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A partir dos aportes conceituais de Chandler e Penrose, são examinados os movimentos de crescimento das firmas, definidos pelo confronto entre forças de mudança e forças de resistência. Nessa perspectiva, desenvolvem-se quatro ferramentas com o objetivo de compreender a dinâmica do crescimento das empresas. De modo a facilitar a compreensão do uso de tais ferramentas, o trabalho ilustra a abordagem metodológica utilizando o caso da Standard Oil/Exxon.
This paper addresses the main driving forces of the Brazilian Electricity Industry Reform. The papershows that although we can identifY important motivations to increase the industry's efficiency, more general macroeconomic motivations are playing an essential role in the industry's reform process. The paper argues that the recent macro-economic reforms in Brazil, aiming at the stabilisation ofthe economy, represent the main driving force for introduction of market oriented reforms and the privatisation ofthe electricity industry. Given this scope, the government has emphasised the privatisation process to the detriment of a new regulatoryframework capable to guarantee an efficient allocation of resources in the industry. The article points andanalyses the main unsolved questionsfor the creation for the new market oriented regulatory framework.
Microeconomic impacts of the mergers and acquisitions of energy industries in the World: an analysis for the 1990's. The energy industries have witnessed a significant growth of global mergers and acquisitions (M&A´s) process in the 1990´s. According to Unctad statistics, the total amount of global M&A deals (domestic and cross borders) on the electric, oil and gas sectors has recorded US$ 329 billions on the 1990-1999 period. The present paper sheds light on M&A process occurred on the energy industries during this period and, based on a sample of 248 transactions carried out by 18 big energy enterprises, develops an empirical microeconomic analysis about the impacts of these transactions over the performance of the firms involved. Overall, the results show significant improvements on the firms' performance after M&A operations, regarding the following variables: sales, net profits, assets, dividends, and, to a less extent, the ratio (net profits/sales
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