Se quiser bem-feito, faça você mesmo: dos fatores de propensão ao desenvolvimento da capacidade da firma para integração vertical

• Ano de defesa: 2024
• Autor(a) principal: Partyka, Raul Beal
• Orientador(a): Paiva, Ely Laureano, Olhager, Jan
• Tipo de documento: Tese
• Tipo de acesso: Acesso aberto
• Idioma: por
• Palavras-chave em Português: Recursos; Capacidades; Fatores; Custos de Transação; Ambiente Institucional; Integração Vertical; Mercado Emergente; Brasil
• Palavras-chave em Inglês: Resources; Capabilities; Factors; Transaction costs; Institutional environment; Vertical integration; Emerging market; Brazil
• Link de acesso: https://hdl.handle.net/10438/34970

Vertical integration is a strategy for firms and their supply chains to improve reliability levels. In some situations, conducting operations internally becomes necessary. Among the factors influencing the decision to pursue vertical integration, it is plausible to estimate that some carry more importance than others. These factors vary in significance and impact the decision to vertically integrate differently. By looking internally, the firm may choose to develop internally over the medium and long term, or, due to finite resources, acquire and control that capability. Among the resources that the firm possesses for vertical integration, some are more relevant than others. These resources ultimately constitute an organizational capability for vertical integration that enables companies to seek vertical integration by conducting activities internally. Even if firms may aim to acquire the capability rather than primarily acquiring the operation, they still possess capacities. Therefore, this thesis examines the effects of three propensity factors – consistency, control acquisition, and scope – on vertical integration through mergers and acquisitions (M&A). It also explores how firm resources are utilized for vertical integration, whether there are different profiles, and how vertical integration capabilities are formed. This thesis adopts a parallel mixed-methods methodology, incorporating both quantitative and qualitative data. In the quantitative phase, three hypotheses were empirically tested using logistic regression analysis with odds ratio estimators for three propensity factors, based on 2,174 M&A operations involving Brazilian firms between 2017 and 2021. The qualitative phase utilizes the multiple embedded polar case study method, examining twelve vertical M&A operations, including five upstream and seven downstream, to assess resource utilization, identify different profiles, and analyze the formation of firm capabilities. The hypotheses were confirmed, indicating that consistency, control acquisition, and domestic scope operations are positively related and increase the likelihood of vertical M&A. Presenting evidence of firm resources, the qualitative study identifies and measures six resources related to vertical M&A. As a result, the capability for vertical integration is more dependent on existing levels in-house, in the pre-acquisition period, than on appropriating the acquired operation. The study sheds light on different resource profiles related to vertical integration and contributes to the theoretical-empirical discussion on vertical integration, firm resources, and capabilities. Importantly, it explores factors not previously linked to the decision to pursue vertical integration and provides a new and significant approach to evaluating propensity and paths when adopting a vertical structure.