COMPANY’S ACQUISITION AS A FACTOR OF CHANGE ON THE MANAGEMENT CONTROL SYSTEM: A STRATEGIC ANALYSIS FROM THE PERSPECTIVE OF THE CONTINGENCY THEORY
DOI:
https://doi.org/10.4270/ruc.20139Keywords:
strategy, mergers & acquisitions, management control systems, post-acquisition management, contingency theory.Abstract
A great number of merger and acquisitions (M&A) have taken place in Brazil and worldwide, but studies have shown that many of them turn out to be unsuccessful transactions according the value generation principle. The post-acquisition management control system (MCS) has been pointed out in the literature as one of the factors that collaborate for the success of these transactions. Building on an application of the contingency theory to a case study, this paper aims to analyze the effect of the corporate and business strategy on the changes that occurred in the MCS of a company following its acquisition. The results expand the knowledge on the subject, contributing to reducing the research gap in Brazil, i.e. related studies on this topic are still scarce in the country. The analysis supports two major conclusions: (1) changes in the acquired company’s MCS were derived from the new results-oriented strategy introduced by the acquirer with the intent of turning the acquired company into the world leader in its industry within ten years, and (2) the implementation of such strategy implied changes in the MCS – which is currently carried out by a combination of aspects of quality control, cultural control, production control and financial control.
Downloads
References
ANDREWS, K. R. The concept of corporate strategy. Dow Jones, Nova York, Irwin. 1971.
ANTHONY, R. N.; GOVINDARAJAN, V. Management control systems. Nova York, McGraw-Hill, 2004.
BARDIN, L. Análise de conteúdo. 3. ed. Lisboa: Edições 70, 2004.
BARROS, B. T. (Org.). Fusões e aquisições no Brasil: entendendo as razões dos sucessos e fracassos. São Paulo, Atlas, 2003.
BARROS, B. T.; HÉAU, D.. Aquisição de uma empresa brasileira de sucesso: REAL & ABN AMRO. In: BARROS, B. T. (Org.). Fusões, aquisições e parcerias. São Paulo, Atlas, 2001. C. 7.
BARROS, B.T.; SOUZA, H.H.R.F.. Banco ITAÚ: domínio da racionalidade no processo de aquisições. In: BARROS, B. T. (Org.). Fusões e aquisições no Brasil: entendendo as razões dos sucessos e fracassos. São Paulo, Atlas, 2003. Cap. 1.
BARROS, B.T.; SOUZA, H.H.R.F.; STEUER, R.. Gestão nos processos de fusões e aquisições. In: BARROS, B. T. (Org.). Fusões e aquisições no Brasil: entendendo as razões dos sucessos e fracassos. São Paulo, Atlas, 2003. Cap. 1.
CALORI, R.; LUBATIKIN, M.; VERY, P. Control mechanisms in cross-border acquisitions: an international comparison. Special Issue on Cross-National Organizations Culture. European Group for Organizational Studies, 1994. DOI: 10.1177/017084069401500303
CAMARGOS, M. A. Fusões e aquisições de empresas brasileiras: criação de valor, retorno, sinergias e risco. Tese de Doutorado CEPEAD, UFMG.. UFMG, 2008.
CHILD, J.; FAULKNER, D.; PITKETHLY, R. The management of international acquisitions. Oxford: Oxford University Press, 2001.
COOPER, D. R.; SCHINDLER, P. S. Business research methods. 9 ed. Nova York: McGraw Hill-Irwin, 2006.
COSTA Jr, J.V; MARTINS, E. Retornos anormais versus performances operacionais anormais de firmas brasileiras envolvidas em fusões e aquisições no período de 2002 a 2006. In: Encontro Nacional da Associação Nacional dos Programas de Pós-graduação em Administração, Rio de Janeiro, RJ, 2008. Anais..., 2008.
DONALDSON, L. The Contingency Theory of Organizations. Sage Publications. London, 2001.
DYMENT, J. J.. Strategies and management controls for global corporations. The journal of business strategy. v.7, n. 4, p. 20-26, 1987. DOI: 10.1108/eb039172
EISENHARDT, K. Building theories from case study research. Academy of Management Review, v. 14, n. 14, p. 532-500, 1989. Disponível em: <http://carbon.ucdenver.edu/~kkrizek/pdfs/Eisenhardt_building_theories_from_cases.pdf>.
EXTRATIVA METALQUÍMICA S.A. Jornal – Informativo Grafite do Brasil. Edições de 2005 a 2008. Documento interno. Grupo FASA Participações, 2008/2009.
EXTRATIVA METALQUÍMICA S.A. Manual da qualidade. Documento interno. Grupo FASA Participações, 2008/2009.
EXTRATIVA METALQUÍMICA S.A. Tabela de indicadores 2005, 2006, 2007, 2008 e 2009. Documentos internos. Grupo FASA Participações, 2008/2009.
GEORGE, A.; BENNETT, G. Case studies and theory development in the social sciences. Cambridge, Massachussetts: MIT Press, 2005.
GOMES, J. S., SALAS, J. A. Controle de gestão: uma abordagem contextual e organizacional. Textos e casos. São Paulo: Atlas, 1997.
GOMES, J. S.; MATOS, F. F. J.; ROSA, W. C. C.; PALMEIRO, M. A.; NETTO, L. J. G. Management control in the internationalized firm: the case of Praxair Inc. 2000. Disponível em: <http://www.estacio.br/revistamade>. Acessado em 23/05/2005.
GOVINDARAJAN, V. A contingency approach to strategy implementation at the business-unit level: Integrating administrative mechanisms with strategy. The Academy of Management Journal . v. 31, n. 4, p. 828-853. 1988. Disponível em: <http://www.jstor.org/discover/10.2307/256341?uid=3737664&uid=2&uid=4&sid=21102644738187>.
GRANLUND, M. Management accounting systems integration in corporate mergers: a case study. Accounting, Auditing and Accountability Journal, v. 16, n. 2, p. 208-243, 2003. DOI: 10.1108/09513570310472822
GRUPO FASA. Manual de políticas corporativas. Documento interno. Grupo FASA Participações, 2008-2010.
HICKSON, D. J., C. R. HININGS, C. A. LEE, R. E. SCHNECK AND J. M. PENNINGS. A strategic contingencies' theory of intraorganizational power. Administrative Science Quarterly. v. 16, n. 2, p. 216-229. 1971. Disponível em: <http://www.jstor.org/discover/10.2307/255379?uid=3737664&uid=2&uid=4&sid=21102644738187>.
HOFER, C. W. Toward a contingency theory of business strategy. The Academy of Management Journal. v. 18, n.4, p. 784-810. 1975. Disponível em: <http://www.jstor.org/discover/10.2307/2391831?uid=3737664&uid=2&uid=4&sid=21102644738187>
JICK, T. Mixing qualitative and quantitative methods: triangulation in action. Administrative Science Quarterly, v. 24, p. 602- 610, 1979. Disponível em: <http://faculty.washington.edu/swhiting/pols502/Jick.pdf>.
JONES, C. S. An empirical study of the evidence for contingency theories of management accounting systems in conditions of rapid change. Accounting, Organization and Society, v. 10, n. 3, p. 303-328, 1985b. Disponível em: <http://www.sciencedirect.com/science/article/B6VCK-45W6NPV-N3/2/ff343ed0e05345b827cfe164b319c40d>.
JONES, C. S. An empirical study of the role of management accounting systems following takeover or merger. Accounting, Organization and Society, v. 10, n. 2, p. 177-200, 1985a. Disponível em: <http://www.sciencedirect.com/science/article/B6VCK-45W4HFY-2M/2/4a0f6ede87985ebaf9fc44c1bd6b9fb8>.
JORDÃO, R. V. D. ; SOUZA, A. A. . Efeitos da Cultura Corporativa no Sistema de Controle Gerencial Pós-Aquisição: Um Estudo de Sucesso Numa Empresa Brasileira. REGE. Revista de Gestão USP, v. 19, p. 55-71, 2012. DOI: 10.5700/rege 451
MARTINEWISK, A. L.; GOMES, J. S. Control of global enterprises – management control in internationalized Brazilian companies: a nine case comparative study. Disponível em: <http://www.estacio.br/revistamade>. Acessado em 23/05/2005.
MONTGOMERY,C.; PORTER, M. E. Estratégia: a busca da vantagem competitiva. Rio de Janeiro: Campus, 1998.
NILSSON, F. Strategy and management control systems: a study of the design and use of management control systems following takeover. Accounting and Finance, v. 42, n. 2, p. 41-71, jun. 2002. Disponível em: <http://ssrn.com/abstract=318594>
OTLEY, D. T. The contingency theory of management accounting: Achievement and prognosis. Accounting, Organizations and Society. v. 5, n. 4, p. 413-428. 1980. DOI: 10.1016/0361-3682(80)90040-9.
PORTER, M. E. From competitive advantage to corporate strategy. Harvard Business Review, p. 43-59, maio-jun. 1987. Disponível em: <http://113.161.227.204:8008/thuvienso/bitstream/123456789/233/1/From_competitive_advantage_to_corporate_strategy.pdf>.
PRAHALAD, C. K., HAMEL, G. The core competence of the corporation. Harvard Business Review, Boston, v. 68, n. 3, p. 79-91, maio-jun. 1990. Disponível em: <http://www1.ximb.ac.in/users/fac/Amar/amarnayak.nsf/23e5e39594c064ee852564ae004fa010/456e5a8383adcf07652576a0004d9ba5/$FILE/CoreCompetence.pdf>.
PRICEWATERHOUS&COOPERS (PWC). Relatório Sobre Fusões e Aquisições no Brasil 1º semestre de 2012. Disponível em: <http://www.pwc.com.br/pt/estudos-pesquisas/assets/highlights-novembro-2011.pdf>. Acessado em 20/08/2012.
REVISTA EXAME. Pesquisa KPMG sobre Fusões e Aquisições no Brasil 1º trimestre de 2012. Disponível em: <http://exame.abril.com.br/economia/noticias/fusoes-e-aquisicoes-no-brasil-tem-o-melhor-1o-trimestre-3>. Acessado em 23/06/2012.
RICHARDSON, R. J. Pesquisa social: métodos e técnicas. 3. ed. São Paulo: Atlas, 1999.
ROSSETTI, J. P. Fusões e aquisições no Brasil: as razões e os impactos. In: BARROS, B. T. (Org.). Fusões, aquisições e parcerias. São Paulo: Atlas, 2001.
TRICHES, D. Fusões, aquisições e outras formas de associação entre empresas no Brasil. Revista de Administração, São Paulo, v. 31, 1996.
UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT – UNCTAD. World investment report 2000. Nova York: United Nations, 2000.
Published
How to Cite
Issue
Section
License
The copyright for papers published in this journal belong to the author, with rights of first publication for the journal. As the papers appears in this publicly accessed journal, the papers are for free use, receiving their credit, in educational and non-commercial uses. The journal will allow the use of the papers published for non-commercial purposes, including the right to send the paper to publicly accessed databases.
