Associations of the Motives for Business Combinations and the Attributes of Acquiring Companies Listed on the Stock Markets of Brazil
DOI:
https://doi.org/10.5380/rcc.18.101529Keywords:
Motives for Business Combinations, Age of the acquiring company, Size of the acquiring company, Indebtedness of the acquiring companyAbstract
The growth of firms may be related to the manager's ability to evaluate opportunities available in the market with the organization's
internal resources and needs. Thus, business combinations (corporate acquisitions) can be examples of development occasions for
companies, when the motivations of the operation are associated with the characteristics of the acquiring companies. In this way, the
research aimed to study whether there are associations between the reasons for corporate acquisitions and the characteristics of
publicly held acquiring companies in Brazil. 140 business combinations of 68 publicly traded Brazilian acquiring companies (2010-
2019) were studied, considering 25 sectors of the Brazilian economy. Through Homogeneity analysis was possible to verify that the
administrative reasons for corporate acquisitions were strongly associated with the size of the acquiring companies, and the
operational reasons demonstrated a strong intensity with the age and indebtedness of the acquiring companies. The main
contribution of the study is to promote contemporary discussions about the decision-making of business combination information
users regarding how these financial agreements can contribute to the growth, transformation, and innovation of publicly traded
companies in Brazil.
References
Ahmed, M., & Ahmed, Z. (2014). Mergers and acquisitions: Effect on financial performance of manufacturing companies of Pakistan. Middle-East Journal of Scientific Research, 21(4), 689-699. https://doi.org/10.5829/idosi.mejsr.2014.21.04.21442.
Awan, T., Shah, S.Z.A., Khan, M.Y. and Javeed, A. (2020), "Impact of corporate governance, financial and regulatory factors on firms’ acquisition ability", Corporate Governance, 20(3), 461-484. https://doi.org/10.1108/CG-07-2019-0214.
Battisti, J. F., Rover, S., & Almeida, A. P. (2025). Divulgação de Motivadores e das Características das Combinações de Negócios: Experiências com Empresas Brasileiras que Operam no Mercado de Ações do Brasil. Revista UNEMAT de Contabilidade, 13(26), 1-27. https://doi.org/10.30681/60dkbs22.
Brahma, S., Boateng, A., & Ahmad, S. (2018). Motives of mergers and acquisitions in the European public utilities: An empirical investigation of the wealth-anomaly. International Journal of Public Sector Management, 31(5), 599-616. https://doi.org/10.1108/IJPSM-01-2017-0024.
Brasil Ecodiesel Indústria e Comércio de Biocombustíveis e Óleos Vegetais S.A. (2010). Demonstrações Financeiras Padronizadas. Recuperado de https://sistemas.cvm.gov.br/.
Cai, H., & Deng, Q. (2025). ESG incidents and M&A decisions. Finance Research Letters, 75, 106824. https://doi.org/10.1016/j.frl.2025.106824.
Campos, S. M. S., Silva, J. P., Oliveira, W. B. C., Neto, A. G., & Fofano, C. S. (2021). Contabilidade Societária: benefícios no âmbito da combinação de negócios. Revista Transformar, 14(2), 337-348. Recuperado de https://www.fsj.edu.br/transformar/index.php/transformar/article/view/500.
Casonato, L., & Dalla Costa, A. (2019). Revisitando a "Teoria do Crescimento da Firma" sob as perspectivas de Penrose e Kirzner: conteúdos e divergências. Revista Economia Ensaios, 33(2). https://doi.org/10.14393/REE-v33n2a2019-38819.
Chen, W., & Cui, Y. (2019). Motivation and acquisition premium: Evidence from Chinese shipping industry. Journal of Coastal Research, 94(SI), 447-454. https://doi.org/10.2112/SI94-089.1.
Christofi, M., Vrontis, D., Thrassou, A., & Shams, S. R. (2019). Triggering technological innovation through cross-border mergers and acquisitions: a micro-foundational perspective. Technological Forecasting and Social Change, 146, 148-166. https://doi.org/10.1016/j.techfore.2019.05.026.
Comitê de Pronunciamentos Contábeis. (2011). Pronunciamento Técnico CPC 15 (R1), de 3 de junho de 2011. Combinação de Negócios. https://www.cpc.org.br/Arquivos/Documentos/235_CPC_15_R1_rev%2022.pdf.
Cui, H., & Leung, S. C. M. (2020). The long-run performance of acquiring firms in mergers and acquisitions: Does managerial ability matter? Journal of Contemporary Accounting & Economics, 16(1), 100185. https://doi.org/10.1016/j.jcae.2020.100185.
Dua. S. (2023). What Motivates Mergers and Acquisitions in India? International Journal of the Economics of Business, 30(3), 293-314. https://doi.org/10.1080/13571516.2023.2256037.
Fávero, L. P. L., & Belfiore, P. P. (2021). Manual de análise de dados: estatística e modelagem multivariada com Excel, SPSS e Stata. Rio de Janeiro: Elsevier.
Forti, C. A. B., Cunha, V., & Rosa, A. A. S. (2026). Grandes bancos possuem menores custos? A estrutura de custos e despesas do setor bancário brasileiro. Contabilometria, 13(1), 56-70. Recuperado de https://revistas.fucamp.edu.br/index.php/contabilometria /article/view/3536.
Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2009). Multivariate Data Analysis (7th Edition). NJ: Prentice Hall.
Hsu, K. C., Wright, M., & Zhu, Z. (2017). What motivates merger and acquisition activities in the upstream oil & gas sectors in the US? Energy economics, 65, 240-250. https://doi.org/10.1016/j.eneco.2017.04.028.
Irwin, K., Armstrong, C., Drnevich, P., & Schijven, M. (2025). The motives for mergers and acquisitions and their implications for research and practice. Strategic Management Review. Advance online publication, 74, 1-54. Recuperado de https://digitalcommons.odu.edu/management_fac_pubs/74/.
Janowicz, M. (2022). To disclose or not to disclose? To what extent information about business combinations matters on example of Polish companies. Procedia Computer Science, 207, 1891-1900. https://doi.org/10.1016/j.procs.2022.09.247
Klabin S.A. (2012). Demonstrações Financeiras Padronizadas. Recuperado de https://sistemas.cvm.gov.br/.
Lootah, A. M. A. N., Al Tamimi, H. A. H., & Zervopoulos, P. D. (2024). Assessing the Impact of M&As’ Motives Influencing the M&A Decision Making Process in the UAE Banking Sector. International Journal of Economics and Financial Issues, 14(3), 192–205. https://doi.org/10.32479/ijefi.16332.
Loveland, R., & Okoeguale, K. (2025). New evidence on the economic motives for bank mergers. Journal of Financial Research. https://doi.org/10.1111/jfir.12471
Maran, L., & Parker, L. (2021). Non-financial motivations in mergers and acquisitions: The Fiat–Ferrari case. Business History, 63(4), 606-667. https://doi.org/10.1080/00076791.2019.1597854.
Melo, I. C. A., Tinoco, J. E. P, & Yoshitake, M. (2012). Combinação de Negócios no Brasil em empresas de capital aberto no período de 2005 a 2008: Identificação dos Impactos nas Demonstrações Financeiras. ReFAE, 4 (1), 23-46. https://doi.org/10.15603/2176-9583/refae.v4n1p23-46.
Moskovicz, A. (2018). Mergers and acquisitions: A complete and updated overview. International Journal of Economics and Management Sciences, 7(4), 1-8. https://doi.org/10.4172/2162-6359.1000540
Nakayama, W. K., & Salotti, B. M. (2014). Fatores determinantes do nível de divulgação de informações sobre combinações de negócios com a entrada em vigor do pronunciamento técnico CPC 15. RC&F, 25, 267-280.https://doi.org/10.1590/1808-057x201411260.
Niemczyk, J., Sus, A., Borowski, K., Jasiński, B., & Jasińska, K. (2022). The dominant motives of mergers and acquisitions in the energy sector in Western Europe from the perspective of green economy. Energies, 15(3), 1065. https://doi.org/10.3390/en15031065.
Nutriplant Indústria e Comércio S.A. (2012a). Demonstrações Financeiras Padronizadas. Recuperado de https://sistemas.cvm.gov.br/.
Nutriplant Indústria e Comércio S.A. (2012b). Relatório de Administração. Recuperado de https://sistemas.cvm.gov.br/.
Rabier, M. R. (2017). Acquisition motives and the distribution of acquisition performance. Strategic management Journal, 38(13), 2666-2681. https://doi.org/10.1002/smj.2686
Rani, P., Shauki, E. R., Darminto, D., & Prijadi, R. (2020). Motives, governance, and long-term performance of mergers and acquisitions in Asia. Cogent Business & Management, 7(1), 1791445. https://doi.org/10.1080/23311975.2020.1791445
Souza, M. M., Rover, S., & Borba, J. A. (2016). Determinantes do nível de disclosure das combinações de negócios realizadas pelas empresas brasileiras de capital aberto. Race, 15(3), 945-968. https://doi.org/10.18593/race.v15i3.7429.
Venkatesu, B. (2025). Empirical Insights into the Strategic and Performance Dimensions of Mergers and Acquisitions. Journal of Enterprise and Business Intelligence, 5(3), 169-178. https://doi.org/10.53759/5181/JEBI202505017
Zhu, L. (2024). Research on Merger and Acquisition Motivation and Methods. Academic Journal of Business & Management, 6(12), 63-68. https://doi.org/10.25236/AJBM.2024.061208.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Revista Contabilidade e Controladoria - RC&C
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
Works published in RC&C. Revista de Contabilidade e Controladoria are made available under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0) license.
This license allows the works to be copied, downloaded, shared, and redistributed, provided that:
1) authorship is duly attributed and the original source of the publication is indicated, including, where applicable, the journal name, authors, URL, and the work's DOI;
2) the material is not used for commercial purposes; and
3) the content is not altered, transformed, or adapted, nor are modifications or derivative works based on the published work distributed.
The license does not restrict other uses permitted under applicable law, including those arising from copyright limitations or exceptions.
