La adquisición de empresas. ¿En qué nivel de relación industrial son un modo más apropiado de diversificación empresarial?

Daniel Arturo Cernas Ortiz; Patricia Mercado Salgado

doi:10.1016/j.estger.2015.05.001

Autores/as

Daniel Arturo Cernas Ortiz Profesor Investigador, Facultad de Contaduría y Administración, Universidad Autónoma del Estado de México, Toluca, México
Patricia Mercado Salgado Profesora Investigadora, Facultad de Contaduría y Administración, Universidad Autónoma del Estado de México, Toluca, México

DOI:

https://doi.org/10.1016/j.estger.2015.05.001

Palabras clave:

Diversificación empresarial, Adquisiciones, Estudio de eventos, Administración estratégica

Resumen

El objetivo de este trabajo correlacional es examinar el nivel de relación industrial entre empresas, la adquirente (que se diversifica) y la adquirida, que se asocia con una reacción más positiva por parte del mercado de valores. Para tal fin, se utiliza la metodología de estudios de eventos (o acontecimientos) a través de varios días antes y después del anuncio de una muestra de 460 adquisiciones hechas por empresas estadounidenses durante los añ cnje-os 2000 a 2003. Los resultados soportan parcialmente la conjetura de que el valor de la empresa aumenta en forma más pronunciada cuando los anuncios de adquisición involucran a entidades medianamente relacionadas. No obstante, solo cuando el nivel medio de relación empresarial es bajo (sin llegar a cero) la reacción del mercado de valores es más favorable.

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