the volume of passive loan capital. The study starts in obtaining public data from the two institutions, available in the internet. From this, it presents each of them separately, under the perspective of the studied theories, and makes a parallel between the structures of both, identifying areas and duplicate activities, which could represent synergy gains in a hypothetical fusion process. Following the interviews with the selected professionals, the study analyzes the perception of each one of the groups in isolation and compares the presented results, bringing to the end the consolidated analysis of the collected perceptions.