The delivery process consisted in the deregulation of local markets and international trends, which allowed the emergence of the phenomenon "globalization". This process has resulted in the restructuring of companies that are considered in the expansion of business, the level of competitiveness, expansion in the market of operations, technological adaptations and strategies; Mergers and Acquisition (M& A) characteristics operations. However, the main objective is to have priority in information promotion policies and initiatives to improve business conditions.
The objective of this article is to address the M& A theme in the context of globalization, seeking to answer the following question: what are the results obtained in the process of restructuring and operating M& A in the telecommunications company Oi S / A between the year of its creation and by the year 2016? To all that the literature review, literature studies, literature, literature studies, non-literature literature, pages, semantic studies, about the theme, being a bibliographic and descriptive research.
The study demonstrates that not always the processes of the frequency and license are advantageous to the parties related, due to character complexes that involve such operations. These groups can be supported in their search, mainly in studies on the market of action, differences in quotations and payments, employment opportunities in the societies involved.
The Relationship between Foreign Trade and Financial Performance of the Liste...IOSRJBM
The main objective of this study was to determine the relationship between foreign trade and financial performance of the listed manufacturing companies in Nigeria. The study focused on the 32 listed companies randomly drawn from the 74 listed manufacturing companies in Nigeria. The secondary data extracted from the financial statement of these companies were subjected to both descriptive and inferential statistics. The result shows a significant positive relationship between the two variables. It was therefore recommended that the management and the board of directors of the listed manufacturing companies should intensify efforts on how the locally produced products will be able to penetrate into the foreign countries as it was discovered that majority of the goods produced by the manufacturing companies in Nigeria are consumed locally
Inter-firm alliances have been regarded as an effective mechanism for acquiring specialized complementary assets and achieving synergies. Although previous literatures have provided important insights on inter-firm technology alliances, few scholars have paid attention to the impact of types of R&D alliances, business similarity and relative size on the value creation for focal firms. Taking the listed firms involved in technological alliances in China’s IT industry as the sample, the article empirically investigated the impact of technological alliance announcements, and characteristics inter-firm technological alliances on the abnormal returns for focal firms is empirically discussed. The results show that technological alliance announcements may increase the abnormal returns for focal firms, and technological alliance announcements by relatively smaller firms can significantly increase their abnormal returns. While the declaration of the technological alliances of firms in similar industries have a significant impact on abnormal returns, while the declaration of dissimilar firms has an insignificant impact on abnormal returns.
Human Resources Management Practices and Productivity of Selected Mncs in Eme...inventionjournals
This study investigates the mode of entry of multinational corporation and their performance Nigerian market. Research on the entry mode of multinational companies (MNCs) to Nigerian market has been one of the major topics in the international business, and the performance factor has been regarded as one of the major factors to explain the entry mode selection of MNCs. Based on the developing nature of the Nigerian market, MNCs can enter a market with Franchising, Licensing agreement, Exporting, joint venture or a wholly owned subsidiary, and Turnkey. This study test reasons for entering in the Nigerian market, modes of entering, challenges faced by multinational during entry and finally the impact of mode of entry of MNCs and their performance in the Nigerian market. The research adopted the survey method, with the use of the Questionnaire. The results from the analysis on the first hypothesis show that a MNCs come into the Nigerian market for different reasons with different modes peculiar to their organization. The second hypothesis indicated that there are various challenges MNCs faced when entry into Nigerian market. And the third hypothesis was supported indicating significant influence of mode of entry on the performance of MNCs in Nigerian markets.
The Relationship between Foreign Trade and Financial Performance of the Liste...IOSRJBM
The main objective of this study was to determine the relationship between foreign trade and financial performance of the listed manufacturing companies in Nigeria. The study focused on the 32 listed companies randomly drawn from the 74 listed manufacturing companies in Nigeria. The secondary data extracted from the financial statement of these companies were subjected to both descriptive and inferential statistics. The result shows a significant positive relationship between the two variables. It was therefore recommended that the management and the board of directors of the listed manufacturing companies should intensify efforts on how the locally produced products will be able to penetrate into the foreign countries as it was discovered that majority of the goods produced by the manufacturing companies in Nigeria are consumed locally
Inter-firm alliances have been regarded as an effective mechanism for acquiring specialized complementary assets and achieving synergies. Although previous literatures have provided important insights on inter-firm technology alliances, few scholars have paid attention to the impact of types of R&D alliances, business similarity and relative size on the value creation for focal firms. Taking the listed firms involved in technological alliances in China’s IT industry as the sample, the article empirically investigated the impact of technological alliance announcements, and characteristics inter-firm technological alliances on the abnormal returns for focal firms is empirically discussed. The results show that technological alliance announcements may increase the abnormal returns for focal firms, and technological alliance announcements by relatively smaller firms can significantly increase their abnormal returns. While the declaration of the technological alliances of firms in similar industries have a significant impact on abnormal returns, while the declaration of dissimilar firms has an insignificant impact on abnormal returns.
Human Resources Management Practices and Productivity of Selected Mncs in Eme...inventionjournals
This study investigates the mode of entry of multinational corporation and their performance Nigerian market. Research on the entry mode of multinational companies (MNCs) to Nigerian market has been one of the major topics in the international business, and the performance factor has been regarded as one of the major factors to explain the entry mode selection of MNCs. Based on the developing nature of the Nigerian market, MNCs can enter a market with Franchising, Licensing agreement, Exporting, joint venture or a wholly owned subsidiary, and Turnkey. This study test reasons for entering in the Nigerian market, modes of entering, challenges faced by multinational during entry and finally the impact of mode of entry of MNCs and their performance in the Nigerian market. The research adopted the survey method, with the use of the Questionnaire. The results from the analysis on the first hypothesis show that a MNCs come into the Nigerian market for different reasons with different modes peculiar to their organization. The second hypothesis indicated that there are various challenges MNCs faced when entry into Nigerian market. And the third hypothesis was supported indicating significant influence of mode of entry on the performance of MNCs in Nigerian markets.
The paper shows that the standing of theory in the field of mergers and acquisitions is weak for at least three reasons. Research is best described as a battlefield of ad hoc theory testing leaving behind a fragmented field. Research has focused traditionally on high intensity markets under the Anglo-Saxon variant of capitalism. Empirical evaluation is prone to be inexact and suffers among other from significant aggregation problems between the micro (firm performance) and macro level (economic growth). The deficiencies in the standing of theory will be reflected in weak institutions to handle the political processes concerning value, liquidity, efficiency and fairness aspects that affect the market for corporate assets within and across different variants of capitalism.
This paper aims to explore the factors influencing the ability of firms to compete in globalised markets. The Austrian and evolutionary economics and the endogeneous growth literature highlight the role of innovation activities in enabling firms to compete more effectively - and expand their market share. On the basis of these theories, and using a large panel of firms from several Central and East European Countries (CEECs), this paper attempts to identify the factors and forces which determine the ability of firms to compete in conditions of transition. The competitiveness of firms, measured by their market share, is postulated to depend on indicators of firms' innovation behaviour such as improvements in cost-efficiency, labour productivity and investment in new machinery and equipment as well as characteristics of firms and their environment such as location, experience, technological intensity of their industries and the intensity of competition. To control for the dynamic nature of competitiveness and the potential endogeneity of its determinants, and to distinguish between short and long run effects of firm behaviour, a dynamic panel methodology is employed. The results indicate that the competitiveness of firms in transition economies is enhanced with improvements in their cost efficiency, productivity of labour, investment and their previous business experience while stronger competition has a negative impact on it.
Authored by: Iraj Hashi, Nebojsa Stojcic, Shqiponja Telhaj
Published in 2011
Theories of Foreign Direct Investment- A Comparative Analysispaperpublications3
Abstract: The theories of Foreign Direct Investment explain the utility of foreign investment in the developing country and that have various views to expand the business of local market in these countries. As we know that the Foreign Direct Investment internationalizes the local firms, brings foreign investment which leads to the development, further investment opportunities by the foreign companies and it improves growth rate also etc.
The purpose of this research paper is to know the roles of Foreign Direct Investment theories and identify the similarities and differences in that. Researcher has studied the some theories to get an ideas regarding investment at international level made by the developed countries. As per the first theory named ‘Production Cycle Theory of Vernon’ states that in the first stage, foreign companies establish their plants in local country, start operational activities for local people and exports surplus to the other countries. The second theory named ‘The theory of Exchange Rates on Imperfect Markets’ explains that exchange increases stimulated Foreign Direct Investment made by US, while a foreign currency appreciation has reduced American Foreign Direct Investment. The third theory named ‘Internationalization Theory’ describes that domestic company under its conditions internationalizes its marketing and other operation activities in the foreign market through Foreign Direct Investment and the last theory named ‘Dunning’s Electic Theory’ covers some advantages like for e.g. Ownership, Location and Internationalization etc. which are derived by combining the country locations. The following are ownership advantages; Monopoly advantages in the form of privileged access to markets through ownership of natural limited resources, patents, trademarks, technology, knowledge broadly defined so as to contain all forms of innovation activities, Economics of large size such as economies of scale and scope, greater access to financial capital. ‘Location’ advantage includes; the economic benefit consists of quantitative and qualitative factors of production, cost of transport, telecommunications, market size etc. Political advantages; the common and specific government policies that affect Foreign Direct Investment flows and social advantages; includes distance between the home and home countries, cultural diversity, attitude towards strangers etc.
How to improve global competitiveness in finnish business and industry teke...Vapaa_Jakelu
Global success of Finnish business and economy requires strong home ecosystems and a strategic place in global value chains. Tekes has done and can do in the future to make Finnish companies globally competitive, meaning that the value created in Finland is captured in Finland and helps maintain a high standard of living, quality employment and social well-being.
Learning Objectives
To learn how firms gradually progress through an internationalization process.
To understand the strategic effects of internationalization.
To study the various modes of entering international markets.
To understand the role and functions of international intermediaries.
To learn about the opportunities and challenges of cooperative market development.
Learning Objectives
To understand the special concerns that must be considered by the international manager dealing with emerging market economies.
To survey the vast opportunities for trade offered by emerging market economies.
To understand why economic change is difficult and requires much adjustment.
To become aware that privatization offers new opportunities for international trade and investment.
The debate over excellence, reputation, CSR and their impact on performance rages in the academic and professional communities.
Professionals responsible for intangible assets and those in charge of finance are a good reflection of this dual reality that frequently makes Board members and Management Committees take difficult decisions that don’t benefit both parts the same way.
In 2013, a research was held in Japan in order to shed light to explain the mechanisms that affect financial performance and, more specifically, identify which of these mechanisms are related to corporate reputation. It concluded that corporate value is constituted by four factors: organizational value, social value, business value and commercial value. Eventually, those companies that pay more attention to organizational and social value achieve greater commercial and business value.
This document analyzes the factors that constitute those values and the steps needed to improve reputation. It also explains relations between different factors of corporate reputation and financial performance in mathematical terms.
Innovation is the factor that truly relates corporate reputation to business success. The factors that improve both economic results and reputation are the ability to lure resources and expand internationally. That’s why companies need to bring best talent and state-of-the-art technologies on board.
In this document, it is explained the case of ING Direct in Australia to show the contribution of corporate reputation to financial results.
By using Net Promoter Score (NPS) (an index developed by U.S.-based Professor Reichheld which stands for a positive or negative correlation between the number of promoters and the number of detractors), ING Direct was able to measure the impact of its brand strategy on the Australian market. The company achieved a high recommendation level reflected in the exponential growth of deposits, funds and assets.
Good economic results impact reputation and sustain it over time. However, as in the example of ING Direct and many other companies, a good reputation is able to improve financial results as well as the competitive and economic position.
Basic understanding of Cross-Border M&A
Mai Doan
20 May 2014
Why use M&A strategy?
From the buyer side:
To enter a new market
To have network foundation
To secure control over the business
Why use M&A strategy?
From the seller side:
<49%:>49%: because they can!!!
100%: to retire, get the cash and move to another business
How do they do that?
Horizontal acquisition: same industry
M&A between companies in the same industry
Vertical acquisition: in the supply chain
M&A between companies in different stages of the supply chain or distribution channels.
Related acquisition: related industry
M&A between companies in highly related industries.
Wait, so what is M&A?
M&A= Merge and Acquisition
Just another corporate strategy?
(There are different levels in an M&A transaction based on how it is done.)
Merge: Company A and Company B are willing to comes together co-equal basis.
Acquisition: Company A buys Company B’s stock in order to have management control.
Take over: Company B could not resist being hostile take over by Company A.
How about cross-border M&A?
Still exactly the same thing but more complicated because:
It’s a cross-border transaction.
Legal barriers are more complex.
The gap between business cultures is larger.
And so many other things needed to be considered.
For those who are still being confused out there, cross-border M&A is a concept in which…
It’s an international “marriage” between two companies to form a “family”.
The two parties will be responsible for the “family” finance and management strategies.
The two parties will share the profit/loss accordingly.
Cross-border M&A between Japan and Vietnam in 2013-2014
Here is just a review
Cross-border M&A really helps to overcoming entry barriers into new market.
It also saves cost but adds more skills and capability for new product development.
And it definitely create added-value and reshapes your competitive scope.
Thank you!!!
The concept of M&A and all the “tricks” along with it have been written in piles and piles of books. Please note this presentation serve the purpose to simplify the idea of cross-border M&A for a clueless person like myself. Hope it helps to introduce you to this fun and exciting remarks of the finance industry. I’m looking forward to having more to add on this topic. Anyhow, good luck!!!
Determinants of Corporate Disclosure in Financial Statements: Evidence from V...IJAEMSJORNAL
Using data of listed firms on Hochiminh Stock Exchange, the study examines determinants of corporate disclosure in financial statements. In line with the literature, the findingsshow that firm size, the use of financial leverage and the presence of supervision board have a positive influence on corporate disclosure. Furthermore, auditing firm (whether a Big4 or not) also plays an important role in the degree of information disclosure by firms.Contradicting to the literature, however state ownership and the proportion of non-executive members in director board show a negative relation to corporate disclosure level. These counter factscanbe explained by real situations of Vietnam over the studied period. Finally, the concurrent role between chair of director board and managing director reduces corporate disclosure degree, as predicted by the agency theory.
Determinants of Audit Fees: Evidence from Pharmaceutical and Chemical Industr...ijtsrd
The main objective of this study is to find out the factors that determine the audit fees in the listed pharmaceuticals and chemicals companies of Bangladesh. The study is conducted on 21 listed companies in the pharmaceuticals and chemicals industry during the period of 2015 to 2018. Client characteristics client size, leverage and return on assets , client's governance structure independent directors and audit committee and firm ranking are taken as the proxy variables of the determinants of audit fees. The study has found that client size, leverage and firm ranking have positive and significant impact on audit fees of the sample firm. On the other hand the proportion of independent directors in the board has a negative and significant impact on audit fees. However, the study did not find any significant association between audit fees and return on assets. It is suggested that policymakers should include more independent directors in the board for ensuring better governance to reduce the external audit fees. Besides, in case of maintaining obligatory audit committee, companies should consider the efficiency and effectiveness of the committee. Md. Noor Hossain | Raihan Sobhan "Determinants of Audit Fees: Evidence from Pharmaceutical and Chemical Industry of Bangladesh" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-1 , December 2019, URL: https://www.ijtsrd.com/papers/ijtsrd29656.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/29656/determinants-of-audit-fees-evidence-from-pharmaceutical-and-chemical-industry-of-bangladesh/md-noor-hossain
The paper shows that the standing of theory in the field of mergers and acquisitions is weak for at least three reasons. Research is best described as a battlefield of ad hoc theory testing leaving behind a fragmented field. Research has focused traditionally on high intensity markets under the Anglo-Saxon variant of capitalism. Empirical evaluation is prone to be inexact and suffers among other from significant aggregation problems between the micro (firm performance) and macro level (economic growth). The deficiencies in the standing of theory will be reflected in weak institutions to handle the political processes concerning value, liquidity, efficiency and fairness aspects that affect the market for corporate assets within and across different variants of capitalism.
This paper aims to explore the factors influencing the ability of firms to compete in globalised markets. The Austrian and evolutionary economics and the endogeneous growth literature highlight the role of innovation activities in enabling firms to compete more effectively - and expand their market share. On the basis of these theories, and using a large panel of firms from several Central and East European Countries (CEECs), this paper attempts to identify the factors and forces which determine the ability of firms to compete in conditions of transition. The competitiveness of firms, measured by their market share, is postulated to depend on indicators of firms' innovation behaviour such as improvements in cost-efficiency, labour productivity and investment in new machinery and equipment as well as characteristics of firms and their environment such as location, experience, technological intensity of their industries and the intensity of competition. To control for the dynamic nature of competitiveness and the potential endogeneity of its determinants, and to distinguish between short and long run effects of firm behaviour, a dynamic panel methodology is employed. The results indicate that the competitiveness of firms in transition economies is enhanced with improvements in their cost efficiency, productivity of labour, investment and their previous business experience while stronger competition has a negative impact on it.
Authored by: Iraj Hashi, Nebojsa Stojcic, Shqiponja Telhaj
Published in 2011
Theories of Foreign Direct Investment- A Comparative Analysispaperpublications3
Abstract: The theories of Foreign Direct Investment explain the utility of foreign investment in the developing country and that have various views to expand the business of local market in these countries. As we know that the Foreign Direct Investment internationalizes the local firms, brings foreign investment which leads to the development, further investment opportunities by the foreign companies and it improves growth rate also etc.
The purpose of this research paper is to know the roles of Foreign Direct Investment theories and identify the similarities and differences in that. Researcher has studied the some theories to get an ideas regarding investment at international level made by the developed countries. As per the first theory named ‘Production Cycle Theory of Vernon’ states that in the first stage, foreign companies establish their plants in local country, start operational activities for local people and exports surplus to the other countries. The second theory named ‘The theory of Exchange Rates on Imperfect Markets’ explains that exchange increases stimulated Foreign Direct Investment made by US, while a foreign currency appreciation has reduced American Foreign Direct Investment. The third theory named ‘Internationalization Theory’ describes that domestic company under its conditions internationalizes its marketing and other operation activities in the foreign market through Foreign Direct Investment and the last theory named ‘Dunning’s Electic Theory’ covers some advantages like for e.g. Ownership, Location and Internationalization etc. which are derived by combining the country locations. The following are ownership advantages; Monopoly advantages in the form of privileged access to markets through ownership of natural limited resources, patents, trademarks, technology, knowledge broadly defined so as to contain all forms of innovation activities, Economics of large size such as economies of scale and scope, greater access to financial capital. ‘Location’ advantage includes; the economic benefit consists of quantitative and qualitative factors of production, cost of transport, telecommunications, market size etc. Political advantages; the common and specific government policies that affect Foreign Direct Investment flows and social advantages; includes distance between the home and home countries, cultural diversity, attitude towards strangers etc.
How to improve global competitiveness in finnish business and industry teke...Vapaa_Jakelu
Global success of Finnish business and economy requires strong home ecosystems and a strategic place in global value chains. Tekes has done and can do in the future to make Finnish companies globally competitive, meaning that the value created in Finland is captured in Finland and helps maintain a high standard of living, quality employment and social well-being.
Learning Objectives
To learn how firms gradually progress through an internationalization process.
To understand the strategic effects of internationalization.
To study the various modes of entering international markets.
To understand the role and functions of international intermediaries.
To learn about the opportunities and challenges of cooperative market development.
Learning Objectives
To understand the special concerns that must be considered by the international manager dealing with emerging market economies.
To survey the vast opportunities for trade offered by emerging market economies.
To understand why economic change is difficult and requires much adjustment.
To become aware that privatization offers new opportunities for international trade and investment.
The debate over excellence, reputation, CSR and their impact on performance rages in the academic and professional communities.
Professionals responsible for intangible assets and those in charge of finance are a good reflection of this dual reality that frequently makes Board members and Management Committees take difficult decisions that don’t benefit both parts the same way.
In 2013, a research was held in Japan in order to shed light to explain the mechanisms that affect financial performance and, more specifically, identify which of these mechanisms are related to corporate reputation. It concluded that corporate value is constituted by four factors: organizational value, social value, business value and commercial value. Eventually, those companies that pay more attention to organizational and social value achieve greater commercial and business value.
This document analyzes the factors that constitute those values and the steps needed to improve reputation. It also explains relations between different factors of corporate reputation and financial performance in mathematical terms.
Innovation is the factor that truly relates corporate reputation to business success. The factors that improve both economic results and reputation are the ability to lure resources and expand internationally. That’s why companies need to bring best talent and state-of-the-art technologies on board.
In this document, it is explained the case of ING Direct in Australia to show the contribution of corporate reputation to financial results.
By using Net Promoter Score (NPS) (an index developed by U.S.-based Professor Reichheld which stands for a positive or negative correlation between the number of promoters and the number of detractors), ING Direct was able to measure the impact of its brand strategy on the Australian market. The company achieved a high recommendation level reflected in the exponential growth of deposits, funds and assets.
Good economic results impact reputation and sustain it over time. However, as in the example of ING Direct and many other companies, a good reputation is able to improve financial results as well as the competitive and economic position.
Basic understanding of Cross-Border M&A
Mai Doan
20 May 2014
Why use M&A strategy?
From the buyer side:
To enter a new market
To have network foundation
To secure control over the business
Why use M&A strategy?
From the seller side:
<49%:>49%: because they can!!!
100%: to retire, get the cash and move to another business
How do they do that?
Horizontal acquisition: same industry
M&A between companies in the same industry
Vertical acquisition: in the supply chain
M&A between companies in different stages of the supply chain or distribution channels.
Related acquisition: related industry
M&A between companies in highly related industries.
Wait, so what is M&A?
M&A= Merge and Acquisition
Just another corporate strategy?
(There are different levels in an M&A transaction based on how it is done.)
Merge: Company A and Company B are willing to comes together co-equal basis.
Acquisition: Company A buys Company B’s stock in order to have management control.
Take over: Company B could not resist being hostile take over by Company A.
How about cross-border M&A?
Still exactly the same thing but more complicated because:
It’s a cross-border transaction.
Legal barriers are more complex.
The gap between business cultures is larger.
And so many other things needed to be considered.
For those who are still being confused out there, cross-border M&A is a concept in which…
It’s an international “marriage” between two companies to form a “family”.
The two parties will be responsible for the “family” finance and management strategies.
The two parties will share the profit/loss accordingly.
Cross-border M&A between Japan and Vietnam in 2013-2014
Here is just a review
Cross-border M&A really helps to overcoming entry barriers into new market.
It also saves cost but adds more skills and capability for new product development.
And it definitely create added-value and reshapes your competitive scope.
Thank you!!!
The concept of M&A and all the “tricks” along with it have been written in piles and piles of books. Please note this presentation serve the purpose to simplify the idea of cross-border M&A for a clueless person like myself. Hope it helps to introduce you to this fun and exciting remarks of the finance industry. I’m looking forward to having more to add on this topic. Anyhow, good luck!!!
Determinants of Corporate Disclosure in Financial Statements: Evidence from V...IJAEMSJORNAL
Using data of listed firms on Hochiminh Stock Exchange, the study examines determinants of corporate disclosure in financial statements. In line with the literature, the findingsshow that firm size, the use of financial leverage and the presence of supervision board have a positive influence on corporate disclosure. Furthermore, auditing firm (whether a Big4 or not) also plays an important role in the degree of information disclosure by firms.Contradicting to the literature, however state ownership and the proportion of non-executive members in director board show a negative relation to corporate disclosure level. These counter factscanbe explained by real situations of Vietnam over the studied period. Finally, the concurrent role between chair of director board and managing director reduces corporate disclosure degree, as predicted by the agency theory.
Determinants of Audit Fees: Evidence from Pharmaceutical and Chemical Industr...ijtsrd
The main objective of this study is to find out the factors that determine the audit fees in the listed pharmaceuticals and chemicals companies of Bangladesh. The study is conducted on 21 listed companies in the pharmaceuticals and chemicals industry during the period of 2015 to 2018. Client characteristics client size, leverage and return on assets , client's governance structure independent directors and audit committee and firm ranking are taken as the proxy variables of the determinants of audit fees. The study has found that client size, leverage and firm ranking have positive and significant impact on audit fees of the sample firm. On the other hand the proportion of independent directors in the board has a negative and significant impact on audit fees. However, the study did not find any significant association between audit fees and return on assets. It is suggested that policymakers should include more independent directors in the board for ensuring better governance to reduce the external audit fees. Besides, in case of maintaining obligatory audit committee, companies should consider the efficiency and effectiveness of the committee. Md. Noor Hossain | Raihan Sobhan "Determinants of Audit Fees: Evidence from Pharmaceutical and Chemical Industry of Bangladesh" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-4 | Issue-1 , December 2019, URL: https://www.ijtsrd.com/papers/ijtsrd29656.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/29656/determinants-of-audit-fees-evidence-from-pharmaceutical-and-chemical-industry-of-bangladesh/md-noor-hossain
Study of the Static Trade-Off Theory determinants vis-à-vis Capital Structure...inventionjournals
This paper investigates the application of the Static Trade-Off theory regarding the capital structure of the Pakistani Chemical Industry. We have used panel data analysis for the sample of 31 listed chemical firms from the period 2005 to 2013. The study is unique in its type as unlike to Shah & Hijazi (2005) who studied many industrial sections, this study only focuses on the listed Chemical Firms. We used five independent variables such as Profitability (P), Tangibility (T), Liquidity (L), Firm Size (FS) and Total Assets Growth (TAG) to study the effect on independent variable Financial Leverage (FG). The results confirmed the relationship of Profitability, Liquidity and Firm Size. However the results were not confirmed for Tangibility and Firm Assets Growth. Even though the results for Tangibility were positive, however the significance of the coefficients failed to support the hypothesis. This study hold a unique position for researchers for future research and also has significance for the investors helping them to make wise investment decisions when investing in Pakistani Chemical Industry since this industry holds a major portion of industrial GDP of the country
Creative Accounting and Impact on Management Decision MakingWaqas Tariq
The study was conducted to appraise the impact of creative accounting on management decisions of selected companies listed in the Nigerian Stock Exchange. With the background, the main objective of the study includes the examination of the extent to which macro-manipulation of financial statement affects management decisions; to examine the extent to which macro-manipulation of financial statement affects share price performance; and to determine the impact of misreported assets and liabilities as well as making recommendations to help remedy some of the problems. The research method used was descriptive and the primary data collected were summarized and tabulated. These were picked in line with the hypothesis variables of the study so as to determine their validity. It was observed that the application of creativity in financial statement reporting significantly affects the decision of management to recapitalize the firm upward or dispose of it reserves. The study concluded that creative accounting through macro-manipulation of financial statements affects a firm’s price and capital market performance. In view of the study, the researcher recommended that the application of creative accounting on management decision should be to avoid misreporting of assets and liabilities in their financial report, and that management decision towards creative accounting should be geared towards the relative advantage principle and good corporate governance which encourage challenges to current ways of thinking and not manipulating for self interest.
InstructionsWrite a paper about the International Monetary Syste.docxvanesaburnand
Instructions
Write a paper about the International Monetary System that addresses each of the following issues:
· Define the International Monetary System and outline the history of the system.
· Describe and provide examples of what is meant by “currency regimes,” and define selected types of regimes and form an argument for selecting fixed exchange rate and arguments for selecting flexible exchange rates.
· Describe and define the creation of the Euro and discuss the benefits as well as the problems associated with the creation of this currency.
Support your paper with at least five (5) resources. In addition to these specified resources, other appropriate scholarly resources, including older articles, may be included. Your paper should demonstrate thoughtful consideration of the ideas and concepts that are presented in the course and provide new thoughts and insights relating directly to this topic. Your response should reflect scholarly writing and current APA standards.
Length: 5-7 pages (not including title and reference pages).
Eiteman, D., Stonehill, M., & Moffett, M. (2016). Multinational business finance. Boston, MA: Prentice-Hall.
Read Chapters 1, 2
This is a major resource, however, I think the assignment can be accomplished without it. I can’t seem to be able to download the book.
The global company's challenge.
Authors:
Dewhurst, Martin1
Harris, Jonathan2
Heywood, Suzanne
Aquila, Kate
Source:
McKinsey Quarterly. 2012, Issue 3, p76-80. 5p.
Document Type:
Article
Subject Terms:
*International business enterprises
*Emerging markets
*Economies of scale
*Contracting out
*Risk management in business
*Business models
*Executives
*Financial leverage
*Globalization
*Research & development
Developing countries
Company/Entity:
International Monetary Fund DUNS Number: 069275188
Aditya Birla Management Corp. Pvt. Ltd.
International Business Machines Corp. DUNS Number: 001368083 Ticker: IBM
NAICS/Industry Codes:
919110 International and other extra-territorial public administration
928120 International Affairs
541712 Research and Development in the Physical, Engineering, and Life Sciences (except Biotechnology)
541711 Research and Development in Biotechnology
Abstract:
The article focuses on the management of risks, costs, and strategies by international businesses in emerging markets. It states that the International Monetary Fund reported that the ten fastest-growing economies after 2012 will all be in developing countries. It mentions that technology company International Business Machines expects by 2015 to earn 30 percent of revenues in emerging markets compared to 17 percent in 2009, while Indian multinational conglomerate Aditya Birla Group earns over half of its revenue outside India and has operations in 40 nations. It talks about the benefit of economies of scale in shared services enjoyed by large global companies and comments that the ability to outsource business services and manufacturing is benefiting local busine.
Decisions of investments in operating fixed assets using an indicator arising...irjes
The need for new investments in operating fixed assets is a present reality in the company
environment. Therefore, this article has as its main purpose to demonstrate the application of an evaluating
indicator of investments in operating fixed assets involving methods and techniques arising from investment
analysis, from engineering economics and from the strategy of operations. Departing from the model developed
by Slack and Lewis (2009) for measuring performance goals, a bibliographical review has been elaborated,
where an indicator has been able to be created, here denominated as RLL. Simulations of a new investment have
been done, in which the condition of mutually exclusive projects created some analyses where the conditions
were either producing or alternatively outsourcing. The projects have been analyzed through the method return
on investment (ROI) and net present value (NPV) and eventually through the RLL. The results have been tested
and demonstrated statistical adherence. As a conclusion, the RLL can be used as a complementary indicator in
the analyses of new investments in operating fixed assets, as well as the generation of sectorial benchmarking,
once it uses information from financial demonstrations.
GBS Sample 1Name_ID_GBS Task 1.pdf1 P a g e .docxshericehewat
GBS Sample 1/Name_ID_GBS Task 1.pdf
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Global Business Strategy
Level 7 - Unit 7.2
International Business
Environment Analysis.
Report – Activity 1
Revised 18 Sept 2015
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Contents
Section Details Page
Activity 1
Introduction Company profile 4
1a International business environment Analysis Techniques 4 – 7
1b Analysis of the micro and macro of Marks & Spencer‟s PLC 7 – 8
1c The impact of international business environment on Marks & Spencer‟s 8 – 9
1d What does globalization mean for Marks & Spencer‟s? 9 – 10
1a (2) What is the extent of globalization on organizations? 10
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1b (2) Operating structures different organizations in international markets. 10 – 11
References 12
Introduction
Marks & Spencer PLC was founded in 1884.It has grown from a single market stall to an
international multi-channel retailer. They sell stylish, high quality value clothing and home
products as well as food, responsibly sourced from around 3,000 suppliers globally. Their
portfolio covers general merchandise, food, international and multi-channel across 54
international territories with nearly 86,000 employees.(Marks and Spencer, 2014).
International business environment Analysis Techniques
Business environment is the combination of internal and external factors that influence a
company‟s operating situation and the overall business. It is both Micro and Macro in nature.
Micro or internal factors are controllable and could include management style, organizational
culture, mission and value statement. Whereas Macro or external factors are uncontrollable these
http://www.businessdictionary.com/definition/combination.html
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factors are often both dynamic & complex. Business environment factors can include new
policies, procedures, government changes, improvements in technology, social and economic
trends(Nonaka, I., and Takeuchi, H, 1995).The reason for analyzing the business environment is
to highlight opportunities and threats. Knowing the opportunities and threats to the business
allows the company to set a strong business strategy and understand better where to invest,
expand, diversify and downscale. There are a number of different tools we can use to analyse
both the Micro & Marco factors within a business.
Micro can be analysed with Porters 5 forces model.Porter identified that there are 5 key
forces that influence business that needed to be analysed in order to develop a competitive
advantage (Porter, 1985). These forces are supplier power, buyer power, competitive rivalry,
threat of substitution &threat of new entryand are used for strategic industry analysis. The
positives of using this technique to analyze is that it looks at a wider range of competitors and it
forces the business to look externally. However this is a relatively old model that may not be
suitable ...
The contemporary business environment has been highly complex and dynamic with organizations facing unprecedented amount of competition due to globalization and technological innovations. Merger and acquisition is one of the most popular organization strategy that organizations apply when faced with this kind of operating environment acquiring resources, skills, and competencies beyond their organization control. Many studies have been done to support implementation of M&As within organizations but they have indicated conflicting outcomes with some showing that it negatively affect organization performance and others indicating they positively affect performance. However, none of the studies done has concentrated on the effect within the privately traded organizations and very few but conflicting studies have been done on this relationship in Kenya. This study therefore sought to assess the effects of merger and acquisition on the performance of privately trading organizations in Kenya. The study was grounded upon the efficiency theory, the market power theory, and economic production theory. Reviewed literature revealed existing gaps related to the literature. The study adopted descriptive research design on short run data collected at UAP Insurance within the pre-merger (2012-2014) and post-merger (2015-2017) periods for various performance statistics, where descriptive analysis was applied to assess the differences and independent sample t-test. The study found that M&A affects the net profit margin, Return on Assets, Return on Equity, and earnings per share with all these performance indicators showing that the post-merger period had poorer performance than the pre-merger period. The study further observed that the M&A implementation caused serious disruptions in the operating environment and organization culture of the organization, which was bound to have negative implications on organization performance, employees and shareholders. The study recommends that organizations should avoid M&A strategy unless their current assets are able to fund their current liabilities beyond the short run period, as the declined performance was linked to the disruptions experienced from M&A implementations. The study also recommends that M&A intended changes should occur sequentially to cushion the organization internal operations from the disruptions due to the changes. Study suggests further studies assessing the long term impact of M&A on organization performance.
Purpose of AssignmentThe purpose of the learning team assignme.docxwoodruffeloisa
Purpose of Assignment
The purpose of the learning team assignment is to offer students the opportunity to investigate their understanding of how globalization affects a company's strategic plan. Additional objectives include allowing students to assess the effectiveness of strategic alliances in the growth process of a company and to understand the necessity for innovation to create a sustainable long-term organizational environment. The students will also identify how organizational structures facilitate company growth and controls in the global environment.
Assignment Steps
Create a 4-slide Microsoft® PowerPoint® presentation (excluding the title slide and references) with speaker notes and address the following topic:
· Evaluate the effects of globalization on strategic management planning.
International Journal of Management Vol. 29 No. 4 Dec 2012 531
The Effects of International Diversification on Firm
Performance: An Empirical Study across Twelve
European Countries
Alfredo M. Bobillo
University of Valladolid, Spain
Felix López-Iturriaga
University of Valladolid, Spain
Fernando Tejerina-Gaite
University of Valladolid, Spain
The relationship between international diversification and firm performance is a
binomial that has led to many investigations leading to mixed results, in some cases
there is a positive relationship, in others no significant relationship or even negative. In
this paper we try to find the possible reasons why these results occur. The international
diversification is assessed by the ratio of exports to total turnover. Besides, we extend
the research to the different performance that industrial and service firms could have,
bearing in mind, too, if their business culture base originates from civil law or common
law countries. Based on a sample of 1721 firms from twelve European countries, we
compare this relationship for the 2000-2009 period. The empirical results obtained
show a stronger ID-performance positive relationship in service firms than in industrial
ones. Those firms with a culture based on civil law systems (bank oriented financial
system) will have greater flexibility to counteract the negative relationship between ID
and performance, than those firms with culture based on common law systems (capital
market oriented system).
Introduction
Accessing foreign markets is becoming a more and more attractive option for firms.
International diversification (ID) is a stabilisation procedure for the firm’s sales and
also a way of reducing the risks derived from the reduction in demand on the domestic
market. Likewise, the presence of a firm on the global market entails greater derived
risks, mainly due to the greater uncertainty and commitment of resources entailed by this
action. It also represents a challenge to improve their competitiveness in their fight with
local firms (Lucas, 1993; Bowen & Wersema, 2005). The degree of internationalisation is
also contemplated a ...
202 Part 3 . Formulating and Implernenting Strategy fbr Intern.docxeugeniadean34240
202 Part 3 . Formulating and Implernenting Strategy fbr International and Global Operations
Sometimes just the plospect of shifting production overseas improves competitiveness at
home. When Xerox Corporation started moving copier-rebuilding operations to Mexico, the"union
agreed to needed changes in work style and productivity to keep the jobs at home. Lower opera-
tional costs in other areas-power, transportation, and financing-frequently prove attractive.
INCENTIVES Covernments in countries such as Poland seeking new infusions of capital, technol-
ogy, and know-how willingly provide incentives-tax exemptions, tax holidays, subsidies, loans,
and the use of property. Because they both decrcase risk and increase profits, these incentives are
attractive to foreign companies. Russia, for example, has a number of special economic zones, both
for industrial production and for technical research, offering various tax concessions such as
exemption from property and land taxes for the first five years, as well as customs privileges.2a
In February 2009, for example, companies were rushing to conclude M&A deals in Brazil
while a tax break rvhich allows companies to deduct 34 percent of the premium paid in an acqui-
sition is still guaranteed, amid fears that it would be rescinded. This kind of tax incentive is rare,
so it attracts considerable interest from foreign investors. Coupled with the recent devaluation of
the Brazilian real, which made acquisitions cheaper for foreign bidders, tax deductions are cur-
rently one of the great attractions for acquisition deals in Brazil.2s
One study surveyed 103 experienced managers concerning the relative attractiveness of
various incentives for expansion into the Caribbean region (primarily Mexico, Venezuela,
Colomtria, Dominican Republic, and Guatemala). The results indicate the opinion of those man-
agers about which incentives are rrost important; however, the most desirable mix would depend
on the nature of the particular company and its operations. The first two issues reflect managers'
concerns about limiting foreign exchange risk, where restrictions often change overnight and
limit the abiiity of the firm to repatriate prolits. Other concerns are those of political instability
and the possibility of expropriation, and those of tax concessions.26 Nor att those incentives lim-
ited to emerging economies. The state of Alabama in the United States has spent hundrcds of
rnillions to attract the Honda, Hyundai, and Toyota plants.27
STRATEGIC FONMULATION PFSCESS
Typically, the strategic formulation process is necessary both at the headquarters of the corpora-
tion and at each of the subsidiaries. Most organizations operate on planning cycles of five or
more years, with intermediate reviews.
The global strategic formulation process, as part of overall corporate strategic management,
parallels the prccess followed in domestic companies. However, the variables, and therefore the
process itself, are far .
Corporate debt policy remained a significant, but a challenging decision for managers entrusted with the responsibility to improve the value of the firm. Thus, this study examines the factors influencing the capital structure decisions of firms in Nigeria. The study employs a panel data regression model to analyze data from firms in Nigeria for the period 2011 to 2015. The result of the empirical analysis reveals that firms in Nigeria have a preference to finance economic operations from retained earnings and the use of short-term debt on rollover basis. The finding of this study confirms that debt decreases with profitability and growth opportunities. The findings show that asset tangibility and firm size have a positive and significant relationship with debt policy of firms in Nigeria. The analysis also reveals that managerial ownership has a negative and significant relationship with debt ratio of firms in Nigeria. The study shows a non-significant positive relationship between non-debt tax shields and debt. The study demonstrates that the trade-off and pecking order theories both explains the factors influencing capital structure decisions of firms in Nigeria. Therefore, this study suggests the need for stakeholders to develop the financial markets and make it accessible for firms to obtain long-term financing for economic growth and development.
The purpose of this study is to analyze empirically by using secondary data on the possibility of corporate fraud by using various fraud theory approach. The research model in this study was tested using the ordinary least square (OLS) analysis method. A total of 310 company data were collected which consisted of financial data and other supporting data published by companies listed on the Indonesia Stock Exchange in the range of 2012 to 2017. This study provides empirical evidence that all the variant of fraud theory (fraud triangle theory, fraud diamond theory and fraud pentagon theory) can be investigated for its significant effect on corporate fraud by only using secondary data that are available and freely accessed by the public. The empirically tested research model in this study can provide a comprehensive understanding of practitioners, academics, government agencies and the general public in analyzing the topic of corporate fraud.
Traditional markets in Indonesia were created so that people from all walks of life can fulfill their needs, especially staple food products, without having to spend a lot of money. However, the prices of food products in different markets vary depending on the consumers of the particular market. The aims of this article were to compare the price difference of staple food products in several traditional markets and to find out the factors that cause the price difference. The data were collected by carrying out a survey to five traditional markets around Jakarta regarding the prices of ten staple food products. The data were analyzed quantitatively using statistical calculation ANOVA from SPSS version 22, and also qualitatively to discuss several factors underlying the price differences. Results revealed that price differences of staple food products were not only caused by market location, but other factors such as pricing strategy and consumer specification. This research implied that traditional markets were still chosen by Indonesian consumers to fulfill their needs because of the competitive price.
Airport enterprise innovation performance is a crucial issue that planners, decision makers and managers should focus in order to drive the airport enterprise performance towards sustainable development. The strategic infrastructure needs, and investments need to include improvements across all major factors that affect the innovation dimension of sustainable development.
Key objective of the paper is to highlight the challenges in airport enterprise management towards sustainable development in terms of innovation improvement. A performance evaluation towards innovation and sustainable development framework is adopted and a case study application highlights the crucial role of airport enterprise management performance innovation dimension towards sustainable development. Conventional wisdom is to stimulate the interest on topic and promote a framework addressing to evaluate airport enterprise management performance towards innovation and sustainable development.
In the business world, companies need high performance. Performance is the result or overall success rate of a person over a period of time in carrying out tasks compared to various possibilities, such as predetermined standards of work, targets, or criteria. The purpose of the study was to analyze the influence of intellectual intelligence, emotional intelligence, and spiritual intelligence on employee performance. The population in this study were 63 employees of PT PLN (Persero). This study uses quantitative associative, with data analysis used is multiple linear regression analysis. The results showed that both intellectual intelligence, emotional intelligence, and spiritual intelligence had a positive and significant effect on employee performance. Intellectual intelligence has the greatest influence on employee performance, followed by spiritual intelligence and emotional intelligence. Intellectual intelligence, emotional intelligence and spiritual intelligence together have an effect of 52.4% on employee performance, and the remaining 47.6% is influenced by other factors not explained in this study.
The main purpose of the research study is to analyze the effect of organizational commitment, job satisfaction and work insecurity as well as their impact on the performance of Bank Aceh Syariah. The samples of the research are 209 employees which are selected with survey methods. Data was collected by using questionnaire, and then the data was analyzed with statistical methods of structural equation model (SEM). The study found that the organizational commitment and job satisfaction have a negative effect on turnover intention, but positive effect on the performance of Bank Aceh Syariah. The work insecurity has a positive effect on turnover intention, but negatif effect on the performance of the bank.
This study aims to test the effect of employee engagement and organization trust on organization citizenship behaviour and its impact on organization Effectiveness. The object of this research is the government organization of Pidie Jaya with Echelon IV Officers as a respondent. The number of sample is determined by using proportional sampling technique and Slovin equation, and it provides 171 respondents. Data is analyzed using the path analysis with the SPSS program assistance. The findings describes that employee engagement, organization trust, organization citizenship behaviour and organization Effectiveness have been going well. For the verification test of direct effect provides: employee engagement effects organization citizenship behaviour; organization trust effects organization citizenship behaviour significantly; employee engagement effects organization Effectiveness significantly; organization trust effects organization effectiveness significantly, and; organization citizenship behaviour effects organization Effectiveness significantly. These all findings prove that the previous theories are still applicable, and these also apply in Government organization of Pidie Jaya District. The originality of this research is in its novelty in term of the object, time, and statistic approach. This result contributes to academic and research area in order to develop the next model and method. For the practical, this has verified that the variables in this research need more attention from the managers especially in organization related.
This paper is an analysis on the impact machine learning, Artificial Intelligence, and robotics has on the supply chain management. The analysis covers the basis of AI in the SCM mechanisms while defining it from the ground up. Later on, to shed a true light on supply first the paper zooms in on the effects of machines in marketing. From what particular methodologies are deployed in today’s environment extending all the way to its anticipated outcomes. As the reader progresses he/she will find valuable studies on the main segments of machine learning within the supply chain itself. Certain novelties and innovations are scrutinized regarding SCM alongside these studies. These innovations are exemplified by certain cases presented in Part 3. The penultimate section briefly examines the possible drawbacks of the surge in machine application in SCM. The final section compiles the ideas presented in the paper as a whole and gives a glimpse of an estimate for the near future.
Huang (2018) decomposes the differences in quantile portfolio returns using distribution regression. The main issue of using distribution regression is that the decomposition results are path dependent. In this paper, we are able to obtain path independent decomposition results by combining the Oaxaca-Blinder decomposition and the recentered influence function regression method. We show that aggregate composition effects are all positive across quantiles and the market factor is the most significant factor which has detailed composition effect monotonically decreasing with quantiles. The main decomposition results are consistent with Huang (2018)
In Kenya, the newly promulgated constitution of 2010 (CoK, 2010), provides the basis of monitoring and evaluation as an important tool for operationalizing National and County Government projects to ensure projects success, integrity, transparency and accountability. The county governments are responsible for delivering basic services in collaboration with other agencies and partners to enhance quality of life: however, the county government projects has been marred by lack of integrity, transparency, accountability and litany of other monitoring and evaluation weakness which has undermined the impacts and success of projects including Regional Economic Blocs. Lake Region Economic Bloc (LREB) which comprised of fourteen counties bordering Lake Victoria Basin is not sparred either. The study was conducted in six LREB Counties namely, Migori, Homabay, Kisumu, Siaya, Kakamega and Vihiga chosen in a random manner. This study specifically assessed the effectiveness of Monitoring and Evaluation methods on the Performance of County Governments Projects. The study was guided by the theory of change. The research was carried out using descriptive survey design which entails both qualitative and quantitative data collection procedures. The researcher used stratified random sampling techniques to draw a sample from the study population. The qualitative method focused on group discussion and in-depth interviews. The quantitative techniques employed questionnaires to 398 purposively selected subjects from the county projects. Data collection was from two main sources; primary and secondary. Secondary sources included relevant county documents, constitution, legislations, policy documents and reports among others. The Study employed questionnaires, Focus group discussion and Interview guide as its primary data collection method. Statistical Package for Social Science (SPSS) version 18.0 was used for analysis. Data was analyzed using descriptive and inferential statistics techniques and presented in tables and figures. The study findings indicated thatM&E methods, indicated by the coefficient of effectiveness (R2) which is also evidenced by F change 109.403>p-values (0.05). This implies that this variableis significant (since the p values<0.05) and therefore should be considered as part of effectiveness of M&E systems on the performance of County Governments projects. The study concludes that there are no effective and adequate projects monitoring and evaluation methods in place for County Government Projects, which can facilitate the achievement of desired projects performance and outcomes. The study recommends that the County Government should develop a clear M&E methods for each project with clear data collection, analysis, reporting and implementation methods. This Study recommends further research to be conducted in the other Regional County Economic Blocs.
Regardless of where the Igbo man is, within or without the Igbo regions, trust is one of the foremost vital tool in business dealings and negotiations. This study aims at revealing the kind of trust apparent, and unique to the Igbo-men in business, how the Igbo-men build trust in their business, the antecedents of trust building in Igbo land, and the impacts of those trust in business dealings and negotiation. Through the process of content data analysis, results were drawn from a percentage margin of answers and feedbacks generated from real life experiences and discussions from unstructured interview from selected Igbo-men across the five states of the south-east region of Nigeria, which shows that 70% percentage of the Igbos practice the affective based trust in business dealings and negotiations, while 18% percentage practice cognitive based trust, 7% engages in both affective and cognitive based trust, and the remaining 5% are undecided.
This study is directed to determine the role of government treasurer in state university in tax compliance. With the spirit of the state apparatus, especially the Civil Servant, in reporting the taxes, it is expected to become a continuously growing and infectious snowball to the taxpayers to report their taxes correctly, completely and clearly as well as to avoid administrative sanctions that are subject to such non-compliance. This study method used is qualitative, the source of this study is government treasurer. The use of this qualitative approach is based on the concept of natural setting, grounded theory, descriptive, more concerned with the process than the outcome, temporary design, and research results are negotiated and agreed upon. The results show that treasurers have a big role in tax compliance, but however, there are still many obstacles that must be faced in fulfilling their financial obligations. this research was conducted only in one state university, so that data that could be processed was very limited.
The corporate governance is a popular topic within two last decade, and the emerging economies are practicing &enhancing their performances. The review is conducted to assess the effectiveness of the corporate governance implications on firm’s performances. The study followed the deductive approach and the journal articles, and the reports have used the source of the review. As per the literature findings, the researcher developed a conceptual design for the case review. The independent variable is the corporate governance mechanism, and the dependent variable is organizations performances. Both independent and dependent variables comprise the different type of corporate governance practice and the different function of the organizational performances. The review found that all the types of corporate governance practices are influenced to the organizational performance and the better corporate governance mechanism can enhance all type of performances.
Innovative work behavior is likely to be an important need for the increasing performance of the hospital to provide the health public services. Theoretically and empirically, the behaviors be related to employee perception on management support, information technology and employee empowerment. The study aims to determine the effect of management supports and information technology on employee empowerment as well as their impact on the innovative work behaviors of the employee of dr. Zainoel Abidin District Hospital Banda Aceh. The study conducted of 302 employees of the hospital. The data collected by questionnaire and then the data is analyzed by statistical means of structural equation model (SEM). The study found that management support and information technology have a positive and significant effect on the employee empowerment and innovative work behavior. The employee empowerment mediates the effect of management supports and information technology on the innovative work behavior.
This research deals with an insight and analysis of the economy projectification in a smaller country, here represented by Croatia. The study was inspired by similar research conducted in Germany, Island and Norway and it is based on similar but partly adapted methodology. The objective of this study is to measure level of economy projectification in a smaller country, and to provide relevant data related for the level of project work. The random sample of 250 companies, from both public and private sectors, was selected across nine sectors of the economy. A stratified random sampling was drawn and interviews were conducted via telephone, so as on-line survey. While analysing collected data and considering the objectives of this paper, only basic statistical analyses were applied for calculating averages and mean values. This study confirmed that projectification trends and figures in a smaller country are similar to those in larger or developed countries. During the period of last five years, the projectification level of the Croatian economy was increased from 27% (in 2013.) to33% (in 2018.). The results show significant difference in projectification among the different sectors of economy, so as changes and trends over the recent time period.
This paper is designed to show how integrated process planning and cross employee planning can be a vital part to any business operation. It will also uncover how different integrated processes and employee relations will help a business to grow. Various topics ranging from enterprise resource planning, integrated planning in supply chains, the non-linear approach, innovation and digitalization coupled with cross training and empowerment, Human resources, and Manager Employee relations complement each other and could bring an organization together. Various thought processes and intellectual reasoning skills were instrumental in all consideration of this project. Many antiquated processes were changed over the years to update operations in the business world where conventional means were not effective. Integrating product planning and employee planning optimized operations both in the product and service industry and I will accent many of these optimizations. With recent technological advances and human relations tactics, project management and organization has been streamlined and works more productively than its predecessors. Regardless of the industry, integrated process planning, and cross employee planning could possible turn a dinosaur into a competitive part of the economy.
One of the problems in big cities are transportation.They solve this problem by providing mass transportation such bus or train. People use this facility to travel between surrounding cities or within the city. Jakarta recently has a new public transportation called TransJakarta which serving people travelingfrom nearby cities and in the city.In order to move or doing business between places people in Jakarta use TransJakarta This research aims to analyse ticket price, service quality and customer value toward customer satisfaction. We conducted a research by using questionnaires given to thepassangers and developed a model using a multiple regression to process the result from questionnaires. Samples were taken from The number of sample for this reseach was 130 customers taken from one bus stop which passengers traveled from BSD City to Grogol and Slipi. The results from partial testing showed that customer value andservice quality have effect on customer satisfaction while ticket price does not have effect on customer satisfaction.
This study aims to examine the mediating effect of Trust in the relationship between Perceived Website Quality (PWQual), eWOM, and Perceived Benefits on Consumer Attitudes Toward Online Shopping in Indonesia. The sample in this research are online shopping consumers in Indonesia there 118 respondents. The design research used a survey model purposive sampling method as a sampling technique. The data analyze in this research used Structural Equation Modeling (SEM) as an analysis technique with AMOS as analysis tools. This research shows that : Perceived Website Quality has a significant effect on Perceived Benefits and Trust, Perceived Benefits and Trust has a significant effect on Consumer Attitudes Toward Online Shopping, Perceived Website Quality has a significant effect on Consumer Attitudes Toward Online Shopping through Trust
Dairying is one of the livestock productions practiced almost all over Ethiopia, involving a vast number of small, medium, or large-sized, subsistence or market-oriented farms. However, the structure and performance of dairy sectors and its products marketing both for domestic consumption and for export is generally perceived poor in Ethiopia due to different challenges. These challenges vary across different production system to another and/or from one location to another. Among other challenges seasonality of production, spoilage (lack of milk collecting facilities), poor animal health and management, inadequate supply of quality feed, low productivity and genetics ,quality problem, weak vertical integration, absence processing plant, inadequate permanent trade routes and other facilities like feeds, water, holding grounds, lack or non-provision of transport, lack of access to land, ineffectiveness and inadequate infrastructural and institutional set-ups, prevalence of diseases, lack of credit and inadequate market information are dominant in Ethiopia. Therefore, market infrastructure facilities, producers cooperative, feed quality and quantity provision system need to be strengthen for effective dairy value chain development.
This research paper examines customer intention to reorder in respect to delivery service and product satisfaction. Our research model includes delivery service, satisfaction and reorder intention. Satisfaction in this research model work as mediating variable. A survey method was adopted to collect data, collected data were analysis using SPSS to see the correlation between variables. A significant relationship was found between delivery service and reorder intention as well as moderating role was also note with satisfaction and reorder intention.
This paper examines the impact of internet use on student performance. In this cross-sectional study, one hundred twenty survey responses were collected from plus two-level students from BirendranagarSurkhet. The respondents were selected from class 11 and 12 students randomly. Frequency of internet use, location of internet use, cooperation from teachers for internet learning and peer group influence on internet use for academic purpose has been analyzed with their academic performance.one sample t test was used to analyze the data. The finding concludes all these variables have positive impact if the student use internet for learning process. Similarly, the analysis shows that the student who used internet at home for learning purpose has found highest academic achievement.
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Mergers and Acquisitions in the Context of Globalization
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The International Journal of Business Management and Technology, Volume 2 Issue 5 September-October 2018
ISSN: 2581-3889
Research Article Open Access
Mergers and Acquisitions in the Context of Globalization
Lindiana Mendes de Araújo
Master's Degree in Accounting and Finance
ISCAP - IPP
Reigiany Marta da Silva
Master's Degree in Accounting and Finance
ISCAP-IPP
Eduardo Sá e Silva
Lecturer at ISCAP-IPP
PhD Company Science
Researcher at CEOS.PP – Centre for Organisational and Social Studies of Polytechnic of Porto
Adalmiro Pereira
Lecturer at ISCAP-IPP
PhD in Management
Researcher at CEOS.PP – Centre for Organisational and Social Studies of Polytechnic of Porto
Responsible for United Curriculum: Professor Adalmiro Pereira
Abstract: The delivery process consisted in the deregulation of local markets and international trends, which allowed
the emergence of the phenomenon "globalization". This process has resulted in the restructuring of companies that are
considered in the expansion of business, the level of competitiveness, expansion in the market of operations,
technological adaptations and strategies; Mergers and Acquisition (M& A) characteristics operations. However, the
main objective is to have priority in information promotion policies and initiatives to improve business conditions.
The objective of this article is to address the M& A theme in the context of globalization, seeking to answer the
following question: what are the results obtained in the process of restructuring and operating M& A in the
telecommunications company Oi S / A between the year of its creation and by the year 2016? To all that the literature
review, literature studies, literature, literature studies, non-literature literature, pages, semantic studies, about the
theme, being a bibliographic and descriptive research.
The study demonstrates that not always the processes of the frequency and license are advantageous to the
parties related, due to character complexes that involve such operations. These groups can be supported in their search,
mainly in studies on the market of action, differences in quotations and payments, employment opportunities in the
societies involved.
Keywords: Globalization; F & A; Hi S / A; restructuring
I. Introduction
In a macroeconomic view, globalization is a phenomenon that has taken place among the nations and brought a
link that does not go away, it may even be refurbished or renovated, but it's a process of no return. Due to economic
liberalization, any company in any country is to compete directly with any existing business in any other country. In one
of the subdivisions of economic globalization stands out corporate restructuring, which occur both at national and
international levels. In Merger and Acquisition process is expected high returns in terms of market share growth,
maximization of profits and dividends, however these are conditioned by numerous factors.
Thus, this research will search through the various concepts of authors and critics understand and elucidate the
M& A processes in the context of globalization. And how operation of example occurred in Brazilian society, bring some
research on the transactions that occurred with the company's telecommunication sector: Hi S / A, from its inception to
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Mergers and Acquisitions in the Context of Globalization
the most recent days, Seeking to contextualize the information learned and highlight the relevant results of these
operations.
To achieve the aim of this work is: realize which results in M & A operations by the operator Oi S / A, in
addition to the review of the literature on globalization issues, M & A processes (Mergers and Acquisitions),
contextualizing with the Brazilian scenario, check for research and investigations treated on restructuring processes of
Oi telecommunications company.
However, the work is structured as follows: The first part is composed of this introduction; the second and
third parts will understand the literature review, with discussion of the various concepts of "M & A" and
"Globalization", the fourth part will consist in the context of the topics in the Brazilian context, describing some of the
important operations that took place with the operator of telecommunications industry, Oi S /A; the fifth part will
present the methodology to meet the objective of the research, and the sixth and final part will discuss the results and
final considerations, suggesting some lines for future research.
II. Applied Methodology
This study was conducted initially through bibliographic and documentary, based on the review of the
proposed literature on the subject elucidated. This literature review presented the main concepts of globalization, the
approaches used in books, magazine articles and research. Then addressed the definitions relating to mergers and
acquisitions, where it developed reports on M & A in the Brazilian context.
The analysis of the literature material comprises the literature on the issue, public documents and fonts
involved in the matter, as explained Motta-Roth and Hendges (2010). However, there was a descriptive approach to
answer the following question (or the research problem): What are the results obtained from M& A operations by the
operator Oi S / A ?. Marion justified, Dias, Traldi& Marion (2010) when they say that research conducted in the fields of
humanities and social sciences applied tend not to be experimental, as scientists seek observation, records and analyzes,
avoiding interference with the object of study.
A study was conducted and context of the information reported in the investigation into the company Oi S / A,
since he appeared on the market of telecommunications activities and its growth trajectory, alliances and business
concentration.
It was subsequently proceeded analysis of all the information, one of the paths and technique suitable for the
type of research. Thus, after the analysis of the researched literature, completion of the subjects studied and the relevant
data was performed as a result of M & A transactions occurred with the company Oi S / A.
III. Mergers and Acquisitions
3.1 Reasons for the emergence of mergers and acquisitions (M & A)
Corporate re-organizations arise following the implementation of a strategy to retain or strengthen the competitive
advantages of a company, in terms of cost structure and or product differentiation. Thus, reassignments are a means to
achieve a target predetermined by the company or group of companies.
This goal can be the growth of the company, obtaining competitive advantages in existing products or potential or risk
reduction
Thus, through reorganization of mergers and acquisitions (M & A) may have many reasons, among which we list the
following:
1) Market share to obtain: the concentrations are the quickest way to immediate growth. The size brings great
opportunities to cut unit costs and thus to generate greater results;
2) Search for economies of scale1and synergies: fundamentally in terms of sharing customers and technological
bases - information technology and processes. The synergies are due to the fact that the combined value of two
or more companies or groups exceed the sum of the value of each company individually considered. Synergies
1
They obtain economies of scale when the average cost of production per unit falls as it grows production. One way to
achieve economies of scale is to dilute the fixed costs over a higher output
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Mergers and Acquisitions in the Context of Globalization
can result from increases in income (due to greater efficiency in marketing, market share and reduced
competition), reduced spending (due to economies of scale, vertical integration, better allocation of resources
by eliminating procedures obsolete), reducing tax costs (in some law may be used the tax benefits of losses
carried forward to the following year) and the cost of capital (due to economies of scale with the issuance of
shares or bonds);
3) Acquisition of know-how: mergers and acquisitions between companies can be motivated by access to specific
resources and expertise of a particular company and strategically important. The fact that it allows great recruit
and retain the best people, either because they have different size media, either because of global groups can
exchange experience and know-how
4) Critical size to face global competition. With globalization and internationalization it becomes essential to have
a size capable of addressing the financial and international experience of companies with a supranational
activity
5) Risk diversification when the cash flows of the acquiring company and the acquired have high positive
correlation. Thus the variability of cash flows reduces be combined. According to Brandão (2001, p. 402),
diversification does not necessarily lead to the creation of value if shareholders can achieve this value through
intervention in the capital market. The reduction in the company's cash flow variability reduces the likelihood
of financial distress and bankruptcy. The financial distress corresponds to situations where a company has
difficulties in honoring its obligations and is forced to make optimal decisions not operating, investing and
financing.
6) Surplus funds. If the company is generating a substantial amount of cash, but has few lucrative odds of
investments in the sector in which it is and does not intend to distribute the surplus profits to its shareholders,
or acquire its own shares, is an opportunity to acquire a company as a way to apply the money.
7) Additional resources. In this case, two companies that have what the other needs. The two companies are
worth more together than apart, because each one takes something that does not have, and get it at a lower cost
than if acted alone. The merger may also give rise to opportunities that no company could otherwise
8) Lower financial costs. When two companies merge will eventually get back to a more attractive rate than
separately. While the two companies are separate, they do not guarantee the debt of each other, if one misses
the loan holder may not require the other money. However, after the merger, each company serves as a
guarantee for debt other: if one part fails, loan holders can still get your money back by the other party. Due to
these mutual guarantees, debt has a lower risk, and lenders require a lower interest rate
However, the processes associated with M& A have some problems:
1) Cultural clashes, as there is always the danger of being bumper crops of the acquired company and the
acquiring company or between the company cultures merging;
2) Inability to achieve economies of scale or synergies: a process of concentration, economies of scale and
synergies are a gain in power and in this sense only exist if management knows the advantage. There are
various examples of mergers, unsuccessful on the complexity of the processes does not allow synergies, with
resulting company worse than the initial two companies separately. Some companies that merged still continue
to function as a set of separate and sometimes competing activities, with different production facilities, research
centers and department stores. Even in the central services (which potentially could benefit from greater
economies of scale) these savings can be illusory. The complex cluster structure2 can effectively lead to
increased administrative framework
3) Customers leak: customers may abandon the object of the acquisition or merger by company aspects that relate
to the image management of the concentration process.
4) Diversification may also constitute a risk. The question that arises is that diversification be simpler and cheaper
for shareholders than to the company. It is shown that investors are willing to pay a premium for a diversified
company. In fact, what happens is that they are ordinary discounts. Often, discounts disappear when the
company announced the sale of their companies and distributes the results for its shareholders by focusing on
its core business (core business)
Thus, the increase in size is not done with harmony and coordination costs of different cultures and internal dislocation
can lead to serious problems and malfunctions.
2
Conglomerate group of companies with unrelated lines of business
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Mergers and Acquisitions in the Context of Globalization
IV. Concepts and Economic Environment
To understand the framework and the contextualization is no need to address the scope and some concepts.
Says an old saying that "unity is strength". Many companies are betting that sentence and joining, seeking to
unite strengths and neutralize weaknesses, in order to strengthen themselves in the market that is increasingly
competitive and globalized. Therefore, many organizations are going through a process called Mergers & Acquisitions.
It is considered as merger, according to Gaughan (2011) cited by Bomfim and Callado (2016), the union of two
companies in order to generate a new entity, assuming that all assets and liabilities of those companies contemplated in
the merger; and acquisition, the purchase of a company by another. ForTanure&Cançado (2005) the merger is the
emergence of a new company arising from the combination of two or more companies that are legally extinguished to
give life and new identity to a third. In the acquisition, a company acquires ownership of the shareholding control of
another company, requiring greater investment and control, with greater impact on the management, complex cultural
integration and greater difficulties for reversal.
Mergers and Acquisition (M & A) are means by which businesses can grow and restructure, providing
opportunities to obtain existing production capacity in the market, as well as marketing channels and more potential
sales. (Magellan, Leal, Safatle, Aurea, Tomich, Silveira, Barbosa & Castro, 2003).
The negotiation of M & A's process can occur in two ways: friendly or hostile manner of corporate control. The
friendly manner happens when management of the acquiring company makes a direct offer to purchase (tender offer) to
the Directors or the target company's board of directors. The hostile exists when the acquiring company launches a
takeover bid to the target company's shareholders seeking to acquire a portion of the shares of this company that gives
you your corporate control. (Brealey & Myers, 1995 cited by Camargos& Barbosa, 2015).
In the economic context, M & A are usually performed to according to Hitt, Ireland and Hoskisson (2005);
Evans, Pucik and Barsoux (2002) and Rourke (1992) both cited by Oliveira, Strong &Aragão (2007); market power,
economies of scale, control over distribution channels, geographic expansion, acquisition or improvement of skills,
acquisition of resources, need for diversification, improved market position, acquiring technologies and adjust to the
competitive market. The most important economic reasons for major corporate restructuring are efficiency in the
reduction of administrative costs, transactional and capital, and selling expenses, through technical and allocative
improvement of the company; economies of scale and scope, product innovation and procedures and reduce costs with
research and development. (Magellan et al., 2003).
M & A transactions in most cases represent part of a strategy that seeks to provide the company with a greater
range in its market performance for both acquirers and for the acquired. (Bergmann, Savoia, Souza &Mariz, 2015).3
Pinto Junior &Lootty (2005) cited by Camargos& Barbosa (2015) state, an economic vision that studies related to
M & A's walk in two lines, one of which relates to the Industrial Economics, which checks accounting data of the
companies involved in such operations in order to evaluate the performance of these M&A's; and the other line is the
Financial, which performs the evaluation of the performance of these operations by observing the reaction of stock
prices of the companies involved before and after the M & A's operations, compared to a control group.
4.1 M & A in the context of Internationalization / Globalization
According to Long (2015) cited by Bomfim and Callado (2016, p. 107), "M & As have gained importance due to
globalization, competition and national and international integration of markets, driving companies to conduct M & As
for more profits and increase shareholder wealth, among other reasons. "
The number of M & A has obtained a very strong growth in many emerging economies because of the
economic liberalization process, which consisted of deregulation of local markets due to international trends toward
globalization, enabling the purchase of Brazilian companies by foreign companies; the acquisition of public companies
both Brazilian companies and by foreign companies through privatization programs, which resulted in achieving great
business in the energy, telecommunication and banking sector; and finally, the fierce international competition that has
developed in the market, including linked to rapid technological changes, which in turn has led many companies to M
& A process. (Wood Jr., Vasconcelos & Caldas, 2004, cited byOliveira, Strong& Aragão, 2007).
3
But may pose risks such as agency conflicts and overconfidence, hubris or effect as Berkovitch and
Narayanan (1993) cited by Bergmann, Savoia, Souza &Mariz (2015).
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Mergers and Acquisitions in the Context of Globalization
Table No 1 - Origin of M & A's
Origin of M & A's - the North American market
phases Period Characteristics
1st Wave 1893 and 1904 Realization of M & A's horizontal
2nd Wave 1919 and 1929 Numerous M & A vertical's operations
3rd Wave 1974 and 1989 Mergers conglomerate type: aimed at diversification of investments
in differentactivities
4th Wave - - hostile operations, mergers and corporate counterparts attacks: aimed at making
ofcontrol
5th Wave - - Large operations (mega mergers). Involving high volume of resources, and the
formation of international conglomerates, through cross transactions
6th Wave 2003 and 2008 Globalization of these operations, as well as the encouragement of some
governments, like France and Russia, to encourage the creation of large
national companies through subsidized financing
Note. Source: Adaptation of "Analysis of Effects Caused by mergers and acquisitions in the Economic and Financial
Performance of Brazilian Companies" Lipton, 2006; Camargos and Barbosa 2003; Gaughan, 2011, cited by
Bomfim&Callado, 2016, Vista and Accounting Journal Magazine, 7, p. 109.
Tanure&Cançado (2005, p. 11) mention that "KPMG studies reveal the occurrence of 3,196 M & A operations in
Brazil from 1994 to 2004, 58% of which with foreign capital investment."
Luo & Tung (2007) cited by Bortoluzzo, Garcia, Boehe& Sheng (2014) argue that M & A International's possible,
particularly those of emerging companies, obtaining exclusive strategic resources that are not found in domestic markets
and raise their competitiveness in all senses. In this context, the acquiring company can still absorb the reputation and
status of the acquired company, which in turn will provide you with a better ability to give you problems like the
disadvantage in competing in other countries (liability of foreinness) and more likely failure relative to incumbents
(liability of newness) in the global market. (Eden & Miller (2004) cited by Bortoluzzo, Garcia, Boehe& Sheng (2014)).
However, the management phases of M & A's is important as there are many implications for the process, such as
cultural aspects of the acquirer and the acquiree. Japanese companies, for example, prefer the plurality and preservation;
German prevent assimilation; US tend to absorption or assimilation; and the French already have centralized features.
(Tanure&Cançado, 2005).
According to a study conducted by Datta and Puia (1995) that used transaction cost theory and resource-based
view and cultural differences; M & A International's do not create value for the acquiring companies, andone of the facts
that disaggregates value is the agency problem in the relationship between executives versus shareholders entitled as
managerialism. (Bortoluzzo et al., 2014).
V. Globalization
The phenomenon of globalization has fostered a wave of M & A internationally.
5.1 Concepts and definitions
Humanity has experienced great advances in recent years, as technology, science, production processes,
communication, information, among others. These advances have been spreading throughout the world thanks to the
globalization process, which allowed access to places, goods, information and experiences that would never think about
getting a day and walked places, people and organizations that are very far apart.
Globalization has shown how a growing interdependence between countries, geographic regions and its
citizens. It was spread by the Roman Empire through networks of communication and transportation, as well as the
Portuguese overseas expansion in an economic expansion process that promoted this interdependence between regions
and states. (Turolla, 2004).
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Mergers and Acquisitions in the Context of Globalization
For Zanella, Island &Seitenfus (2005, p. 34)globalization "is one of the phases of capitalist development
characterized by the reorganization of production on a worldwide basis, international trade liberalization and
deregulation of financial markets."
As for Pinto & Gonçalves (2015), the three characteristics that marked the globalization process have been
financial liberalization, trade liberalization and production integration. Financial liberalization, according to Chesnais,
1997; McNally 1999; Salama, 2000; Carcanholo et al. (2008) cited by Pinto & Gonçalves (2015), occurred early in the
1970s, and enabled a quick and free movement and valuation of financial flows, strengthening the integration of
markets, facilitating access to a positive return differential. Trade liberalization was due to the reduction of tariff and
non-tariff barriers which in turn led to the rise of competition between national and multinational companies, which
encouraged companies to seek to reduce costs and increase production. (Goncalves & Pinto, 2015). The productive
integration process worldwide, which began in the 1980s, became widespread in the 2000s mainly in emerging Asia,
with China was one of the main protagonists, and had the effect of reducing costs international operating transactions
and the creation of new goods and services. (Sturgeon, 2002; Whittaker et al, 2008 cited by Pinto & Goncalves, 2015.).
Turolla says:
The current globalization process impresses by its magnitude. The importance of international trade in goods rose from
32.5% to 40% of global income between 1990 and 2001. The capital flows experienced an even more significant increase:
the importance in international private capital flows more than doubled, going from 10 3% for the unprecedented level
of 21.6% of the global income. In the same period, foreign direct investment flows in the world increased from 2.7% to
5.1%. (Turolla, p. 18, 2004).
Hardt and Negri (2001, p.45) cited in Brady, Beckfield& Zhao (2007), "Globalization ... must be understood as
an identity system production and difference, or even homogenization and heterogeneity."
5.2 Economic Globalization
Brady et al. (2007) define economic globalization and international economic exchanges involving goods,
services, people, information and capital, in order to refer specifically to a process operated by international trade and
investment. Pinto & Gonçalves (2015) characterize this phenomenon through the simultaneous occurrence of three cases,
namely: expansion of the internationalization of production and international capital flows; greater contestability of
international goods market, services and capital and greater interdependence between national economic systems in
commercial, productive, monetary and financial.
Orange &Lemos (2017) shows that the progressive growth of the industrial manufacturing capacity, specifically
the production of parts, software and knowledge services, some emerging countries like China, India, and Brazil, among
other changes, brings a new stage globalization, which in turn create the need for new economic policies and different
strategies for international negotiations. According to Baldwin (2006) cited by Lemos (2017), this new stage would be a
second major breakdown of the value chains on a global scale. In this sense, it may be of international companies to
specialize in any of the value chain areas and establish other relationships and partnerships on a global level. (Orange
&Lemos, 2017).
It appears therefore that economic globalization can present itself as a very unstable, unpredictable
phenomenon, but it brought and brings great advances for business, for business, for the country, to the world.
VI. Brief history of mergers and acquisitions in Brazil
The phenomenon of M & A was an important feature of the economic globalization process, concluded Strike
(2004). So it lets us understand that the operations will tend to every day to advance the borders and globally integrate
the economies of the companies involved. "This phenomenon of economic globalization is a current reality that has
generated a number of effects, in particular, changing the competitive strategy of companies, "(Tomazette, 2011). Due to
economic liberalization, any company in any country is to compete directly with any existing business in any other
country.
In Brazil, the merger and acquisition operations were driven from changes in the strategic direction of the
national economy. According to Wood Jr., Vasconcelos and Caldas (2004), cited by Ferreira and Callado (2015), mergers
and acquisitions in the Brazilian market has typically strategic character, as aimed primarily (i) the protection of
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Mergers and Acquisitions in the Context of Globalization
competition, by extending market share and obtaining corporate know-how and technology (ii) preservation of profit,
with operating earnings and productivity and (iii) increase in power over the market that act, expanding distribution
and logistics networks.
This need was materialized with the Competition Act - Law No. 12.529 of 2011, which deals with "the
prevention and repression of infractions against the economic order, guided by the constitutional principles of free
enterprise, free competition, social function of property, defense consumers and restraint of abuses of economic power. "
The standard has brought changes mainly in the institutional aspect, and punish acts of business concentration,
which analyzes the costs and benefits of the acts of restructuring, with a view to approval of those who generate non-
negative net effect on the economic well-being, and the failure or corrective action against those who generate negative
net impact to society. And introduces guidelines to CADE - Administrative Board and Economic Development, in order
to make it an independent institution.
KPMG conducts research on Mergers and Acquisitions in Brazil since 1994, in one of its 2016 reports, did a
survey of accumulated data of M & A transactions occurring in Brazil. Showed the annual evolution of the number of
operations since 1996 - with 328 operations - reaching up to the end of the year 2015-723 operations.
In another report with transaction data from January to November 2016, the Price Waterhouse Coopers (PwC)
of Brazil selected some highlights operations, as follows:
SuzanoPapel e Celulose made the purchase of forestry and real estate assets of Cia Siderurgica Vale do Pindaré and
CosimaSiderurgica, steel based in Maranhão, for the amount USD 245 million; Klabin, a manufacturer of paper
packaging, made the purchase of companies Embalplan Packaging, based in Paraná and Hevi Packaging company, an
amount of R $ 187 million; MCI Brazil, a company formed by the merger between Alatur JTB, the corporate travel
industry and MCI Switzerland, specializes in events for companies, made the acquisition of P2com; The Southern
Hemisphere Investments group performed the acquisition of 100% of the São Paulo Metro Tucuruvi Shopping, formerly
of JHSF shares, for R $ 440 million; The Australian company Karoon Gas Australia through its Brazilian subsidiary
Karoon Oil and Gas made the purchase of 35% stake in offshore blocks in Brazil, for the amount USD 20.5 million.
(PWC, 2016).
Fields and Canavezes (2007, p.48) pointed out that "the telecommunications sector is among the 25 types of
activities transnational companies." Being a media linking and link people, businesses and cultures involved in the
process of globalization. It is a movement of no return, is in constant progress.
We emphasize in the ranking of transactions by sector of the economy, the telecommunications features of the
positions between the fifth and seventh place in number of operationalized negotiations from 1997 to 2016. It is also
important that in Brazil developments in the telecommunications sector took especially with the issue of LGT - General
Telecommunications Law from 1997 and the creation of Anatel - National Telecommunications Agency. Bodies with
legal powers for regulation, control and supervision of violations of the economic order.
According to data from Anatel (2013) are four companies that hold 99.8% of the concentration of the telephony
market in Brazil, Vivo, Tim, Claro and Oi. For the purposes purpose of this study, we will focus on information about
the operator Oi.
6.1 M & A in the case of the Operator Oi S / A
On the article Rodrigues, Casari& Bastos (2014), we can understand how the company Oi has consolidated:
The Oi was established in 2002 as the mobile division of Tele Norte Leste SA, known as Telemar, a subsidiary
of TNL Participações. Telemar was acting only in the fixed telephony segment, which made the Oi entered directly on
the mobile phone acquiring licenses for PCS service. To strengthen the brand, in 2007, it was extinguished Telemar,
forming a unique brand working in two areas: Oi Fixed and Oi Mobile. In December of the same year, the Oi bought
Vivo and Amazônia Celular in 2008 was the acquisition of Brazil Telecom (BrT), which enabled the provision of services
in all regions of the country. The company fully owned national capital until 2010, when the acquisition of 22.40% of its
capital was held by Portugal Telecom. Currently covers 49,438,070 of customers forming 18.85% of the market. (Roberts,
Another study on the company's business concentrations Oi, Sampaio (2007), concluded that it gained
competitiveness, synergy and cost reduction. According to Sethi, Chakraborty, Sethi& Duffy (2011), referenced in the
study Wall (2014) "mergers and acquisitions in the telecommunications sector are considered positive by investors
mostly about 56%, mainly due to economies of scale notions, or scope by the shareholders. "in agreement with the
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authors, was appointed in Silva Filho (2015), before this scenario Oi decided to establish alliance with Souza Cruz, the
desire to reduce operating costs and generate value, in order to become competitive in the telecommunications market.
The Oi managed to achieve their goals in consolidating the alliance with Souza Cruz, became more competitive
in the market. However, it was not enough to ensure sustainability, according to the same author (Silva Filho, 2015),
compared to other large multinational industry competitors.
The company Oi S / A is a provider of telecommunications services nationwide. The organization, according to
information disclosed in the 2015 sustainability report, has as its primary objective the provision of services and
telephony products fixed and mobile broadband, pay TV, pay phones, and solutions in information and communication
technology.
Focusing on strategies such as reducing costs and expenses, on the other hand revenue maximization, has
expanded the market segment. Since privatization in mid-1998, the company has sought partnerships and alliances in
the acquisition of new business and adding value.
Only from 2007 to Oi S / A took over the brand Oi, and the following year acquired the control of Amazonia
Celular and bought the shareholding control of Brasil Telecom, began the process of corporate restructuring, thus
guaranteed coverage throughout National territory. After the incident restructuring process, 'Oi' it became, according to
Vaz (2016), one of the largest operators in the world of the telephony market, the fourth largest in Brazil.
Among the years 2010 and 2011, the Oi S / A is the target of an acquisition by Portugal Telecom, as described in
Gomes's work (2012). However, it was found that the strategic alliance between PT and Oi occurred as follows "... PT
acquired 25.3% of the Oi both directly and indirectly a total investment of 8.35 billion reais, equivalent to 3.47 billion
euros. "according to Santos (2014)," a result of the alliance with Portugal Telecom, Oi acquired 10% of the capital of that
company. "Finally, only in 2013, it was consolidated the union the two companies.
The expectation with the integration of all activities and assets of the companies involved, according to Silva
(2015), was to become an entity for the purpose of raising liquidity levels, provide value in the international market and
visibility in the business of the companies. In strategic terms, the merged company would accelerate the development of
Oi in Brazil, leveraging PT's innovation capability, enhance the development of synergies and reduce operational risk of
the companies involved (Oi, 2015).
Following the acquisition process between Portugal Telecom and Oi S / A, by the end of 2014, companies
falling out up, and Portugal Telecom was sold, leaving the Oi S / A with a debt of around R $ 54,981 million. And
Portugal Telecom resumed operations only in the domestic market of Portuguese telecommunications. So there was no
success with the operation, and companies face complicated financial situations.
The company Oi S / A, announced on its website that:
On June 20, we filed an application for Judicial Recovery, in order to preserve the services provided by
companies Oi to its customers while allowing the renegotiation of its debts, thus ensuring the sustainability of our
business. On September 5 we present the Judicial Recovery Plan, and continue conducting the process within the legal
deadlines. (Hi, 2016).
It is understood that the company had a result of corporate restructuring, increase in long-term debt, to
improve the ability to comply with the short-term obligations. And with these shortcomings, the entity has suffered
significant devaluation in their actions.
Final considerations
It is worth noting that even before the business combinations that occurred, the shareholding structure of the
company Oi S / A has become a complex structure shareholder with a significant number of associated companies. see:
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Mergers and Acquisitions in the Context of Globalization
Figure 1 - Ownership of Oi S / A
Source: http://ri.oi.com.br/oi2012/web/conteudo_pt.asp?idioma=0&tipo=43310&conta=28
VII. Conclusions
Due to the economic liberation process, which consisted of deregulation of local markets and to international
trends, enabled the emergence of the phenomenon of "globalization". Within this process results in the corporate
restructuring that involves the expansion of business, competitiveness elevation, expansion in market performance,
technological and strategic adjustments; characteristics implied in the merger and acquisition operations. However, all
this has required renewal in economic policies and initiatives to provide differentiated strategies.
In one subdivision of globalization: the economic has been observed that the reorganization processes consist of
mergers and acquisitions in order to achieve competitiveness and value gains to shareholders, among other positive
results. However, the risk that the aims are not achieved, there.
In Brazil, the telecommunications industry has been prominent among economic groups that seek to expand
the area of operation and generate new values in the equity of the entity. Realized through the analysis performed in
various research and studies in the case of company Oi S / A, since the emergence of the company and some of the
important operations incurred throughout its trajectory and its consequences. information between the period 2002 to
2015 were observed, the first was a strategic alliance with the company Souza Cruz, which resulted positively, earned
value and competitiveness in the phone market. In the second, there was the acquisition of Brazil Telecom, considered
one of the largest M & A transactions in the Brazilian telecommunications market, consolidated brand "Oi" and ensured
greater coverage throughout the national territory.
Following the approach described above, synthesized is a summary table of the processes in the company Oi S / A:
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Mergers and Acquisitions in the Context of Globalization
Table No. 2 - Synthesis of operations occurring with the Oi S / A
2002 privatizationof Telemar operator emergence Oi S / A.
2007 strategic alliance with Souza
Cruz
Obtained value gains, enhanced competitiveness and
performance in the phone market, etc.
2008 Acquisitionof Brasil Telecom Consolidation of the brand "Oi", and expanding coverage in
the telecommunications sector throughout the country.
2010-2011 international strategic
partnership with Portugal
Telecom
There were no successful operation for both operators.
2015 It sold the stake with PT
(Portugal Telecom)
Consequences: increasing debt and filed for bankruptcy
protection.
2016 Status: bankruptcy Fall in the value of shares, among other losses.
Source: Prepared
Not always the mergers and acquisition are beneficial to related parties due to complex traits involving such
operations. These can be supported by additional efforts, especially regarding in-depth studies on the market
performance, management of cultural and economic policy differences, experienced by the companies involved.
Thus, it can be suggested as future research lines, works that focus on scoring the key factors that influence the
success and / or failure on transactions between companies of various nationalities as well, what steps are taken to
mitigate exist differences. Another interesting line would address what business activities that occur over these
restructuring processes, compared to countries such as European countries and Latin American countries, or between
Asians and Americans.
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