La adquisición de empresas. ¿En qué nivel de relación industrial son un modo más apropiado de diversificación empresarial?

  • Daniel Arturo Cernas Ortiz Profesor Investigador, Facultad de Contaduría y Administración, Universidad Autónoma del Estado de México, Toluca, México
  • Patricia Mercado Salgado Profesora Investigadora, Facultad de Contaduría y Administración, Universidad Autónoma del Estado de México, Toluca, México
Palabras clave: Diversificación empresarial, Adquisiciones, Estudio de eventos, Administración estratégica

Resumen

El objetivo de este trabajo correlacional es examinar el nivel de relación industrial entre empresas, la adquirente (que se diversifica) y la adquirida, que se asocia con una reacción más positiva por parte del mercado de valores. Para tal fin, se utiliza la metodología de estudios de eventos (o acontecimientos) a través de varios días antes y después del anuncio de una muestra de 460 adquisiciones hechas por empresas estadounidenses durante los añ cnje-os 2000 a 2003. Los resultados soportan parcialmente la conjetura de que el valor de la empresa aumenta en forma más pronunciada cuando los anuncios de adquisición involucran a entidades medianamente relacionadas. No obstante, solo cuando el nivel medio de relación empresarial es bajo (sin llegar a cero) la reacción del mercado de valores es más favorable.

Descargas

La descarga de datos todavía no está disponible.

Citas

Amit, R. y Livnat, J. (1988). Diversification and the risk return trade off. Academy of Management Journal, 31(1), 154–166.

Balakrishnan, S. y Koza, M. (1993). Information asymmetry, adverse selection, and joint ventures. Theory and evidence. Journal of Economic Behavior and Organization, 20(1), 99–117.

Bromiley, P., Govekar, M. y Marcus, A. (1988). On using event-study methodology in strategic management research. Technovation, 8(1), 25–42.

Brown, S. y Warner, J. (1985). Using daily stock returns. The case of event studies. Journal of Financial Economics, 14(1), 3–31.

Bryce, D. y Winter, S. (2009). A general interindustry relatedness index. Management Science, 55(9), 1570–1585.

Capron, L. y Mitchell, W. (2004). Where firms change: Internal development versus external capability sourcing in the global telecommunications industry. European Management Review, 1(2), 157–174.

Capron, L. y Mitchell, W. (2010). Finding the right. Harvard Business Review, Julio- Agosto, 102–107.

Chatterjee, S. (1990). Excess resources, utilization costs, and mode of entry. Academy of Management Journal, 33(4), 780–800.

Chatterjee, S. y Lubatkin, M. (1990). Corporate mergers, stockholder diversification, and changes in systematic risk. Strategic Management Journal, 11(4), 255–268.

Chatterjee, S. y Singh, J. (1999). Are tradeoffs inherent in diversification moves? A simultaneous model for type of diversification and mode of expansion decisions. Management Science, 13(1), 25–41.

Copeland, T., Weston, F. y Shastri, K. (2005). Financial Theory and Corporate Policy (4th ed.). California: Pearson Higher Education.

Datta, D., Rajagopalan, N. y Rasheed, A. (1991). Diversification and performance: Critical review and future directions. Journal of Management Studies, 28(5), 529–558.

Dierickx, I. y Cool, K. (1989). Asset stock accumulation and the sustainability of competitive advantage. Management Science, 35(12), 1504–1511.

Dundas, K. y Richardson, P. (1982). Implementing the unrelated product strategy. Strategic Management Journal, 3(4), 287–301.

Dussauge, P., Garrette, B. y Mitchel, W. (2000). Learning from competing partners: Outcomes and durations of scale and link alliances in Europe, North America, and Asia. Strategic Management Journal, 21(2), 99–126.

Dyer, J., Kale, P. y Singh, H. (2004). When to ally and when to acquire. Harvard Business Review, July-Aug, 109–115.

Fama, E., Fisher, L., Jensen, M. y Roll, R. (1969). The adjustment of stock prices to new information. International Economic Review, 10(1), 1–12.

Fama, E. y French, K. (1996). Multifactor explanations of asset pricing anomalies. Journal of Finance, 51(1), 55–84.

Gleason, K., Mathur, I. y Wiggins, R., 3rd. (2006). The evidence on product-market diversifying acquisitions and joint ventures by U.S. banks. Journal of Financial Services Research, 29(3), 237–254.

Hair, J. F., Black, W. C., Babin, B. J., Anderson, R. E. y Tatham, R. L. (2006). Multivariate Data Analysis (6th ed). New Jersey: Pearson-Prentice Hall.

Haleblian, J., Devers, C., McNamara, G., Carpenter, M. y Davison, R. (2009). Taking stock of what we know about mergers and acquisitions. Journal of Management, 35(3), 469–502.

Haleblian, J. y Finkelstein, S. (1999). The influence of organizational acquisition experience on acquisition performance: A behavioral learning perspective. Administrative Science Quarterly, 44(1), 29–56.

Harrison, J., Hitt, M., Hoskisson, R. y Ireland, D. (1991). Synergies and post-acquisition performance: Differences versus similarities in resource allocations. Journal of Management, 17(1), 173–190.

Healey, P., Palepu, K. y Ruback, R. (1992). Does corporate performance improve after mergers?. Journal of Financial Economics, 31(2), 135–175.

Helfat, C. E. y Lieberman, M. (2002). The birth of capabilities: Market entry and the importance of pre-history. Industrial and Corporate Change, 11(4), 725–760.

Hoberg, G. y Phillips, G. (2010). Product market synergies and competition in mergers and acquisitions: A text-based analysis. The Review of Financial Studies, 23(10), 3773–3811.

Homburg, C., Vollmayr, J. y Hahn, A. (2014). Firm value creation through major cannel expansions: Evidence from an event study in the Unites States, Germany, and China. Journal of Marketing, 78(3), 38–61.

Kim, J. y Finkelstein, S. (2009). The effects of strategic and market complementary on acquisition performance: Evidence from the U.S. commercial banking industry, 1989-2001. Strategic Management Journal, 30(6), 617–646.

King, D., Dalton, D., Daily, C. y Covin, J. (2004). Meta-analyses of post-acquisition performance: Indicators of unidentified moderators. Strategic Management Journal, 25(2), 187–200.

Koh, J. y Venkatraman, N. (1991). Joint venture formations and stock market reactions: An assessment in the information technology sector. Academy of Management Journal, 34(4), 869–892.

Lamont, B. y Anderson, C. (1985). Mode of corporate diversification and economic performance. Academy of Management Journal, 28(4), 926–934.

Lee, W. y Lieberman, M. (2010). Acquisition vs. internal development as modes of market entry. Strategic Management Journal, 31(2), 140–158.

Lehmberg, D., Rowe, G., White, R. y Philips, J. (2009). The GE paradox: Competitive advantage through fungible non-firm-specific assets. Journal of Management, 35(5), 1129–1153.

Levinthal, D. y Wu, B. (2010). Opportunity costs and non-scale free capabilities: Profit maximization, corporate scope, and profit margins. Strategic Management Journal, 31(7), 780–801.

Lubatkin, M. y Lane, P. (1996). Psst. . . The merger mavens still have it wrong!. Academy of Management Perspectives, 10(1), 21–37.

Luo, Y. (2002). Product diversification in international joint ventures: Performance implications in an emerging market. Strategic Management Journal, 23(1), 1–20.

McWilliams, A. y Siegel, D. (1997). Event studies in management research: Theoretical and empirical issues. Academy of Management Journal, 40(3), 626–657.

Merchant, H. y Schendel, D. (2000). How do international joint ventures create shareholder value?. Strategic Management Journal, 21(7), 723–737.

Montgomery, C. (1994). Corporate diversification. Journal of Economic Perspectives, 8(3), 163–178.

Montgomery, C. y Hariharan, S. (1991). Diversified expansion by large established firms. Journal of Economic Behavior and Organization, 15(1), 71–89.

Palich, L., Cardinal, L. y Miller, C. (2000). Curvilinearity in the diversificationperformance linkage: An examination of over three decades of research. Strategic Management Journal, 21(2), 155–174.

Park, N. (2004). A guide to using event study methods in multi-country settings. Strategic Management Journal, 25(7), 655–668.

Pitts, R. (1980). Toward a contingency theory of multibusiness organization design. Academy of Management Review, 5(2), 203–210.

Pitts, R. y Hopkins, D. (1982). Firm diversity: Conceptualization and measurement. Academy of Management Review, 7(4), 620–629.

Porrini, P. (2004). Can a previous alliance between an acquirer and a target affect acquisition performance?. Journal of Management, 30(4), 545–562.

Ramanujam, V. y Varadarajan, P. (1989). Research on corporate diversification: A synthesis. Strategic Management Journal, 10(6), 523–551.

Reuer, J. y Koza, M. (2000). Asymmetric information and joint venture performance: Theory and evidence from domestic and international joint ventures. Strategic Management Journal, 21(1), 81–88.

Robbins, J. y Wiersema, M. (2002). The measurement of corporate portfolio strategy: Analysis of the content validity of related diversification indexes. Strategic Management Journal, 24(1), 39–59.

Rumelt, R. (1982). Diversification strategy and profitability. Strategic Management Journal, 3(4), 359–369.

Santaló, J. y Becerra, M. (2008). Competition from specialized firms and the diversification-performance linkage. Journal of Finance, 63(2), 851–888.

Sheen, A. (2014). The real product market impact of mergers. Journal of Finance, 69(6), 2651–2688.

Teece, D. (1980). Economies of scope and the scope of the enterprise. Journal of Economic Behavior and Organization, 1(3), 223–247.

Teece, D., Rumelt, R., Dosi, G. y Winter, S. (1994). Understanding corporate coherence. Theory and evidence. Journal of Economic Behavior and Organization, 23(1), 25–41.

Wan, W., Hoskisson, R., Short, J. y Yiu, D. (2011). Resource-based theory and corporate diversification: Accomplishments and opportunities. Journal of Management, 37(5), 1335–1368.

Wiles, M., Morgan, N. y Rego, L. (2012). The effect of brand acquisition and disposal on stock returns. Journal of Marketing, 76(1), 38–58.

Yip, G. (1982). Diversification entry: Internal development versus acquisition. Strategic Management Journal, 3(4), 245–331.

Zhou, Y. M. (2011). Synergy, coordination costs, and diversification choices. Strategic Management Journal, 32(6), 624–639.

Publicado
2015-09-07
Cómo citar
Cernas Ortiz, D. A., & Mercado Salgado, P. (2015). La adquisición de empresas. ¿En qué nivel de relación industrial son un modo más apropiado de diversificación empresarial?. Estudios Gerenciales, 31(136), 266-274. https://doi.org/10.1016/j.estger.2015.05.001
Sección
Artículo de investigación