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Authors
Abstract(s)
Mundialmente, tem-se vindo a verificar um aumento de Fusões e Aquisições (F&A) nos mais diversos setores, sendo que a principal razão indicada para este fenómeno é a criação de valor para os acionistas e para a entidade. Nas últimas três décadas o mesmo tem acontecido em Portugal, sendo o ano 2000 onde se registou um maior número de F&A.
Já vários autores escreveram sobre este tema e, todos eles, em teoria, concluem que as F&A criam valor. No entanto, normalmente, na prática, essa criação de valor não se verifica. Por esta razão achou-se pertinente realizar este estudo, sendo o principal objetivo verificar se as F&A criam realmente valor, ou não. A amostra recolhida tem por base algumas F&A registadas no Setor Bancário Português.
Num primeiro ponto, identificou-se algumas das variáveis estratégicas utilizadas pelos bancos envolvidos na transação, as quais foram usadas para verificar se existia uma similaridade estratégica entre os bancos. Em seguida, averiguou-se se existiu uma criação de valor ou não nos bancos envolvidos no processo de F&A.
Depois de se elaborar o estudo, concluiu-se que a maioria das fusões abordadas neste estudo criaram valor. Concluiu-se ainda que, não existe nenhuma relação entre a similaridade estratégica e a criação de valor. Tendo em conta os resultados obtidos, foram mencionadas, ainda, algumas sugestões para a realização de trabalhos futuros.
Worldwide, there has been an increase in M&A in the most diverse sectors, and the main reason for this phenomenon is the creation of value for shareholders and for the entity. In the last three decades the same has happened in Portugal, being the year 2000 where there was a greater number of M&A. Already several authors have written on this topic and all of them theoretically conclude that M&A create value. However, usually, in practice, such value creation does not take place. For this reason it was considered pertinent to carry out this study, the main objective being to verify if the M&A really create value, or not. The sample collected is based on some M&A registered in the Portuguese Banking Sector. In a first point, some of the strategic variables used by the banks involved in the transaction were identified, which were used to verify if there was a strategic similarity between the banks. Then, it was ascertained whether there was value creation or not in the banks involved in the M&A process. After the study was carried out, it was concluded that most of the mergers addressed in this study created value. It was also concluded that there is no relationship between strategic similarity and value creation. Taking into account the results obtained, we also mentioned some suggestions for future work.
Worldwide, there has been an increase in M&A in the most diverse sectors, and the main reason for this phenomenon is the creation of value for shareholders and for the entity. In the last three decades the same has happened in Portugal, being the year 2000 where there was a greater number of M&A. Already several authors have written on this topic and all of them theoretically conclude that M&A create value. However, usually, in practice, such value creation does not take place. For this reason it was considered pertinent to carry out this study, the main objective being to verify if the M&A really create value, or not. The sample collected is based on some M&A registered in the Portuguese Banking Sector. In a first point, some of the strategic variables used by the banks involved in the transaction were identified, which were used to verify if there was a strategic similarity between the banks. Then, it was ascertained whether there was value creation or not in the banks involved in the M&A process. After the study was carried out, it was concluded that most of the mergers addressed in this study created value. It was also concluded that there is no relationship between strategic similarity and value creation. Taking into account the results obtained, we also mentioned some suggestions for future work.
Description
Versão final (Esta versão contém as críticas e sugestões dos elementos do júri)
Keywords
Fusões Aquisições Valor Criação de valor Mergers Value Acquisitions Value creation