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Authors
Advisor(s)
Abstract(s)
Esta dissertação pretende abordar as diferentes práticas e estratégias de reestruturação nas empresas, quer seja em resposta ao ambiente externo, como os casos de uma crise, ou por opção estratégica interna, de modo a melhorarem a sua performance financeira e operacional, com vista a gerar um resultado futuro sustentável.
As fusões e aquisições são uma das estratégias ao dispor das empresas e são foco aprofundado tanto na parte teórica como na parte empírica deste trabalho.
Na parte do estudo empírico formulam-se e testam-se hipóteses que relacionam indicadores de performance de empresas europeias que efetuaram aquisições, de modo a compreender o impacto que este tipo de reestruturação teve. A partir de uma amostra de 68 empresas adquirentes que durante o período 2012-2019 fizeram apenas uma aquisição em 2015 ou 2016, obtém-se uma análise entre um período pré e um período pós aquisição. Esta análise passa por seis rácios principais – rendibilidade do ativo, rendibilidade do capital próprio, cobertura de juro, liquidez, margem de lucro antes de juros e impostos, e ainda a margem de lucro antes de juros, impostos, depreciação e amortização. Para completar o estudo, analisaram-se também alguns segmentos da amostra como o da indústria transformadora.
Os resultados apontaram para quebras significativas na performance das empresas adquirentes. Quando estatisticamente significativas, as tendências verificadas foram sempre negativas, algo que deve preocupar os agentes envolvidos e confirma os problemas das fusões e aquisições
This study is an approach to the options and strategies of companies going through a restructuring process, either in response to the environment in which they operate, or as a strategic option in order to improve the financial and operational performance, aiming for a sustainable future. Mergers and acquisitions are one of the strategies undertaken by companies and the subject with a more detailed overview in the literature review and the empiric study. In the empiric study, hypotheses are presented to understand the performance of European companies that opted for acquisitions. Working with a sample of 68 acquirers that were involved in only a single deal during 2012-2019 and whose deal was completed in 2015 or 2016, it is established a comparison between the pre-acquisition period and the post acquisition period. The analysis involves six ratios – return on equity, return on assets, interest cover, liquidity ratio, EBIT Margin and EBITDA margin. In order to improve the study, the trends observed in the manufacturing industry and other segments of the sample were also analyzed. The results show significant and negative changes in performance of acquiring companies. When statistically significant trends were observed, those were consistently negative, which is something that should be a reason for concern for agents and stakeholders and confirms the problems of mergers and acquisitions.
This study is an approach to the options and strategies of companies going through a restructuring process, either in response to the environment in which they operate, or as a strategic option in order to improve the financial and operational performance, aiming for a sustainable future. Mergers and acquisitions are one of the strategies undertaken by companies and the subject with a more detailed overview in the literature review and the empiric study. In the empiric study, hypotheses are presented to understand the performance of European companies that opted for acquisitions. Working with a sample of 68 acquirers that were involved in only a single deal during 2012-2019 and whose deal was completed in 2015 or 2016, it is established a comparison between the pre-acquisition period and the post acquisition period. The analysis involves six ratios – return on equity, return on assets, interest cover, liquidity ratio, EBIT Margin and EBITDA margin. In order to improve the study, the trends observed in the manufacturing industry and other segments of the sample were also analyzed. The results show significant and negative changes in performance of acquiring companies. When statistically significant trends were observed, those were consistently negative, which is something that should be a reason for concern for agents and stakeholders and confirms the problems of mergers and acquisitions.
Description
Mestrado em Controlo de Gestão e Avaliação de Desempenho
Keywords
Reestruturação Fusões Aquisições Performance Restructuring Mergers Acquisitions
Citation
Rodrigues, S. C. (2021) Reestruturação: impacto dos processos de aquisição na performance das empresas europeias. (Dissertação de mestrado não publicada). Instituto Politécnico de Lisboa, Instituto Superior de Contabilidade e Administração de Lisboa. Disponível em http://hdl.handle.net/10400.21/15669