Comprometimento e Integração graduais: um caso de fusão e aquisição internacional

Autores

DOI:

https://doi.org/10.18568/internext.v19i3.799

Palavras-chave:

Multilatina, Fusões e Aquisições Internacionais, Integração, Comprometimento Gradual

Resumo

Objetivo: Investigar o processo de aquisição de uma multilatina por uma empresa muito maior, com ênfase no processo de integração. Especificamente, este artigo explorou os processos pré e pós-aquisição (considerando os respectivos desafios e as incertezas do processo) para responder à questão: como realizar uma aquisição eficaz? Método: Trata-se de um estudo de caso único com abordagem qualitativa e perspectiva de processo. O processo de codificação e análise foi baseado em dados primários e secundários triangulados (códigos de primeira ordem) e na literatura sobre integração de fusões e aquisições (M&A) (códigos de segunda ordem). Principais Resultados: O estudo demonstra empiricamente como os principais desafios de integração em processos de fusão e aquisição internacional foram contornados, fornecendo contribuições acadêmicas e práticas importantes. No estudo, identificamos processos de comprometimento gradual nas fases pré e pós-negociação.  Relevância / Originalidade / Contribuições Teóricas / Metodológicas: O artigo fornece contribuições acadêmicas e práticas importantes sobre o ritmo da integração, o descompasso de tamanho e a importância de equipes dedicadas, além de apresentar duas proposições a serem testadas. Finalmente, destaca-se como um caso de M&A multilatina com uma perspectiva de processo, respondendo a chamadas de pesquisa.

Downloads

Não há dados estatísticos.

Referências

Aguilera, R. V., Ciravegna, L., Cuervo-Cazurra, A., & Gonzalez-Perez, M. A. (2017). Multilatinas and the internationalization of Latin American firms. Journal of World Business, 52(4), 447-460. https://doi.org/10.1016/j.jwb.2017.05.006

Angwin, D. N. (2001). Mergers and acquisitions across European borders: National perspectives on preacquisition due diligence and the use of professional advisors. Journal of World Business, 36(1), 32-57. https://doi.org/10.1016/S1090-9516(00)00053-5

Angwin, D. N., & Meadows, M. (2009). The choice of insider or outsider top executives in acquired companies. Long Range Planning, 42(3), 359-389. https://doi.org/10.1016/j.lrp.2009.05.005

Bauer, F., Hautz, J., & Matzler, K. (2015). Unveiling the myths of M&A integration: challenging general management and consulting practice. Journal of Business Strategy, 36(2), 16-24. https://doi.org/10.1108/JBS-12-2013-0123

Bauer, F., Schriber, S., Degischer, D., & King, D. R. (2018). Contextualizing speed and cross-border acquisition performance: Labor market flexibility and efficiency effects. Journal of World Business, 53(2), 290-301. https://doi.org/10.1016/j.jwb.2018.01.001

Björkman, I., Stahl, G. K., & Vaara, E. (2007). Cultural differences and capability transfer in cross-border acquisitions: the mediating roles of capability complementarity, absorptive capacity, and social integration. JIBS, 38(4), 658-672. https://doi.org/10.1057/palgrave.jibs.8400287

Chen, F., & Wang, Y. (2014). Integration risk in cross-border M&A based on internal and external resource: Empirical evidence from China. Quality and Quantity, 48(1), 281-295. https://doi.org/10.1007/s11135-012-9768-2

Cuervo-Cazurra, A. (2016). Multilatinas as sources of new research insights: The learning and escape drivers of international expansion. Journal of Business Research, 69(6), 1963-1972. https://doi.org/10.1016/j.jbusres.2015.10.142

Cuervo-Cazurra, A., & Ramamurti, R. (2014). Introduction. In A. Cuervo-Cazurra & R. Ramamurti (Eds.), Understanding Multinationals from Emerging Markets (pp. 1-12). Cambridge University Press. https://doi.org/10.1017/CBO9781107587632.002

Eisenhardt, K. M. (1989). Building theories from case study research. Academy of Management Review, 14(4), 532-550. https://doi.org/10.2307/258557

Eisenhardt, K., & Graebner, M. (2007). Theory building from cases: Opportunities and challenges. Academy of Management Journal, 50(1), 25-32. https://doi.org/10.5465/amj.2007.24160888

Figueira, S., Torres de Oliveira, R., Rottig, D., & Spigarelli, F. (2021). Lessons on a novel integration approach of emerging market acquisitions in developed countries. International Journal of Emerging Markets, 16(4), 645-673. https://doi.org/10.1108/IJOEM-01-2019-0077

Galpin, T. J. (2021). As another M&A wave begins: three keys to success. Strategy & Leadership, 49(2), 14-21. https://doi.org/10.1108/SL-01-2021-0008

Ghauri, P. (2004). Designing and conducting case studies in international business research. In R. Piekkari & C. Welch (Eds.), Handbook of Qualitative Research Methods for International Business (pp. 109-124). Edward Elgar.

Gioia, D., Corley, K. & Hamilton, A. (2013). Seeking qualitative rigor in inductive research: notes on the Gioia methodology. Organizational Research Methods, 16(1), 15-31. https://doi.org/10.1177/1094428112452151

Gomes, E., Angwin, D., Weber, Y. & Tarba, S. Y. (2013). Critical Success Factors through the Mergers and Acquisitions process: Revealing Pre- and Post-M&A Connections for Improved Performance. Thunderbird International Business Review, 55(1), 13-35. https://doi.org/10.1002/tie.21521

Graebner, M. E., Heimeriks, K. H., Huy, Q. N., & Vaara, E. (2017). The process of postmerger integration: A review and agenda for future research. Academy of Management Annals, 11(1), 1-32. https://doi.org/10.5465/annals.2014.0078

Haleblian, J., Devers, C. E., McNamara, G., Carpenter, M. A., & Davison, R. B. (2009). Taking stock of what we know about mergers and acquisitions: a review and research agenda. Journal of Management, 35(3), 469-502. https://doi.org/10.1177/0149206308330554

Haspeslagh, P. C., & Jemison, D. B. (1991). Managing Acquisitions: Creating value through corporate renewal. Free Press.

Homburg, C., & Bucerius, M. (2005). A marketing perspective on mergers and acquisitions: How marketing integration affects postmerger performance. Journal of Marketing, 69(1), 96-113. https://doi.org/10.1509/jmkg.69.1.95.55510

Homburg, C., & Bucerius, M. (2006). Is speed of integration really a success factor of mergers and acquisitions? An analysis of the role of internal and external relatedness. Strategic Management Journal, 27(4), 347-367. https://doi.org/10.1002/smj.520

Jemison, D., & Sitkin, S. (1986). Corporate Acquisitions: A Process Perspective. Academy of Management Review, 11(1), 145-163. https://doi.org/10.2307/258337

Johanson, J., & Vahlne, J.-E. (1977). The internationalization process of the firm: a model of knowledge development and increasing foreign market commitments. JIBS, 8(1), 23-32. https://doi.org/10.1057/palgrave.jibs.8490676

Junni, P., & Teerikangas, S. (2019). Mergers and Acquisitions. Oxford Research Encyclopedia of Business and Management. https://doi.org/10.1093/acrefore/9780190224851.013.15

Khan, Z., Rao-Nicholson, R., Akhtar, P., & He, S. (2021). Cross-border mergers and acquisitions of emerging economies' multinational enterprises — The mediating role of socialization integration mechanisms for successful integration. Human Resource Management Review, 31(3), 100578. https://doi.org/10.1016/j.hrmr.2016.12.003

Li, Y., Redding, K. S., & Xie, E. (2019). Organizational characteristics of cross-border mergers and acquisitions: A synthesis and classic case examples from around the world. Journal of Organizational Change Management, 34(1), 223-251. https://doi.org/10.1108/JOCM-01-2017-0008

Luo, Y., & Tung, R. L. (2018). A general theory of springboard MNEs. JIBS, 49(2), 129-152. https://doi.org/10.1057/s41267-017-0114-8

Öberg, C. (2018). Customer Roles in M&A Integration. International Studies of Management & Organization, 48(1), 43-70. https://doi.org/10.1080/00208825.2018.1407084

Oh, J.-H., & Johnston, W. J. (2021). How post-merger integration duration affects merger outcomes. Journal of Business & Industrial Marketing, 36(5), 807-820. https://doi.org/10.1108/JBIM-11-2019-0476

Rouzies, A., Colman H. L., & Angwin, D. (2019). Recasting the dynamics of post-acquisition integration: an embeddedness perspective. Long Range Planning, 52(2), 271-282. https://doi.org/10.1016/j.lrp.2018.03.003

Shimizu, K., Hitt, M. A., Vaidyanath, D., & Pisano, V. (2004). Theoretical foundations of cross-border mergers and acquisitions: A review of current research and recommendations for the future. Journal of International Management, 10(3), 307-353. https://doi.org/10.1016/j.intman.2004.05.005

Stahl, G. K., Angwin, D. N., Very, P., Gomes, E., Weber, Y., Tarba, S. Y., Noorderhaven, N., Benyamini, H., Bouckenooghe, D., Chreim, S., Durand, M., Hassett, M. E., Kokk, G., Mendenhall, M. E., Mirc, N., Miska, C., Park, K. M., Reynolds, N.-S., Rouzies, A., Sarala, R. M., Seloti, S. L., Jr., Søndergaard, M., & Yildiz, H. E. (2013). Sociocultural Integration in Mergers and Acquisitions: Unresolved Paradoxes and Directions for Future Research. Thunderbird International Business Review, 55(4), 333-356. https://doi.org/10.1002/tie.21549

Stahl, G. K., & Voigt, A. (2008). Do cultural differences matter in mergers and acquisitions? A tentative model and examination. Organization Science, 19(1), 160-176. https://doi.org/10.1287/orsc.1070.0270

Teerikangas, S., & Thanos, I. C. (2018). Looking into the ‘black box’–unlocking the effect of integration on acquisition performance. European Management Journal, 36(3), 366-380. https://doi.org/10.1016/j.emj.2017.06.002

Torres de Oliveira, R., & Rottig, D. (2018). Chinese acquisitions of developed market firms: home semi-formal institutions and a supportive partnering approach. Journal of Business Research, 93, 230-241. https://doi.org/10.1016/j.jbusres.2018.04.031

United Nations Conference on Trade and Development (UNCTAD) (2021). World Investment Report. UNCTAD. Available at https://unctad.org/system/files/official-document/wir2021_en.pdf

Yin, R. K. (2014). Case study research: Design and methods. Sage.

Zilber, M. A., Fischmann, A. A., & Pikieny, E. E. (2002). Alternativas de Crescimento: a Alternativa de Fusões e Aquisições. RAM-Revista de Administração Mackenzie, 3(2), 137-154.

Downloads

Publicado

2024-09-09

Como Citar

Kogut, C., Mello, R. de, & Cunha, T. B. da. (2024). Comprometimento e Integração graduais: um caso de fusão e aquisição internacional . Internext, 19(3). https://doi.org/10.18568/internext.v19i3.799