BUSINESS INNOVATION AS PROFIT APPROPRIATION STRATEGY FROM MERGERS AND ACQUISITION

Diego César Terra de Andrade

Resumo


Mergers and acquisitions are effective strategies for incorporation of complementary assets decreasing economic risk of losses in profit from innovation.  We use Capital Asset Pricing Model (CAPM) to measure economic risk in a sample of big, open capital companies, listed in Sao Paulo (Brazil) Stock Market (BOVESPA), pertaining to innovative segments of the economy, in the period 2009 to 2013, before and after the merger/acquisition. Results demonstrate that economic risk of acquiring companies did not decrease after merger or acquisition. Major conclusion implies that incorporation of complementary assets from merger/acquisition brings benefits if generating internal synergy towards increasing the ability to better position the innovation in the market.


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