文章基本信息

标题：EXTERNAL CORPORATE GOVERNANCE MECHANISMS: MERGERS AND ACQUISITIONS ON THE BRAZILIAN MARKET
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作者：Mario Augusto Parente Monteiro, Marcelle Colares Oliveira, Rosilene Marcon, Roberta Carvalho de Alencar
期刊名称：Revista de Gestão, Finanças e Contabilidade
印刷版ISSN：2238-5320
出版年度：2014
期号：1814
页码：04-19
出版社：University of State of Bahia
摘要：The research aims to answer the following question: What is the effectiveness of mergers and acquisitions in the Brazilian market as external corporate governance mechanism? The main objective of the study is to verify if mergers and acquisitions operations in Brazilian market may act as an external mechanism of corporate governance, replacing managers and, as a consequence of changes in management, improving financial performance. The study is exploratory, qualitative in its approach, supported by documentary research on secondary data concerning an intentional sample of Brazilian companies aiming to identify the effect of M&A operations on the corporate governance structure of the acquired firm and on its financial results. Data obtained on the website of the Brazilian Securities and Exchange Commission (CVM), related to Brazilian M&A operations in the period 2005-2010, were analyzed. Although M&A operations in Brazil were found to have disciplinary nature in our sample of firms in the studied period, our results are inconclusive regarding the effectiveness of these transactions and external governance mechanisms.