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Authors
Advisor(s)
Abstract(s)
No presente trabalho analisou-se para o caso português, o impacto dos anúncios
de alianças entre empresas na criação de valor, medido através do rendimento anormal
dos títulos. Entenderam-se como alianças entre empresas as fusões, aquisições, jointventures,
e outras alianças.
Usando a metodologia event-study e modelos de regressão linear múltipla
(análise cross-sectiori), testou-se a hipótese dos anúncios de alianças entre empresas
provocarem um impacto favorável no rendimento dos títulos dessas empresas. Testou-se
igualmente a influência de determinadas variáveis como a dimensão das empresas, as
alianças realizadas entre empresas do mesmo grupo ou com empresas de grupos
diferentes, as alianças realizadas entre empresas do mesmo sector ou entre empresas de
sectores distintos e as alianças entre empresas nacionais ou entre empresas nacionais e
empresas estrangeiras.
Os resultados obtidos permitem concluir que as alianças causam um impacto
favorável sobre o rendimento dos títulos das empresas que as formam no dia do
anúncio. Concluiu-se ainda que o mercado de títulos português valoriza mais alianças
entre parceiros nacionais e alianças entre empresas do mesmo sector. Por outro lado,
não se verificou nenhuma relação entre rendimento anormal dos títulos e dimensão das
empresas nem o impacto mais vantajoso de alianças inter-grupo.
In the present work it was analyzed for the Portuguese case, the impact of the announcements of alliances between companies in the creation of value, measured through the abnormal income of the assets. Alliances between companies include; mergers, acquisitions, joint-veníures, and other. Using the methodology event-study and models of multiple linear regression (crosssection analysis), it was tested the following hypothesis: "The announcements of alliances between companies provoke a favorable impact in the income of these companies assets." The influence of determined variables such as the dimension of the companies was equally tested. Other tested variables were; the alliances between companies from the same group or alliances between companies from different groups; alliances between companies from the same sector or alliances between companies from different sectors; finally, alliances between national companies or between national and foreign companies. The results allow concluding that, in the day of the announcement, the alliances cause a favorable impact in the companies assets income. One also concluded the Portuguese assets market privileges alliances between national partners and between companies from the same sector. On the other hand, it verifies no relation between abnormal income of the companies assets and the companies dimension neither the impact of most advantageous alliances intergroup.
In the present work it was analyzed for the Portuguese case, the impact of the announcements of alliances between companies in the creation of value, measured through the abnormal income of the assets. Alliances between companies include; mergers, acquisitions, joint-veníures, and other. Using the methodology event-study and models of multiple linear regression (crosssection analysis), it was tested the following hypothesis: "The announcements of alliances between companies provoke a favorable impact in the income of these companies assets." The influence of determined variables such as the dimension of the companies was equally tested. Other tested variables were; the alliances between companies from the same group or alliances between companies from different groups; alliances between companies from the same sector or alliances between companies from different sectors; finally, alliances between national companies or between national and foreign companies. The results allow concluding that, in the day of the announcement, the alliances cause a favorable impact in the companies assets income. One also concluded the Portuguese assets market privileges alliances between national partners and between companies from the same sector. On the other hand, it verifies no relation between abnormal income of the companies assets and the companies dimension neither the impact of most advantageous alliances intergroup.
Description
Mestrado em Economia Internacional.
Keywords
teoria das organizações e estrutura de mercado mercados vs hierarquias jointventures modelos cross-section event-studies informação e mercado eficiente firm organization and market structure markets vs. hierarchies cross-sectional models
Pedagogical Context
Citation
Salmim, Andreia Catarina Lopes (2006). "O impacto das alianças na criação de valor: o caso português". Dissertação de Mestrado. Universidade Técnica de Lisboa. Instituto Superior de Economia e Gestão.
Publisher
ISEG