Fatores determinantes das fusões e aquisições bancárias no mercado brasileiro
Resumo
OBJETIVO
O objetivo deste estudo foi identificar os fatores determinantes das fusões e aquisições no mercado bancário brasileiro, durante o período de 2000 a 2013. O constructo teórico considerou a literatura correlata ao tema, em particular o estudo de Becalli e Frantz (2012), a partir do qual, foram propostas hipóteses que envolvem aspectos relacionados ao tamanho, eficiência da gestão, especialização no negócio, capitalização, liquidez e crescimento dos bancos.
METODOLOGIA
Foram utilizadas informações sobre 30 bancos e 82 processos de fusões e aquisições obtidas nas bases de dados do BACEN e do serviço Economática. Para análise, empregou-se os modelos de regressão logística binomial e de Cox. Constatou-se aderência parcial ao modelo teórico utilizado.
RESULTADOS E CONCLUSÕES
Os resultados evidenciaram que as F&A foram realizadas pelos bancos maiores, mais eficientes, mais líquidos e com elevados históricos de crescimento. Assim como, que bancos com maior experiência na concessão de empréstimos são menos propensos a se tornarem adquirentes.
IMPLICAÇÕES PRÁTICAS
O estudou identificou os determinantes das fusões e aquisições bancárias no mercado brasileiro, tema pouco explorado na literatura nacional, em particular para instituições bancárias.
PALAVRAS-CHAVE
Bancos; Determinantes; Fusões e Aquisições.
DETERMINANTS OF BANK MERGERS AND ACQUISITIONS IN THE BRAZILIAN MARKET
OBJECTIVE
The aim of this study was to identify the determinants of mergers and acquisitions in the Brazilian banking market during the period 2000-2012. The theoretical construct considered literature related to the topic, in particular the study of Becalli and Frantz (2012), from which hypotheses we proposed involving aspects related to the size, efficiency of management, specializing in business, capitalization, liquidity and growth of banks.
METHODOLOGY
We used about 30 banks and 82 mergers and acquisitions obtained in the databases of the Central Bank and the service Economática. For analysis, we used the binomial logistic regression model and Cox regression model. Found to partial adherence to the theoretical model used.
RESULTS AND CONCLUSIONS
The results showed that the F & A have been performed by banks larger, more efficient, more liquid and high historical growth. Like that, banks with greater experience in lending are less likely to become acquirers.
PRACTICAL IMPLICATIONS
The research identified the determinants of bank mergers and acquisitions in the Brazilian market, subject rarely explored in the national literature, particularly for banks.
KEYWORDS
Banks; Determinants; Mergers and Acquisitions
Referências
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Apontamentos
- Não há apontamentos.
Este trabalho está licenciado sob uma Licença Creative Commons Attribution 3.0 .
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Revista de Finanças Aplicadas
ISSN: 2176-8854
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