Cross-border reverse takeover: o caso das multinacionais brasileiras

• Ano de defesa: 2016
• Autor(a) principal: Aveline, Carlos Eduardo Stefaniak
• Orientador(a): Fleury, Maria Tereza Leme
• Tipo de documento: Tese
• Tipo de acesso: Acesso aberto
• Idioma: por
• Palavras-chave em Português: Cross-border reverse takeover; Geração de valor
• Link de acesso: https://hdl.handle.net/10438/16494

Cross-border reverse takeover, led by Brazilian multinationals, generated superior performance? Cross-border reverse takeover has been the term used to describe the acquisition of companies in developed countries by companies from developing countries. These acquisitions, reverse because reversing the traditional flow of international investments, now account for a significant portion of these investments and calls into question the traditional way of thinking about international business. My argument is that the companies that made acquisitions in developed countries will have access to resources not available in the country of origin, such as new technologies, more advanced management techniques, more developed capital markets, low-cost financial resources, among others. On the other hand, they have developed skills to manage these resources and now have a competitive advantage over local competitors, leading to higher performance. However, based on data from Thomson ONE database, which records all mergers and announced acquisitions, ompleted or not, and employing the methodologies of event studies and multivariate regressions, based on accounting data on a sample of Brazilian companies listed on the stock exchange, this thesis shows that statistically can not be said that these companies achieved superior performance.