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This article analyzes ownership restructuring and changes in corporate control in four large Latin American countries—Argentina, Brazil, Chile, and Mexico—during the 1990s. Drawing on original firm‐level data, this is a comparative study aimed at identifying cross‐country differences and regularities. It focuses on transactions associated with privatizations and private mergers and acquisitions (M&As)—their evolution, relative importance, and sectoral incidence—as well as the role played by different types of investors: local, foreign, and joint ventures. A specially built database was used in the analysis, comprising 3,085 private M&As and 329 privatization transactions. Although similar to processes occurring elsewhere, it is argued that ownership restructuring in Latin America was facilitated and fostered by specific changes in policy‐associated institutional framework conditions. That is, the wide‐ranging process of ownership restructuring is strongly associated with economic liberalization, which has become the main feature of Latin American national regimes of incentives and regulation.

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The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the International Bank for Reconstruction and Development/World Bank and its affiliated organizations, or those of the Executive Directors of the World Bank or the governments they represent.

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En este artículo se analiza la naturaleza y extensión de las reformas en la industria brasileña tras 10 años de liberalización económica. Se demuestra que la mayoría de las características estructurales de dicha industria no ha sufrido modificaciones, excepto en la gestión de los procesos productivos y la propiedad del capital de las empresas, mientras que la racionalización y la internacionalización "hacia adentro" se han generalizado. Brasil puede llegar a enfrentar una situación paradójica respecto de su desarrollo futuro. La historia indica que el capital local y la capacidad en innovación han sido características destacadas en los países que han logrado alcanzar un desarrollo económico sostenido. Si la internacionalización del capital de las empresas ha de mantenerse y si han de buscarse las capacidades locales de innovación, los responsables tanto públicos como privados de formular la política en Brasil, deberán apartarse de las prácticas políticas establecidas y orientarse hacia nuevas formas de regulación y de estímulo a las empresas para la creación de valor local.

Este trabalho investiga a coerência no processo de diversificação corporativa via fusões e aquisições (F&A), e analisa as razões pelas quais a firma tende, na maioria das vezes, a incorporar ao seu portfolio atividades relacionadas às já existentes. Com base na concepção "penrosiana" da firma, o trabalho argumenta que por intermédio das operações de F&A, a firma, embora tenha a opção de realizar um caminho conglomerado de diversificação, e em alguns casos isto ocorra, tende a imprimir uma diversificação não aleatória (coerente) em resposta a condicionantes internos definidos pela natureza específica de suas características produtivas e tecnológicas. O trabalho fornece suporte empírico para os argumentos apresentados através de um estudo cross-section baseado numa amostra de 106 empresas de origem norte-americana, líderes da indústria manufatureira, e as operações de F&A por elas desenvolvidas nos EUA no período 1990-1999.