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Fusões, Aquisições e Lucratividade: Uma Análise do Setor Siderúrgico Brasileiro

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Author Info

  • Cleomar Gomes

    (Fundação Getulio Vargas)

  • Otávio Aidar

    (Rosenberg Consultores Associados)

  • Raphael Videira

    (Fundação Getulio Vargas)

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    Abstract

    O objetivo deste artigo é analisar as recentes fusões e aquisições na siderurgia brasileira e mundial no sentido de verificar se a reestruturação observada resultou em elevação dos lucros do setor. Primeiramente, testamos um modelo teórico proposto por Inderst e Wey (2004) e encontramos resultados que o corroboram. Em seguida, utilizamos a metodologia VAR para compararmos duas empresas do setor (Arcelor e Usiminas) e inferirmos se o aumento da rentabilidade do segmento é gerado pela empresa empenhada em mais processos de fusões e aquisições (Arcelor). Neste caso, os resultados mostram que os lucros aumentam para a indústria como um todo. Entretanto, a empresa que mais se empenha no processo tende a obter resultados ainda melhores.

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    Bibliographic Info

    Article provided by ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics] in its journal Economia.

    Volume (Year): 7 (2006)
    Issue (Month): 4 ()
    Pages: 143–163

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    Handle: RePEc:anp:econom:v:7:y:2006:i:4:p:143-163

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    Related research

    Keywords: Siderurgia; Fusões e Aquisições; Cournot; Bertrand; Insiders; Outsiders;

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