La adquisición de empresas. ¿En qué nivel de relación industrial son un modo más apropiado de diversificación empresarial?

• Cernas Ortiz, Daniel Arturo ^[1] ; Mercado Salgado, Patricia ^[1]
  1. [1] Universidad Autónoma del Estado de México

     Universidad Autónoma del Estado de México

     México

     
• Localización: Estudios Gerenciales: Journal of Management and Economics for Iberoamerica, ISSN 0123-5923, Vol. 31, Nº. 136, 2015, págs. 266-274
• Idioma: español
• DOI: 10.1016/j.estger.2015.05.001
• Títulos paralelos:
  • A aquisição de empresas. Em que nível de relação industrial são um modo mais apropriado de diversificação empresarial?
  • The acquisition of firms. At what level of industrial relations are they a more appropriate mode of business diversification?
• Enlaces
  • Texto completo (pdf)
• Dialnet Métricas: 1 Cita
• Resumen
  • español

    El objetivo de este trabajo correlacional es examinar el nivel de relación industrial entre empresas, la adquirente (que se diversifica) y la adquirida, que se asocia con una reacción más positiva por parte del mercado de valores. Para tal fin, se utiliza la metodología de estudios de eventos (o acontecimientos) a través de varios días antes y después del anuncio de una muestra de 460 adquisiciones hechas por empresas estadounidenses durante los añ cnje-os 2000 a 2003. Los resultados soportan parcialmente la conjetura de que el valor de la empresa aumenta en forma más pronunciada cuando los anuncios de adquisición involucran a entidades medianamente relacionadas. No obstante, solo cuando el nivel medio de relación empresarial es bajo (sin llegar a cero) la reacción del mercado de valores es más favorable.

  • English

    The objective of this correlational study is to examine the level of industrial relatedness between companies, the acquirer (which is diversifying) and the acquired, at which the stock market’s reaction is more positive. In order to reach that goal, we used event study methodology over several days before and after the announcement of a sample of 460 acquisitions made by U.S. companies in the years 2000 to 2003. The results partially support the hypothesis that a firm’s value increases more sharply when the acquisition announcement involves moderately related firms. Nonetheless, only when the average level of relatedness was low (not being zero) the stock market reaction was more favorable.

  • português

    O objectivo deste trabalho de correlação é examinar o nível de relação industrial entre empresas, a adquirente (que se diversifica) e a adquirida, que se associa com uma reacçãomais positiva por parte domercado de valores. Para tal fim, utiliza-se a metodologia de estudos de eventos (ou acontecimentos) através de vários dias antes e depois do anúncio de uma amostra de 460 aquisições feitas por empresas nos Estados Unidos durante os anos de 200 a 2003. Os resultados suportam parcialmente a conjectura que o valor da empresa aumenta em forma mais pronunciada quando os anúncios de aquisição envolvem entidades mediamente relacionadas. Não obstante, só quando o nível médio de relação empresarial é baixo (sem chegar a zero) a reacção do mercado de valores é mais favorável.

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