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Mergin Firms' Strategies and the Merger Paradox [Estratégias de Empresas Fundidas e o Paradoxo das Fusões]

Author

Listed:
  • José Méndez-Naya

    (Universidade da Coruña, Corunã, Spain)

Abstract

Tomando como referência um modelo de fusões horizontais, o objetivo deste artigo é qualificar o paradoxo das fusões, provando que uma empresa multidivisional formada por uma fusão poderia ser sustentável, embora a fusão não inclua a maioria das empresas do mercado. Especificamente, é testado que o número mínimo de empresas fundidas para ter uma fusão lucrativa, assumindo jogos simultâneos e sequenciais, é menor em nosso modelo do que no modelo tradicional Salant et al. (1983). Além disso, se prova que, se a empresa multidivisional a empresa estabelece de maneira ótima o número de subsidiárias, a fusão é sustentável e menos prejudicial ao bem-estar do que no modelo tradicional.

Suggested Citation

  • José Méndez-Naya, 2018. "Mergin Firms' Strategies and the Merger Paradox [Estratégias de Empresas Fundidas e o Paradoxo das Fusões]," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 28(3), pages 1001-1015, September.
    • Handle: RePEc:nov:artigo:v:28:y:2018:i:3:p:1001-1015
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    References listed on IDEAS

    as
    1. Marc Escrihuela-Villar & Ramon Faulí-Oller, 2008. "Mergers in asymmetric Stackelberg markets," Spanish Economic Review, Springer;Spanish Economic Association, vol. 10(4), pages 279-288, December.
    2. Anthony Creane & Carl Davidson, 2004. "Multidivisional firms, internal competition, and the merger paradox," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 37(4), pages 951-977, November.
    3. R. Glenn Hubbard & Darius Palia, 1999. "A Reexamination of the Conglomerate Merger Wave in the 1960s: An Internal Capital Markets View," Journal of Finance, American Finance Association, vol. 54(3), pages 1131-1152, June.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    fusões; empresas multidivisionais; estratégias de empresas;
    All these keywords.

    JEL classification:

    • L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets
    • L23 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Organization of Production
    • L41 - Industrial Organization - - Antitrust Issues and Policies - - - Monopolization; Horizontal Anticompetitive Practices

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