The effect of interlocking directorates on mergers and acquisitions in Brazil

Barros, Thiago de Sousa; Cárdenas, Julián; Mendes‐Da‐Silva, Wesley

doi:10.1007/s10997-020-09529-7

Cited by 13 publications

(7 citation statements)

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“…Ao longo deste artigo, focalizaremos os laços sociais entre os conselheiros de firmas distintas, que, segundo Westphal e Khanna (2003), podem afetar o fluxo de informações entre empresas, gerar confiança entre parceiros e reduzir custos de transação. Nessa visão, as relações sociais em curso via board interlock poderiam ser um meio para estreitar laços diretos e transmitir comportamentos, além de constituir canais de confiança e gerar redes baseadas em identidade (Barros et al, 2021;Kopoboru et al, 2020;Zona, Gomez-Meija, & Withers, 2018). Ademais, o board interlock configura um mecanismo usado para a coesão social das elites empresariais, isto é, um recurso que ajuda as elites corporativas a preservar sua autonomia e controle no longo prazo (Benton & Cobb, 2019;Knoke, 2018).…”

Section: Revisão De Literaturaunclassified

“…Com a evolução dos mercados de capitais, especialmente em países emergentes, o conselho de administração ganhou notório interesse de pesquisa, principalmente pela ótica da sociologia de redes (Young, Goldman, O'Connor, & Chuluun, 2020). Diversas pesquisas evidenciaram que comportamentos e práticas corporativas são disseminadas por meio dessas redes (Barros, Cárdenas, & Mendes-da-Silva, 2021;Kopoboru, Cuevas-Rodríguez, & Pérez-Calero, 2020).…”

Section: Introductionunclassified

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Qual a Posição Das Mulheres Na Rede De Board Interlocking Do Brasil? Uma Análise Para O Período De 1997 a 2015

Barros

Kirschbaum

2023

Rev. adm. empres.

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RESUMO Até bem recentemente, os conselhos de administração das empresas apresentavam forte predominância masculina, imperando resultados controversos quanto à inserção das mulheres nesses órgãos. Em face disso, esta pesquisa teve como objetivo investigar a evolução da participação feminina nos conselhos de administração das empresas brasileiras listadas na B3 e a posição dessas conselheiras na rede corporativa de board interlocking, entre 1997 e 2015. Para entender esse fenômeno, foi adotada a metodologia Análise de Redes Sociais (ARS) e diversos indicadores foram calculados. Os resultados indicam que as mulheres aumentaram sua participação na alta administração do ambiente corporativo brasileiro e começam a integrar os conselhos de administração, cenário ainda distante da realidade observada em países desenvolvidos. No entanto, quando foram analisados os membros conectados na rede corporativa, concluímos que as mulheres alcançam alta proximidade, uma vez que têm alto grau de centralidade na rede, mas também carecem de potencial de intermediação. Tais resultados sinalizam a necessidade de aumentar a diversidade de gênero no alto escalão das empresas, o que poderia elevar a qualidade do debate nos conselhos de administração e melhorar os níveis de governança corporativa.

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Section: Revisão De Literaturaunclassified

Section: Introductionunclassified

Qual a Posição Das Mulheres Na Rede De Board Interlocking Do Brasil? Uma Análise Para O Período De 1997 a 2015

Barros

Kirschbaum

2023

Rev. adm. empres.

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“…M&As also create board ties and interlockings. A study of 153 Brazilian firms reveals that corporate ties among several boards on national and international M&As decrease information asymmetry (de Sousa Barros et al, 2021). Thus, M&As create an ecosystem that encourages more M&As.…”

Section: Literature and Hypothesis Developmentmentioning

confidence: 99%

Domestic, inbound and outbound M&A activity interdependence in Brazil

Kumar

Saikia

Mundi

2022

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PurposeMergers and acquisitions (M&As) are of three types: domestic, inbound and outbound cross-border. Inbound M&As provide an inflow of foreign funds into the economy, whereas outbound M&As involve the outflow of domestic funds. This paper examines the impact of domestic and cross-border mergers and acquisitions in Brazil on each other.Design/methodology/approachThe authors analyze M&A activity in Brazil and examine the impact domestic, inbound and outbound M&As have on each other. The study uses a vector auto-regressive model to test the relationships for each quarter of 2000–2018. The M&A activity is operationalized using the total number of deals and the cumulative value of the deals in a particular period.FindingsThe results depict stark contrast for M&A activity measured through incidences and monetary value. Overall, the number of deals can better explain each other than value. The authors find that, in terms of incidences, domestic M&A is Granger caused by both outbound and inbound M&As together. Further, inbound and domestic M&As together Granger cause outbound M&As in terms of aggregate monetary value. The impulse response function reveals that incidence shocks created in M&A activity are longer lasting than the value shocks.Practical implicationsThe results have implications for businesses and policymakers. The study reveals the complexities of crowding effects important for businesses. The government needs to structure its future investment-promotion strategies depending on the objectives related to the number and value of M&A activity.Originality/valueThe study uses econometric tools and empirical methods to find the unexplored nature of the relationship between domestic, outbound and inbound cross-border M&As.

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“…de Sousa Barros et al (2020) showed that firms that have more ties with other firms through board interlocks (higher degree centrality) are more likely to perform mergers and acquisitions. Su and Liu (2019) explored interlocking director networks based on social network analysis among listed Chinese firms and examined the effect of interlocking director networks on corporate risk-taking.…”

Section: Literature Reviewmentioning

confidence: 99%

The Old Boys Club in New Zealand Listed Companies

Chen

Ding

Wilson

2021

JRFM

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The board of directors plays an important role in implementing corporate governance in the firm, as directors have a fiduciary duty to the firm’s shareholders. The effectiveness of directors is a key determinant of corporate value and they need to bring a range of skills and experience to the boardroom. This skill and experience cannot be developed solely within the firm, and most boards incorporate non-executive directors who are or have been directors of other firms. Current research on the benefits of interlocking directorships is mixed between the claim that they bring outside feedback to the table and open decision makers’ minds, and those who think outside directors are a waste of money and can reduce company performance. This paper investigates the extent of interlocking directorship in New Zealand and how it affects corporate performance. Our findings of largely no significant impact on firm performance are consistent with the management control theory of director interlocks; the exceptions support the class hegemony theory that links interlocking directorship with a negative firm performance.

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The effect of interlocking directorates on mergers and acquisitions in Brazil

Cited by 13 publications

References 77 publications

Qual a Posição Das Mulheres Na Rede De Board Interlocking Do Brasil? Uma Análise Para O Período De 1997 a 2015

Qual a Posição Das Mulheres Na Rede De Board Interlocking Do Brasil? Uma Análise Para O Período De 1997 a 2015

Domestic, inbound and outbound M&A activity interdependence in Brazil

The Old Boys Club in New Zealand Listed Companies

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