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RAM. Revista de Administração Mackenzie

On-line version ISSN 1678-6971


PESSANHA, Gabriel Rodrigo Gomes; CALEGARIO, Cristina Lelis Leal; SAFADI, Thelma  and  AZARA, Leiziane Neves de. Impact of merger and acquisition strategies on the profitability of the acquiring banks: an application of intervention models in the Brazilian banking sector. RAM, Rev. Adm. Mackenzie [online]. 2012, vol.13, n.5, pp.101-134. ISSN 1678-6971.

In recent decades, have seen an intensification of cultural change, social, political and especially economic. Undeniably, globalization has provided a growing integration between the markets and consequently an intensification of competition between organizations. This new order demonstrates the existing competitive need for organizations to rethink their strategies and restructure their business model. It is necessary for companies to focus their strategies in the global market for this, factors such as size and scale become critical to the practice of such strategies. In this scenario, which are the processes of mergers and acquisitions (M&A) as a growth strategy often adopted by organizations. In the context of worsening competitive, organizations are seeking more and more alternatives to the external value creation for shareholders. Given the volume of mergers and acquisitions involving Brazilian companies in the banking sector, it becomes relevant to determine the impacts occurring in companies that participated in these processes, seeking to understand the importance of this growth strategy in the results of financial institutions. From the relevance of the subject and the importance of knowing the financial results of merger and acquisition, the main objective of this study was to investigate the impact of merger and acquisition (M&A) on the profitability of banking acquirers. The analysis period is between the years 1994 and 2009. To identify the impact of M&A transactions in the profitability of organizations acquiring the banking sector, the methodology was applied regression and analysis of intervention in the metrics of profitability of organizations. The results presented by regressions showed highly significant impact, however small intensity. By applying the analysis methodology of intervention was possible to observe that M&A were able to change the behavior of the profitability of companies opting for such strategies. The study is innovative because it goes beyond the techniques commonly used for analysis of impacts of M&As in the acquiring institutions to verify the interventionist nature of merger and acquisition strategies on the profitability of Brazilian banks.

Keywords : Mergers and acquisitions; Intervention model; Impacts; Profitability; Regression.

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