Análise da capacidade explicativa do investimento pelo “q” de Tobin em empresas brasileiras de capital aberto

Kammler, E.; Alves, Tiago Wickstrom

doi:10.1590/s1676-56482009000200007

Cited by 9 publications

(9 citation statements)

References 11 publications

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“…The Tobins’Q is insignificant, which is not in line with (Khatab et al 2011 ; Kammler and Alves 2010 ) study. Concerning value creation, the successful mergers are those in which a high Tobins’Q firm merges with low Tobins’Q company (Servaes 1991 ) and this indicates that acquisitions are used as an approach to offset for low organic growth opportunity (Duflos and Pfister 2008 ).…”

Section: Empirical Analysis and Discussioncontrasting

confidence: 54%

“…Tobin’s Q is used to assess value creation, growth expectation of firm (Carpenter and Petersen 2002 ), and post-merger performance of acquiring firm (Delcoure and Hunsader 2006 ; Adams 2008 ; Bris and Cabolis 2008 ; Kammler and Alves 2010 ). The low Tobins’ Q indicated that firms generally have little growth expectation, which means their counterparts may surpass them (Duflos and Pfister 2008 ).…”

Section: Literature Reviewmentioning

confidence: 99%

See 1 more Smart Citation

The Impact of Merger and Acquisition on Value Creation: An Empirical Evidence

Gupta

Mishra

Tripathy

2021

The Importance of New Technologies and Entrepreneurship in Business Development: In the Context of Economic Diversity in Develo

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The aim of this paper is to examine the impact of post merger and acquisitions on value creation. The paper also analyses the impact of lagged synergy (a proxy of sales growth) on the post merger and acquisition (M&A) performance of acquiring firms. The study employs System Generalised Method of Moment model (System GMM) to the panel dataset of 64 Indian firms from 2012 to 2018 to determine the synergy impacts and value creation post merger and acquisition (M&A). The outcome of the study signs that mergers create positive value for post merger acquiring firms, and lagged synergy influences future synergies positively. The lagged dependent variable synergy (p-value is 0.000) shows a significant positive effect on dependent variable synergy, which indicates that previous year sales of the firm have a positive effect on future year sales. If the acquisition of firm post merger and acquisition (M&A) effectively absorbs acquired firm resources and digests nutrition from those resources, then the value can be created, and synergy can be achieved, or at least not damaged. Corporate managers, policy makers and regulators can lure significant conclusions from the outcomes of the study. This study for managers concludes that a strong view of possible synergies that can be accomplished through mergers, timelines and processes to achieve them, all of which will aid in the post merger integration process. This knowledge and understanding also helps to optimise the effect of lagged synergies. The results have also important consequences for academics and give impetus to further research. Future research can be undertaken by comprising premiums paid, cross borders mergers, hostile or friendly mergers that may shed some supplementary insights. This paper contributes to value addition in the literature of post M&A as it analyses value creation and effect of lagged synergy in terms of sales. There are limited studies that observed the relationship of value creation and merger and acquisition (M&A), especially in the context of Indian sectors; moreover, this paper takes into consideration different sectors viz. Manufacturing, Mining, Electricity, Construction, Service and Real Estate which gives a holistic view of Indian sectors.

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Section: Empirical Analysis and Discussioncontrasting

confidence: 54%

Section: Literature Reviewmentioning

confidence: 99%

The Impact of Merger and Acquisition on Value Creation: An Empirical Evidence

Gupta

Mishra

Tripathy

2021

The Importance of New Technologies and Entrepreneurship in Business Development: In the Context of Economic Diversity in Develo

View full text Add to dashboard Cite

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“…However, they explain that it is very difficult to obtain the replacement value. In this sense, Kammer and Alves (2009) present other approaches developed to estimate Tobin's Q, also known as simplified approximations, which can result in correspondence with more elaborate methods (Famá & Barros, 2000).…”

Section: Event Study and Financial Variables Of The Regression Modelsmentioning

confidence: 99%

ESG investments in the Covid-19 pandemic

Moutinho,

Silva

2024

Rev. Cat. Cien. Cont.

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The objective of this study is to analyze the effect of investment in environmental, social and governance (ESG) factors on the financial performance of Brazilian companies and on the accumulated abnormal return during the Covid-19 pandemic period. To this end, two theoretical portfolios of the Brazilian market were compared: one composed of ISE (Sustainability Index) companies and the other of Ibovespa companies. The impact of financial performance variables on Abnormal Returns during the Covid-19 pandemic period was analyzed using the Event Study method. This study obtained mixed results. ISE companies obtained higher CAR for the period of the pandemic, demonstrating greater resilience during the crisis. In addition, lower volatility was observed for ESG stocks. The results of the regression models did not identify a positive relationship between profitability indicators and CAR for ISE companies. On the other hand, in line with the hypotheses of this study, there was a positive association between Tobin’s Q of ESG companies and CAR. This research can be useful for academics and investors, as it expands the evidence of ESG investments in terms of financial performance in an emerging market, such as Brazil, and their resilience in times of crisis. Finally, managers, investors, creditors and other professionals may be interested in the results of this research, since ESG investments can develop a competitive advantage, contributing to the long-term success of the business.

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“…Esse modelo pode ser calculado por meio de dados contábeis e permite a realização de um comparativo entre as companhias (Chung & Pruitt, 1994;Famá & Barros, 2000). Além disso, essa métrica é utilizada como um indicador de viabilidade de investimentos, pois o resultado da relação entre o valor de mercado e o custo de reposição dos ativos pode indicar o retorno do investimento (Kammler & Alves, 2009). Segundo Morck, Shleifer e Vishny (1988) e Black et al (2006), o nível de governança corporativa consegue explicar o valor de mercado das companhias se calculado pelo Q de Tobin.…”

Section: Governança Corporativa E Valor De Mercadounclassified

Os Impactos da Governança Corporativa e da Internacionalização no Valor de Mercado das Empresas Brasileiras: uma Aplicação da Análise dos Componentes Principais

et al. 2021

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Objetivo: Analisar os impactos da governança corporativa e da internacionalização no valor de mercado das empresas brasileiras emissoras de American Depositary Receipt (ADR) no período de 2010 a 2018.Método: Regressão linear múltipla com dados em painel e análise dos componentes principais para definição das proxies de governança corporativas. Os dados foram coletados na plataforma Economatica® e na Comissão de Valores Mobiliários (CVM).Principais resultados: Os resultados apontam que, quanto menor a expropriação e a descentralização de poder e maior o comportamento de entrincheiramento nas organizações, maior será o seu valor de mercado. Além disso, a liquidez e a rentabilidade exercem uma influência positiva sobre o valor de mercado das empresas brasileiras, enquanto o endividamento, a volatilidade e o tamanho o afetam de forma negativa.Relevância/originalidade: As diferentes variáveis de governança corporativa foram combinadas por meio da técnica da análise de componentes principais e trabalhadas com base em alguns dos principais aspectos da governança: entrincheiramento, expropriação e centralização de poder. Isso destaca a originalidade do trabalho, bem como sua relevância para a literatura.Contribuições teóricas/metodológicas: Análise de diferentes vertentes da governança corporativa e do impacto dessas variáveis e da internacionalização sobre o valor de mercado das firmas. Para as empresas, o estudo contribui para o entendimento de como aspectos da governança corporativa pode impactar no seu valor perante o mercado.

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Análise da capacidade explicativa do investimento pelo “q” de Tobin em empresas brasileiras de capital aberto

Cited by 9 publications

References 11 publications

The Impact of Merger and Acquisition on Value Creation: An Empirical Evidence

The Impact of Merger and Acquisition on Value Creation: An Empirical Evidence

ESG investments in the Covid-19 pandemic

Os Impactos da Governança Corporativa e da Internacionalização no Valor de Mercado das Empresas Brasileiras: uma Aplicação da Análise dos Componentes Principais

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