Estudo do desempenho de fusões e incorporações entre cooperativas de crédito no Brasil

• Ano de defesa: 2011
• Autor(a) principal: Ewerton Luiz Veloso Junior
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Instituição de defesa: Universidade Federal de Minas Gerais; UFMG
• Palavras-chave em Português: incorporações; fusões; grupo experimental e grupo de controle; indicadores econômico-financeiros; cooperativismo de crédito; Cooperativas de crédito; Finanças Brasil; Administração; Administração financeira
• Link de acesso: http://hdl.handle.net/1843/BUOS-8MYHTV

The importance of credit unions as agents of financial intermediation has grown substantially in the late twentieth century in Brazil. In the first decade of the twenty-first century, there have been a significant number of processes of consolidation and merger of credit unions in the country. The aim of this study is to evaluate the performance of Brazilian credit unions that went through such proceedings during this period. For this purpose an experimental set composed by credit unions that have undergone processes of consolidation or merger has been assembled, and also a control group, formed by cooperatives that are identical to the first group in certain respects, but were not involved in this kind of process. The purpose of the use of the two groups is to check any differences in performance between the two sets of institutions that are distinguished primarily by the occurrence of a merger or acquisition, thusaiming to identify possible economic and financial effects that possibly could be attributed to occurrence of such processes. For this check it has been calculated for each cooperative for both groups, the values of 19 economic and financial ratios in five different dates. Then, the mean values for each ratio in the experimental group at each date were compared with the respective averages found for the control group. Comparisons were undertaken by two nonparametric hypothesis tests applied to each of the 19 ratios. Using the Mann-Whitney test, ithas been attempted to identify any statistically significant differences between the means of the two groups, for the same date. By means of the Wilcoxon test, it has been sought to identify statistically significant differences between the means observed in two different dates, for the same group, and then the results of this test were compared between each group. The results of the Mann-Whitney test and comparisons between the results of the Wilcoxon test enabled the evaluation of whether there were significant differences between the behaviors of both groups. In general the results did not show significantly improved performance of one group over another. Specific differences were identified, with a slight predominance of positive results for the experimental group