Fusiones y adquisiciones para la sostenibilidad de las empresas en los mercados emergentes en una época de vicisitudes: un análisis de la literatura
Main Article Content
Keywords
Fusiones y Adquisiciones, Era Vaga, Sostenibilidad Empresarial, Mercados Emergentes, Gobierno Corporativo
Resumen
Las fusiones y adquisiciones son los modos más populares de crecimiento empresarial externo. La sostenibilidad de las empresas, que busca la rentabilidad presente sin comprometer la capacidad de obtener beneficios en el futuro, se ha visto sometida a serios desafíos en un entorno de incertidumbre. Mientras que la literatura académica sugiere que en periodos de incertidumbre fundamental se produce un declive de las fusiones y adquisiciones, este documento analiza un cuerpo de investigación emergente que sugiere que las operaciones de fusión y adquisición en una era de incertidumbre realmente aportan más valor en comparación con las realizadas en condiciones económicas normales, que en la mayoría de los estudios empíricos no aportan mucho valor para el adquirente. Por lo tanto, este documento sugiere que las empresas de los mercados emergentes pueden utilizar las fusiones y adquisiciones en una época de recesión para ofrecer un valor superior a los accionistas. También sostiene que las fusiones y adquisiciones son una cuestión de gobierno corporativo, porque es en el consejo de administración donde se aplica la estrategia global de la empresa, incluidas las diversas opciones de crecimiento de la misma. Sin embargo, es necesario seguir investigando sobre las fusiones y adquisiciones en una época de indefinición en varias regiones de los mercados emergentes.
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Garfinkel, J. A., & Hankins, K. W. (2011). The Role of Risk Management In Mergers and Merger Waves. Journal of Finance and Economics, 101, 515-532.
Gatti, S., & Chiarella, C. (2013). M&A in Uncertain Times: Is There Still Value In Growing. Carefin Cantre for Applied Research in Finance.
Gaughan, P. A. (2002). Mergers, Acqusitions, and Corporate Restructuring (3rd ed.). New York, Ny, USA: John Wiley & Sons.
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Goddard, J., Molyneux, P. and Zhou, T. (2012). Bank mergers and acquisitions in emerging markets: evidence from Asia and Latin America. The European Journal of Finance, 18, 419-438.
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Hotchkiss, E. S., & Mooradian, R. M. (1997). Vultures Investors and The Market for Control of Distressed Firms. Journal of Financial Economics, 32, 401-432.
Hotchkiss, E. S., & Mooradian, R. M. (1998). Acqusitions as a Means of Restructuring Firms. Journal of Financial Intermediation, 7(3), 240-262.
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Jeurissen, R., & Elkington, J. (2000). Cannibals with Forks - Triple BottomLine of 21st Century Business. Journal of Business Ethics, 23, 229-231.
Jose, P.D., (2016) Sustainability Education in Indian Business Schools: A Status Review. AD-minister, 28, 255 - 272.
Julio, B., & Yook, Y. (2012). Political Uncertainity and Corporate Investment Cycles. The Journal of Finance, 67(1), 45-83.
Kale, P. (2004). Acquisition value creation in emerging markets: An empirical study of acquisitions in India. In Academy of Management Best Paper Proceedings 2004. New Orleans: Academy of Management, 1–6.
Khanna, T., & Palepu, K. G. (2010). Winning In Emerging Markets: A Roadmap for Strategy and Execution . Boston MA: Harvard Business Press.
Kooli, C.; Lock Son, M. (2021). Impact of COVID-19 on Mergers, Acquisitions & Corporate Restructurings. Businesses 2021, 1, 102–114. https://doi.org/10.3390/ businesses1020008
Komlenovic, S., Mamun, A., & Mishra, D. (2011). Business Cycle and Aggregate Merger Activity. Journal of Economics and Finance, 35, 239-259.
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Laamanen, T., & Keil, T. (2008). Performance of Serial Acquirers: Toward An Acquisition Program Perspective. Strategic Management Journal, 29, 663-672.
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La Porta, R., Lopez-De-Silanes, F., & Shleifer, A. (1999). Law and Finance. Journal of Political Economy, 106, 264-296.
Lebedev, S., Mike, W., En, X., & Charles E. (2015). Mergers and acquisitions in and out of emerging economies. Journal of World Business, 50: 651–62.
Lee, K. N. (2018). Cross-border Mergers and Acquisitions Amid Political Uncertainty: A Bargaining Perspective. Strategic Management Journal, 39, 2992-3005.
Leon-Gonzales, R., & Tole, L. (2015). The Determinants of Mergers & Acquisitions In A Resource-based Industry: What Role Environmental Sustainability? Review of Economic Analysis, 7, 111-134.
Liu, X. (2009). Impacts of the Global Financial Crisis on Small and Medium Enterprises in the People’s Republic of China. ADBI Working Paper 180. Retrieved 16th February, 2022,
Long, P. H. (2015). Merger and Acquisition In The Czech Banking Sector-impact of Bank Mergers on the Efficiency of Banks. Journal of Advanced Management Science, 3(2), 86-92.
Luke. H.C (2011). Board leadership structure under fire: CEO duality in the post-restructuring period. Academy of Strategic Management Journal, 10, 1-16.
Man, D., Viet, H., Edward, J., Darren, H., Phuong, U. & Premkanth, P(2021). Country uncertainty, power distance, and payment methods in acquisitions. The European Journal of Finance, 1-30
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Meyer, A. D. (1982). Adapting to Environmental Jolts. Administrative Science Quarterly, 27(4), 515-537.
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dic 12, 2022
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Ogendo, J. L., & Ariemba, J. (2022). Fusiones y adquisiciones para la sostenibilidad de las empresas en los mercados emergentes en una época de vicisitudes: un análisis de la literatura. AD-Minister, (41), 35–56. https://doi.org/10.17230/Ad-minister.41.2
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Joan Lilian Ogendo, The Technical University of Kenya
PhD (Administración de Empresas) - Universidad de Nairobi, Profesor Titular, Departamento de Administración de Empresas, Gestión y Emprendimiento, Universidad Técnica de Kenia. Correo electrónico: joan_lilian@hotmail.com ORCID: 0000-0002-2167-0455
Jared Ariemba, The Technical University of Kenya
PhD (Finanzas y Banca)-Dedan Kimathi University of Technology, Profesor, Departamento de Contabilidad y Finanzas, The Technical University of Kenya, Nairobi, Kenya. Correo electrónico: jared.ariemba@gmail.com ID ORC: 0000-0002-4902-0630
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