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Degree of equity ownership in cross-border acquisitions of Brazilian firms by multinationals: a strategic response to institutional distance

2017Artigo científico Acesso aberto
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dc.contributor.authorFerreira, Manuel Portugal
dc.contributor.authorVicente, Simone César da Silva
dc.contributor.authorBorini, Felipe Mendes
dc.contributor.authorAlmeida, Martinho Isnard Ribeiro de
dc.date.accessioned2021-08-06T15:09:36Z
dc.date.available2021-08-06T15:09:36Z
dc.date.issued2017
dc.description.abstractThis study analyzes how foreign multinational enterprises respond to uncertainty in their cross-border acquisitions in emerging economies and,specifically in Brazil, given the institutional differences that separate the home and host countries. We analyze how institutional distance impactsmultinational enterprises strategy in taking a partial or full ownership stake in their Brazilian acquisitions. We propose that the equity stake is astrategic response to the uncertainty of operating in institutionally distant countries. In an study based on secondary data of 736 acquisitions between2008 and 2012, we tested statistically the relation between nine dimensions of institutional distance and the equity stake acquired. Results showdifferentiated effects albeit with significant evidence that greater geographic distance lead multinational enterprises to take a partial equity stake,while financial and cultural distance leads to a full acquisition. This study has two contributions: reinforces the understanding of the institutionalchallenges of entering emerging economies, and puts forth how firms’ strategies may incorporate structural solutions that minimize risks andinvestments when facing institutional uncertainties.pt_PT
dc.description.versioninfo:eu-repo/semantics/publishedVersionpt_PT
dc.identifier.doi10.1016/j.rausp.2016.09.001pt_PT
dc.identifier.issn2531-0488
dc.identifier.urihttp://hdl.handle.net/10400.8/6031
dc.language.isoengpt_PT
dc.peerreviewedyespt_PT
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/pt_PT
dc.subjectInstitutional environmentpt_PT
dc.subjectInstitutional distancept_PT
dc.subjectCross-border acquisitionspt_PT
dc.subjectBrazilpt_PT
dc.subjectUncertainty reduction strategypt_PT
dc.titleDegree of equity ownership in cross-border acquisitions of Brazilian firms by multinationals: a strategic response to institutional distancept_PT
dc.title.alternativeGrau de propriedade de capital nas aquisições de empresas brasileiras por multinacionais: uma resposta estratégica à distância institucionalpt_PT
dc.title.alternativePropiedad de capital en las adquisiciones de empresas brasileñas por multinacionales: respuesta estratégica a la distancia institucionalpt_PT
dc.typejournal article
dspace.entity.typePublication
oaire.citation.endPage69pt_PT
oaire.citation.issue1pt_PT
oaire.citation.startPage59pt_PT
oaire.citation.titleRAUSP Management Journalpt_PT
oaire.citation.volume52pt_PT
person.familyNameFerreira
person.givenNameManuel
person.identifier.ciencia-id2B1A-16D4-80DA
person.identifier.orcid0000-0002-4642-4605
person.identifier.ridA-2322-2012
person.identifier.scopus-author-id7402787382
rcaap.rightsopenAccesspt_PT
rcaap.typearticlept_PT
relation.isAuthorOfPublication69895f61-97d7-47e5-93e3-ede7fb54631c
relation.isAuthorOfPublication.latestForDiscovery69895f61-97d7-47e5-93e3-ede7fb54631c

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