El efecto del horizonte temporal en el resultado de las fusiones y adquisiciones: el caso de las cajas de ahorro españolas

• Cristina Bernad Morcate ^[1] ; Lucio Fuentelsaz Lamata ^[1] ; Jaime Gómez Villascuerna ^[1]
  1. [1] Universidad de Zaragoza

     Universidad de Zaragoza

     Zaragoza, España

     
• Localización: Revista europea de dirección y economía de la empresa, ISSN 1019-6838, Vol. 18, Nº 4, 2009 (Ejemplar dedicado a: Estrategias corporativas de desarrollo: tendencias recientes de la investigación), págs. 49-68
• Idioma: español
• Enlaces
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• Dialnet Métricas: 5 Citas
• Resumen

  • El objetivo de este trabajo es destacar la importancia de adoptar un horizonte temporal suficientemente largo a la hora de evaluar el éxito de las fusiones y adquisiciones, así como poner de manifiesto que los resultados obtenidos pueden venir condicionados por el indicador seleccionado para evaluar el éxito de la operación. El contraste empírico de los planteamientos propuestos se lleva a cabo en el contexto de las fusiones entre las cajas de ahorros que tuvieron lugar en España fundamentalmente a principios de los años noventa. Nuestros resultados confirman, efectivamente, las hipótesis propuestas. El proceso de integración entre las entidades resulta complejo y muchas empresas no consiguen gestionarlo adecuadamente, por lo que no mejoran sus resultados ni siquiera en el largo plazo. Del mismo modo, el éxito de las operaciones varía según si este se mide a través de los cambios en la productividad o de las mejoras en el beneficio de las entidades implicadas.

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