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Please use this identifier to cite or link to this item: http://hdl.handle.net/1843/64709
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dc.contributor.advisor1Poueri do Carmo Máriopt_BR
dc.contributor.advisor1Latteshttps://lattes.cnpq.br/5009062603063345pt_BR
dc.contributor.referee1Wagner Moura Lamounierpt_BR
dc.contributor.referee2Marcos Antônio de Camargospt_BR
dc.contributor.referee3Alexandre Vasconcelos Aronnept_BR
dc.contributor.referee4Manuel Aníbal Silva Portugal Vasconcelos Ferreirapt_BR
dc.creatorAlexandre Teixeira Norberto Batistapt_BR
dc.creator.Latteshttps://lattes.cnpq.br/7968579030517122pt_BR
dc.date.accessioned2024-02-26T17:11:32Z-
dc.date.available2024-02-26T17:11:32Z-
dc.date.issued2023-12-06-
dc.identifier.urihttp://hdl.handle.net/1843/64709-
dc.description.resumoBased on the Theory of New Institutional Economics, we have investigated how changes in pro-market institutions in emerging economies influence M&A transactions. Implicit theoretical assumptions and some previous studies that found institutional changes associated with pro-market reforms in emerging economies influence firms' strategic responses led us to propose the following thesis: in emerging economies, M&A transactions by domestic acquiring firms are positively influenced by pro-market institutional changes. The findings regarding this relationship were unfolded in three studies. The aim in the first study was to seek theoretical and empirical support for establishing a relationship between institutional change and mergers and acquisitions in emerging economies. We conducted a systematic literature review which provided evidence that changes in pro-market institutions involving reforms, deregulation, and liberalization were followed by significant effects on M&A activity. We used an AI-based document reader with a chatbot to analyze the full text of selected papers and assist in defining papers eligible for descriptive synthesis. That allowed us to propose empirical tests of such a relationship. In the second study, we conducted an analysis of how pro-market reforms in the home country affect the initiative for mergers and acquisitions by acquiring firms in emerging markets. To estimate the effects of reforms, we used binary response regression models (Logit) with a sample of 76,654 observations of firms per year, from 6,117 publicly traded firms in nine countries, covering the period from 2002 to 2021. We documented an increase in the propensity for M&A after a country implements favorable pro-market institutional reforms. The results showed that acquiring firms in emerging markets increased their probability of acquisition by 1.69% and 6.32% in response to pro-market reforms, depending on the reform indicator used. In the third paper, we used Survival Analysis to examine the effects of pro-market reforms on the duration of M&A processes in the pre-acquisition stage, undertaken by acquiring firms listed in emerging economies. We also proposed that duration and abandonment of deals are integrated aspects since, at a certain point, firms may become prone not to close the deal. Our results showed that pro-market reforms have a positive effect on the hazard function of completing an acquisition and decrease the average duration of completed deals. Furthermore, we have found a negative duration dependence, as the longer the deal remains pending, the lower the chances of completing it for each additional unit of time. To validate our hypotheses, we analyzed firm-level data on M&A transactions in 9 emerging economies over a 20-year period. Our combined studies bring important implications for both theory and practice. In general, we contribute to bridging the gap between Institutional Theory and the research stream investigating the causes of variation in M&A activity within a country. We help elucidate the long-term benefits of pro-market institutional changes in emerging economies. We offer a more detailed analysis of the duration of M&A processes and their determinants. Finally, we contribute to the literature that enhances the understanding of the effects of institutional factors on firms' individual behavior.pt_BR
dc.description.sponsorshipCAPES - Coordenação de Aperfeiçoamento de Pessoal de Nível Superiorpt_BR
dc.languageengpt_BR
dc.publisherUniversidade Federal de Minas Geraispt_BR
dc.publisher.countryBrasilpt_BR
dc.publisher.departmentFACE - FACULDADE DE CIENCIAS ECONOMICASpt_BR
dc.publisher.programPrograma de Pós-graduação em Controladoria e Contabilidadept_BR
dc.publisher.initialsUFMGpt_BR
dc.rightsAcesso Abertopt_BR
dc.subjectTakeoverspt_BR
dc.subjectEmerging Marketspt_BR
dc.subjectPro-market reformspt_BR
dc.subjectEconomic Freedom Indexpt_BR
dc.subjectSurvival Analysispt_BR
dc.subject.otherComportamento organizacionalpt_BR
dc.subject.otherEmpresaspt_BR
dc.subject.otherFusão e incorporaçãopt_BR
dc.subject.otherControladoriapt_BR
dc.subject.otherContabilidadept_BR
dc.titleInstitutional change and mergers and acquisitions in emerging economiespt_BR
dc.title.alternativeMudança institucional e fusões e aquisições em economias emergentespt_BR
dc.typeTesept_BR
dc.identifier.orcidhttps://orcid.org/0000-0003-1490-1662pt_BR
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