Grupos de negócios e aquisições transfronteiriças: evidências das multilatinas
DOI:
https://doi.org/10.18568/internext.v18i1.700Palavras-chave:
Aquisição internacional, Grupo de negócios, Diversificação, Empresas de propriedade estatal, MultilatinasResumo
Objetivo: Este estudo busca examinar como as multilatinas afiliadas ao grupo empresarial influenciam o grau de propriedade adquirida em suas aquisições internacionais na região. Método: Consideramos uma amostra de 342 aquisições transfronteiriças realizadas pelas 58 multilatinas da Argentina, Brasil, Chile, Colômbia e México durante o período de 2008 a 2018. Para testar nossas hipóteses, selecionamos as Equações de Estimação Generalizadas (GEE), um estimador variante de Modelos Lineares Generalizados (GLS). Principais Resultados: Com base na teoria da agência e internacionalização, fornecemos evidências de que a propriedade das multilatinas em uma aquisição internacional é determinada pelos fatores da empresa — afiliação ao grupo empresarial, diversificação internacional e estrutura acionária estatal. Em geral, o grau de propriedade nas aquisições internacionais será determinado pelo grau de diversificação. Além disso, concluímos que as multilatinas com forte capital estatal provavelmente adquirirão menor grau de propriedade de aquisições transfronteiriças na região. Relevância / Originalidade: Este estudo contribui para o desenvolvimento da teoria, fornecendo mais informações sobre as multilatinas e integrando os fundamentos teóricos da teoria da agência para explicar o grau de propriedade. Especificamente, esta pesquisa forneceu uma nova visão para esclarecer nossa compreensão das multilatinas e sua afiliação com grupos empresariais como fatores determinantes na propriedade adquirida em aquisições internacionais. Contribuições Teóricas / Metodológicas: Esta pesquisa demonstra empiricamente a importância do grau de propriedade no processo de aquisição de empresas estrangeiras por multilatinas. Este estudo considerou várias características comuns de multinatinas no processo de aquisição internacional, tais como o grupo empresarial, a diversificação e a participação estatal.
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