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

Author

Listed:
  • Cleomar Gomes

    (Fundação Getulio Vargas)

  • Otávio Aidar

    (Rosenberg Consultores Associados)

  • Raphael Videira

    (Fundação Getulio Vargas)

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.

Suggested Citation

  • Cleomar Gomes & Otávio Aidar & Raphael Videira, 2006. "Fusões, Aquisições e Lucratividade: Uma Análise do Setor Siderúrgico Brasileiro," Economia, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics], vol. 7(4), pages 143-163.
  • Handle: RePEc:anp:econom:v:7:y:2006:i:4:p:143-163
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    Keywords

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

    JEL classification:

    • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection
    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
    • L41 - Industrial Organization - - Antitrust Issues and Policies - - - Monopolization; Horizontal Anticompetitive Practices

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