Análisis de fusiones y adquisiciones entre 2009 y 2020
Contenido principal del artículo
Resumen
Este artículo estudia la dinámica y las tendencias en los procesos de fusiones y adquisiciones en un entorno económico global y altamente competitivo. El objetivo de este estudio es analizar y dividir en períodos los acuerdos de fusiones y adquisiciones en la economía global. El trabajo ofrece una definición precisa y analiza los beneficios y los inconvenientes de tales acuerdos horizontales y verticales. Los autores discuten ondas históricas de procesos de fusiones y adquisiciones, y presentan 11 períodos individuales que contienen aspectos especiales y la descripción de tipos de acuerdos, además se complementan estos períodos con los efectos de la pandemia del COVID-19 para los años 2020 y 2021. Se utiliza un análisis de regresión polinomial para predecir el mecanismo, los resultados y la magnitud de las fusiones y adquisiciones. Además, un modelo de tiempo discreto permite estudiar el patrón de comportamiento de las fusiones y adquisiciones que tuvieron lugar durante el período 2009-2020. Los resultados demuestran que el crecimiento económico de las empresas trasnacionales se debe en gran medida a las fusiones y adquisiciones a pesar de los costes tan elevados que conlleva la preparación e implementación de estos procesos. Se espera una escalada de la redistribución de capital en las empresas farmacéuticas y de bioingeniería en un período posterior a la pandemia debido al aumento de los acuerdos de fusiones y adquisiciones.
Palabras clave:
Detalles del artículo
Referencias
Almeida, H. (2021). Liquidity management during the Covid-19 pandemic. Asia-Pacific Journal of Financial Studies, 50(1), 7-24. DOI: https://doi.org/10.1111/ajfs.12322
Andersson, M., & Xiao, J. (2016). Acquisitions of start-ups by incumbent businesses. A market selection process of “high-quality” entrants? Research Policy, 45(1), 272-290. DOI: https://doi.org/10.1016/j.respol.2015.10.002
Bakertilly International. (2019). Global dealmakers: Cross-border M&A outlook 2019. London, UK: Bakertilly International. Retrieved from: https://bakertilly.ua/wp-content/uploads/2019/11/BakerTilly-Global-Dealmakers-Report_FINAL_LRHQ.pdf
Bakertilly International. (2020). Global dealmakers: European M&A market update 2020. London, UK: Bakertilly International. Retrieved from: https://www.mergermarket.com/assets/Baker%20Tilly%20Global%20Dealmakers%20Report_2020_Final%20LR_updated.pdf
Beaton-Wells, C. (2006). Mergers without markets? Unilateral effects analysis in the United States and its prospects in Australia. Australian Business Law Review, 34, 186-210. Retrieved from: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=938633
Bian, J., Chan, К., & Shi, D. (2020). Does cross-border equity trading destabilize the stock market: Evidence from Chinese stock markets? SSRN Electronic Journal. DOI: https://doi.org/10.2139/ssrn.3562001
Busarieva, T. G. (2018). Features of mergers and acquisitions of TNC. Journal of Scientific View: Economics and Management, 2, 21-28. DOI: https://doi.org/10.32836/2521-666X/2018-2-60-3
Capron L., & Shen, J.-C. (2007). Acquisitions of private vs. public firms: private information, target selection, and acquirer returns. Strategic Management Journal, 28(9), 891-911. DOI: https://doi.org/10.1002/smj.612
Carrascal-Incera, A., Fernández Vázquez, E., & Serrano Gutiérrez, M. (2021). COVID-19 and its economic effects: Supply chain disruptions and behavioural changes. Revista Galega de Economía, 30(1), 1-4. Retrieved from: https://revistas.usc.gal/index.php/rge/article/view/7717
Chernenko, N., Korohodova, O., Moiseienko, T., & Hlushchenko, Y. (2020). Influence of industry 4.0 on the investment activities of transnational corporations. Scientific Horizons, 23(10), 68-77. DOI: https://doi.org/10.48077/scihor.23(10).2020.68-77
Crawford, M. (2020). Top 10 bioengineering trends for 2020. New York, NY: The American Society of Mechanical Engineers (ASME). Retrieved from: https://www.asme.org/topics-resources/content/top-10-bioengineering-trends
Cunningham, C., Ederer, F., & Ma, S. (2020) Killer acquisitions. Journal of Political Economy, 129(3), 649-702. DOI: https://doi.org/10.2139/ssrn.3241707
Czinkota, M., Ronkainen, I., & Moffett, M. (1997). International business. Orlando, FL: The Dryden Press.
Deloitte. (2019). Capital market review and outlook. China: Deloitte. Retrieved from: https://www2.deloitte.com/content/dam/Deloitte/cn/Documents/finance/deloitte-cn-mna-medicine-and-biotechnology-industry-driven-by-innovative-drugs-en-190514.pdf
Devoge, S., & Shiraki, J. (2000). People factors: The missing link in merger success. Compensation & Benefits Management, 16(1), 26-32.
Ernst & Young. (2020). Strategy and M&A survey results: Global capital confidence barometer. London, UK: Ernst & Young. Retrieved from: https://www.ey.com/en_gl/ccb
European Commission. (2004). Guidelines on the assessment of horizontal mergers under the Council Regulation on the control of concentrations between undertakings. Official Journal C 031, 5-18. Brussels, Belgium: European Commission. Retrieved from: https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=CELEX%3A52004XC0205%2802%29
European Commission. (2014). Member States need to act to boost European industry. Brussels, Belgium: European Commission. Retrieved from: https://ec.europa.eu/commission/presscorner/detail/en/MEMO_14_37
Fakhrullah, X., Zeeshan, M., Tariq, M., & Ullah, A. (2020). How to enhance the performance of acquisitions to examine the role of dedicated mergers and acquisitions events, capabilities, and the learning process. International Journal of Social Science, Innovation and Educational Technologies, 1(4), 491-509. Retrieved from: https://zenodo.org/record/4218549#.YWau4H3taUk
Gans, J. S., & Stern, S. (2003). The product market and the market for “ideas”: Commercialization strategies for technology entrepreneurs. Research Policy, 32(2), 333-350. DOI: https://doi.org/10.1016/S0048-7333(02)00103-8
Hamel, G., & Prahalad, C. K. (1996). Competing for the future. Brighton, MI: Harvard Business School Press.
Hanushchak-Yefimenko, L. M., & Kobernyk, I. V. (2012). The features of the formation of integrated business structures. Actual Problems of the Economy, 3(129), 154-160.
Hart, S. (2021) Three predictions for mergers and acquisitions for 2021. Jersey City, NJ: Forbes. Retrieved from: https://www.forbes.com/sites/forbesbusinessdevelopmentcouncil/2021/02/09/three-predictions-for-mergers-and-acquisitions-for-2021/?sh=3d190a346802
Hernandez, E., & Menon, A. (2018). Acquisitions, node collapse, and network revolution. Management Science, 64(4), 1652-1671. DOI: https://doi.org/10.1287/mnsc.2016.2691
Horbatiuk, L. A. (2014). Market of mergers and acquisitions in the banking sector of Ukraine: Modern state and prospects of development. Business Information, 5, 352-357.
IMAA. (2020). Number & value of M&A worldwide. Vienna, Austria: Institute for Mergers, Acquisitions and Alliances. Retrieved from: https://imaa-institute.org/mergers-and-acquisitions-statistics/
InVenture. (2020). Deals of mergers and acquisitions M&A in Ukraine. Kiev, Ukraine: InVenture Investment Group. Retrieved from: https://inventure.com.ua/tools/database/m%26a
Ivaldi M., Jullien B., Rey P., Seabright P., & Tirole J. (2003). The economics of horizontal mergers: Unilateral and coordinated effects. Report for DG Competition, European Commission. Luxembourg, Luxembourg: Office for Official Publications of the European Communities. Retrieved from: https://judgestraining.eu/wp-content/uploads/2017/06/report-eu_the-economics-of-horizontal-mergers-chrysovalantou-vasiliki-milliou.pdf
Kemp, L. et al. (2020). Point of view: Bioengineering horizon scan 2020. eLife 2020, 9, e54489. DOI: https://doi.org/10.7554/eLife.54489
Malik, M. F., Anuar, M. A., Khan, S., & Khan, F. (2014). Mergers and acquisitions: A conceptual review. International Journal of Accounting and Financial Reporting, 4(2), 520-533. DOI: http://dx.doi.org/10.5296/ijafr.v4i2.6623
Marchenko, V. M. (2008). Methodological essence of the concepts of mergers and acquisitions. Journal of Problems of Systemic Approach in the Economy, 3(7). Retrieved from: http://jrnl.nau.edu.ua/index.php/EPSAE/article/view/4098
Matsushita, K. (2011). Mission of business. Moscow, Russia: Alpina.
Mergers and Acquisitions in Ukraine. (2021). M&A Ukraine Infographics: TOP-10 deals on the M&A market in Ukraine in 2017. Retrieved from: https://mergers.com.ua/images/infographics/10-Most-Prominent-M-A-Deals-in-Ukraine-in-2017-Ua.jpg
Mills, R., & Weinstein, R. (1999). Unilateral effects of mergers: The simulation approach. Retrieved from: http://www.micronomics.com/articles/Merger_Paper.pdf
Nuansari, S. D. (2020). Performance of merger and acquisition, director experience, and moderation effects of board characteristics, bidder characteristics, and type of merger and acquisition. Manajemen Bisnis, 10(1), 41-48. DOI: https://doi.org/10.22219/jmb.v10i1.10788
Nunes de Faria, R., Grimaldo Hidalgo, L. M., & Ferraz, L. (2021). An assessment of trade policies related to COVID-19. Revista Galega de Economía, 30(1), 1-17. DOI: https://doi.org/10.15304/rge.30.1.7334
Pardo-García, C., & Sempere-Monerris, J. J. (2015). Equilibrium mergers in a composite good industry with efficiencies. SERIEs, 6, 101-127. DOI: https://doi.org/10.1007/s13209-014-0121-y
Pashin, S. T. (2002). Functioning of TNC`s. Organizational and economic support. Moscow, Russia: Economy.
Pirozhok, O. (2019). The biggest business deals of the year: who bought whom in 2019. Newspaper of Economic Truth. Retrieved from: https://www.epravda.com.ua/publications/2020/01/13/655614/
Pobochenko, L. (2017). Regional distribution of world market processes M&A. Development Strategy of Ukraine, 1, 70-78.
Private Equity Insights. (2020). Top 5 biggest M&A deals struck during the pandemic. London, UK: Private Equity Insights. Retrieved from: https://pe-insights.com/news/2020/08/26/top-5-biggest-ma-deals-struck-during-the-pandemic/
Renko, M., Yli-Renko, H., & Denoo, L. (2020). Sold, not bought: Market orientation and technology as drivers of acquisitions of private biotechnology ventures. Journal of Business Venturing, 106022. DOI: https://doi.org/10.1016/j.jbusvent.2020.106022
Rodríguez-Monroy, C. (2006). Strategic planning and M&A: Processes and decision support tools. International Conference on Organization Development and Change 1. Lyon, France. Retrieved from: https://www.researchgate.net/publication/277020674_strategic_planning_and_ma_processes_and_decision_support_tools
Roll, R. (1986). The hubris hypothesis of corporate takeovers. Journal of Business, 59(2), part 1, 197-216. Retrieved from: https://www.jstor.org/stable/2353017?seq=1#metadata_info_tab_contents
Rudenko, L. (2008). Advantages and risks of transnationalization of economic development of Ukraine. National Security: Ukrainian Dimension, 1(20-21), 58-68.
Rueda-Cantuche, J. M. (2021). The economy of the European Union in times of COVID-19. Revista Galega de Economía, 30(1), 1-17. DOI: https://doi.org/10.15304/rge.30.1.7663
Ruiz Barbadillo, E., & Rodríguez Castro, P. (2013). The nature of competition in the audit market. An evaluation of the literature. Revista Galega de Economía, 22(1), 281-306. DOI: https://doi.org/10.15304/rge.22.1.1282
Savchenko, M. V., & Shkurenko, O. V. (2019). Mergers and acquisitions as a tool for increasing the competitiveness of companies. Management of Economy: Theory and Practice, 92-105.
Shukla, B., & Rizvi, Y. (2009). Managing organisational change: An empirical study of human resource interventions in mergers and acquisitions. The International Journal of Knowledge, Culture and Change Management, 9(7), 27-52. Retrieved from: https://www.researchgate.net/publication/343962193_Managing_Organisation_Change_An_Empirical_Study_of_Human_Resource_Interventions_in_Mergers_and_Acquisitions
Statista. (2019). Total capital raised in the biotechnology industry in the U.S. and Europe from 2015 to 2019. Health, Pharma & Medtech. Retrieved from: https://www.statista.com/statistics/440971/total-capital-raised-in-biotechnology-industry-in-us-and-europe/
Sterman, J. D. (2002). System dynamics: Systems thinking and modeling for a complex world. Working Paper Series ESD-WP-2003-01.13-ESD International Symposium. Cambridge, MA: Massachussetts Institute of Technology, Engineering Systems Division. Retrieved from: https://dspace.mit.edu/bitstream/handle/1721.1/102741/esd-wp-2003-01.13.pdf?sequence=1&isAllowed=y
Tabakharniuk, M. (2017). Classification of merger and acquisition agreements in the modern economy. Scientific Bulletin of Kherson State University, 23, 110-114.
Tirole, J. (2001). Corporate governance. Econometrica, 69(1), 1-35. Retrieved from: http://ecoapli1.udc.es/maixe-altes/banca/tema2/Tema%20cajas/Tirole,J.%282001%29.pdf
United Nations. Industrial Development Organization. (2020). Industrialization as the driver of sustained prosperity. Vienna, Austria: United Nations. Industrial Development Organization. Retrieved from: https://www.unido.org/sites/default/files/files/2020-04/UNIDO_Industrialization_Book_web4.pdf
United Nations. Division for Sustainable Development Goals. (2020). 17 Sustainable development goals, 17 partnerships. New York, NY: United Nations. Division for Sustainable Development Goals. Retrieved from: https://sdgs.un.org/sites/default/files/publications/211617%20Goals%2017%20Partnerships.pdf
U.S. Department of Justice and the Federal Trade Commission. (2010). Horizontal merger guidelines. New York, NY: U.S. Departament of Justice and the Federal Trade Commission. Retrieved from: http://www.justice.gov/atr/public/guidelines/hmg-2010.html
Walker, P., & Hanna, D. (1999). What makes a merger successful? Strategic Finance, 80 (10), 58-62.
Yanenkova, I., & Zeldis, V. (2016). M&A features in Ukraine and Europe. Scientific papers: Ekonomy, 263, 70-76.