Influência da estrutura de propriedade e do gerenciamento familiar sobre o posicionamento em fusões e aquisições
Resumo
Este estudo pesquisa a influência da estrutura de propriedade e de gerenciamento familiar sobre o posicionamento em operações de fusões e aquisições de empresas que cotizam no mercado BM&FBovespa. Para tal fim, fez-se uma pesquisa descritiva com enfoque quantitativo, por meio de análise documental, em uma mostra de 338 companhias posicionadas em operações de fusões e aquisições, no período 2007 a 2012. Os resultados mostram que as empresas com estrutura de propriedade familiar envolvidas em fusões e aquisições, tendem a tomar uma posição ativa, isto é, como compradores. Além do mais, que o gerenciamento da família influi na posição como empresa compradora neste tipo de operações. Conclui-se que as famílias são investidoras que valorizam o controle acionário, adotam políticas de gerenciamento guiadas pela aversão ao risco e pela busca de um melhor rendimento e, por isto, se posicionam como compradores em fusões e aquisições.
Downloads
Referências
Andres, C. (2008). Large shareholders and firm performance: an empirical examination of founding-family ownership. Journal of Corporate Finance, 14(4), 431-445. https://doi.org/10.1016/j.jcorpfin.2008.05.003
Anderson, R. & Reeb, D. (2003a). Founding-family ownership and firm performance: evidence from the S&P 500. The Journal of Finance, 58(3), 1301-1328. https://doi.org/10.1111/1540-6261.00567
Anderson, R. & Reeb, D. (2003b). Founding‐family ownership, corporate diversification, and firm leverage. Journal of Law and Economics, 46(2), 653-684. https://doi.org/10.1086/377115
Anderson, R., Duru, A. & Reeb, D. (2012). Investment policy in family controlled firms. Journal of Banking & Finance, 36(6), 1744-1758. https://doi.org/10.1016/j.jbankfin.2012.01.018
André, P., Ben-Amar, W. & Saadi, S. (2012). Family firms and high technology mergers & acquisitions. Journal Management & Governance, 17(59), 1997-2013.
Basu, N., Dimitrova, L. & Paeglis, I. (2009). Family control and dilution in mergers. Journal of Banking & Finance, 33(5), 829-841. https://doi.org/10.1016/j.jbankfin.2008.09.017
Bianco, M., Bontempi, M., Golinelli, R. & Parigi, G. (2013). Family firms' investments, uncertainty and opacity. Small Business Economics, 40(4), 1035-1058. https://doi.org/10.1007/s11187-012-9414-3
Bjursell, C. (2011). Cultural divergence in merging family businesses. Journal of Family Business Strategy, 2(2), 69-77. https://doi.org/10.1016/j.jfbs.2011.03.004
Block, J., Jaskiewicz, P. & Miller, D. (2011). Ownership versus management effects on performance in family and founder companies: a bayesian reconciliation. Journal of Family Business Strategy, 2(4), 232-245. https://doi.org/10.1016/j.jfbs.2011.10.001
Bouzgarrou, H. & Navatte, P. (2013). Ownership structure and acquirers performance: Family vs. non-family firms. International Review of Financial Analysis, 27(2), 123-134. https://doi.org/10.1016/j.irfa.2013.01.002
Cai, D., Luo, J-H. & Wan, D-F. (2012). Family CEOs: Do they benefit firm performance in China? Asia Pacific Journal Management, 29(4), 923-947. https://doi.org/10.1007/s10490-012-9318-4
Caprio, L., Croci, E. & Del Giudice, A. (2011). Ownership structure, family control, and acquisition decisions. Journal of Corporate Finance, 17(5), 1636-1657. https://doi.org/10.1016/j.jcorpfin.2011.09.008
Chi, J., Sun, Q. & Young, M. (2011). Performance and characteristics of acquiring firms in the Chinese stock markets. Emerging Markets Review, 12(2), 152-170. https://doi.org/10.1016/j.ememar.2010.12.003
Claessens, S., Djankov, S. & Lang, L. (2000). The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58(1-2), 81-112. https://doi.org/10.1016/S0304-405X(00)00067-2
Corrar, L., Paulo, E. & Dias Filho, J. (2007). Análise multivariada para os cursos de Administração, Ciências Contábeis e Economia. Selo Editorial: Atlas
Faccio, M. & Lang, L. (2002). The ultimate ownership of Western European corporations. Journal of Financial Economics, 65(3), 365-395. https://doi.org/10.1016/S0304-405X(02)00146-0
Faccio, M., Marchica, M. & Mura, R. (2011). Large shareholder diversification and corporate risk-taking. Review of Financial Studies, 24(11), 3601-3641. https://doi.org/10.1093/rfs/hhr065
Feito, I. & Menéndez, S. (2010). Family firm mergers and acquisitions in different legal environments. Family Business Review, 23(1), 60-75. https://doi.org/10.1177/0894486509353419
Ferreira, M., Santos, J., Almeida, M. & Reis, N. (2014). Mergers & acquisitions research: a bibliometric study of top strategy and international business journals, 1980–2010. Journal of Business Research, 67(12), 2550-2558. https://doi.org/10.1016/j.jbusres.2014.03.015
Gallo, M., Tàpies, J. & Cappuyns, K. (2004). Comparison of family and nonfamily business: Financial logic and personal preferences. Family Business Review, 17(4), 303-318. https://doi.org/10.1111/j.1741-6248.2004.00020.x
Gleason, K., Pennathur, A. & Wiggenhorn, J. (2014). Acquisitions of family owned firms: boon or bust? Journal of Economics and Finance, 38(2), 269-286. https://doi.org/10.1007/s12197-011-9215-6
Gómez, L., Nunez, M. & Gutierrez, I. (2001). The role of family ties in agency contracts. Academy of Management Journal, 44(1), 81-95. https://doi.org/10.2307/3069338
Gómez, L., Makri, M. & Kintana, M. (2010). Diversification Decisions in Family‐Controlled Firms. Journal of Management Studies, 47(2), 223-252. https://doi.org/10.1111/j.1467-6486.2009.00889.x
Gómez, L., Cruz, C., Berrone, P. & Castro, J. (2011). The bind that ties: Socioemotional wealth preservation in family firms. Academy of Management Annals, 5(1), 653-707. https://doi.org/10.1080/19416520.2011.593320
Gonenc, H., Hermes, N. & Van Sinderen, E. (2013). Bidders' gains and family control of private target firms. International Business Review, 22(5), 856-867. https://doi.org/10.1016/j.ibusrev.2013.01.005
Granata, D. & Chirico, F. (2010). Measures of value in acquisitions: family versus nonfamily firms. Family Business Review, 23(4), 341-354. https://doi.org/10.1177/0894486510386367
Grossman, S. & Hart, O. (1986). The costs and benefits of ownership: A theory of vertical and lateral integration. Journal of Political Economy, 94(4): 691-719. https://doi.org/10.1086/261404
Gugler, K., Ivanova, N. & Zechner, J. (2014). Ownership and control in Central and Eastern Europe. Journal of Corporate Finance, 26(1), 145-163. https://doi.org/10.1016/j.jcorpfin.2014.03.001
Hair Jr, J., Anderson, R., Tatham, R. & Black, W. (2005). Análise multivariada de dados (5. ed.). Porto Alegre: Bookman.
Harding, D. & Rovit, S. (2005). Garantindo o sucesso em fusões e aquisições: quatro decisões-chave para a sua próxima negociação. Rio de Janeiro: Campus.
Hiebl, M. (2012). Peculiarities of financial management in family firms. International Business & Economics Research Journal, 11(3), 315-322. https://doi.org/10.19030/iber.v11i3.6864
Holmen, M. & Nivorozhkin, E. (2007). The impact of family ownership and dual class shares on takeover risk. Applied Financial Economics, 17(10), 785-804. https://doi.org/10.1080/09603100500461694
Huybrechts, J., Voordeckers, W. & Lybaert, N. (2012). Entrepreneurial risk taking of private family firms: The influence of a nonfamily CEO and the moderating effect of CEO tenure. Family Business Review, 26(2), 161-179. https://doi.org/10.1177/0894486512469252
Jiang, Y. & Peng, M. W. (2011). Are family ownership and control in large firms good, bad, or irrelevant? Asia Pacific Journal of Management, 28(1), 15-39. https://doi.org/10.1007/s10490-010-9228-2
La Porta, R., Lopez-De-Silanes, F. & Shleifer, A. (1999). Corporate ownership around the world. Journal of Finance, 54(2), 471-517. https://doi.org/10.1111/0022-1082.00115
Lemes Jr, A., Rigo, C. & Cherobim, A. (2002). Administração financeira: princípios fundamentos e práticas brasileiras (5. ed.). Rio de Janeiro: Elsevier.
Leung, S., Richardson, G. & Jaggi, B. (2014). Corporate board and board committee independence, firm performance, and family ownership concentration: an analysis based on Hong Kong firms. Journal of Contemporary Accounting & Economics, 10(1), 16-31. https://doi.org/10.1016/j.jcae.2013.11.002
McConaughy, D. (2000). Family CEOs vs. Nonfamily CEOs in the family‐controlled firm: an examination of the level and sensitivity of pay to performance. Family Business Review, 13(2), 121-131. https://doi.org/10.1111/j.1741-6248.2000.00121.x
McConaughy, D., Matthews, C. & Fialko, A. (2001). Founding family controlled firms: performance, risk and value. Journal of Small Business Management, 39(1), 31-49. https://doi.org/10.1111/0447-2778.00004
Mickelson, R. & Worley, C. (2003). Acquiring a family firm: A case study. Family Business Review, 16(4), 251-268.
Miller, D., Le Breton-Miller, I., Lester, R. & Cannella Jr., A. (2007). Are family firms really superior performers? Journal of Corporate Finance, 13(5), 829-858. https://doi.org/10.1016/j.jcorpfin.2007.03.004
Miller, D., Le Breton-Miller, I. & Lester, R. (2010). Family ownership and acquisition behavior in publicly‐traded companies. Strategic Management Journal, 31(2), 201-223.
Mishra, C. & McConaughy, D. (1999). Founding family control and capital structure: The risk of loss of control and the aversion to debt. Entrepreneurship Theory and Practice (Summer), 53-64.
Schmid, T. (2013). Control considerations, creditor monitoring, and the capital structure of family firms. Journal of Banking & Finance, 37(2), 257-272. https://doi.org/10.1016/j.jbankfin.2012.08.026
Shim, J. & Okamuro, H. (2011). Does ownership matter in mergers? A comparative study of the causes and consequences of mergers by family and non-family firms. Journal of Banking and Finance, 35(1), 193-203. https://doi.org/10.1016/j.jbankfin.2010.07.027
Steijvers, T. & Voordeckers, W. (2009). Collateral and credit rationing: a review of recent empirical studies as a guide for future research. Journal of Economic Surveys, 23(5): 924–946. https://doi.org/10.1111/j.1467-6419.2009.00587.x
Su, W. & Lee, C-Y. (2013). Effects of corporate governance on risk taking in Taiwanese family firms during institutional reform. Asia Pacific Journal of Management, 30(3), 809-828. https://doi.org/10.1007/s10490-012-9292-x
Tsai, W., Kuo, Y. & Hung, J. (2009). Corporate diversification and CEO turnover in family business: self-entrenchment or risk reduction. Small Business Economics, 32(1), 57-76. https://doi.org/10.1007/s11187-007-9073-y
Villalonga, B. & Amit, R. (2006). How do family ownership, control and management affect firm value? Journal of Financial Economics, 80(2), 385-417. https://doi.org/10.1016/j.jfineco.2004.12.005
Yoo, K., Lee, Y. & Heo, E. (2013). Economic effects by merger and acquisition types in the renewable energy sector: An event study approach. Renewable and Sustainable Energy Reviews, 26(10), 694-701. https://doi.org/10.1016/j.rser.2013.06.002
