A formação de alianças estratégicas no Brasil e a criação de valor para as empresas participantes

AUTOR(ES)
DATA DE PUBLICAÇÃO

2007

RESUMO

In the past few years, strategic alliances have been more and more used as alternatives to the vertical integration of companies. Continuing a line of investigation that began in the middle of the eighties with the classic article written by McConnell e Nantell (1985), the purpose of this essay is to evaluate the impact of announcements of strategic alliances formations, in all their many forms, over the stock prices of the companies participating in the alliances. From a sample formed by 147 announcements of strategic alliances formations, published from 1996 to 2006, involving 48 companies from different areas, an event study was developed based on the Market Efficiency Hypothesiss theory, as postulated by Fama (1970). The results obtained from the total sample suggest that the Brazilians capital market reacts positively to announcements of strategic alliances formations, and in a very consistent way with the market efficiencys hypotheses, presenting statistically significant results considering an event window of two days length. The results obtained from the sample segmentations also suggest significant indications that investors perceive joint ventures as a type of association that have a higher potential to aggregate value to companies, when compared to other forms of alliances.

ASSUNTO(S)

administracao de empresas strategic alliance event study value creation criação de valor alianças estratégicas estudo de evento

ACESSO AO ARTIGO

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