出版社：Associação Nacional de Pós-Graduação e Pesquisa em Administração
摘要：The merger and acquisition activity constitutes an activity that is not totally assimilated and founded in a general theory that supports it. The one that exists is a group of explanations that intends to consign it some legitimacy; those explanations derive mainly from the theory of the firm, which in turn also proposes a logical explanation for the emergence, evolution and growth of firms. It also aims to explain the increase in the number of mergersand acquisitions, which are a fast way for a firm to grow, for whatever motives. The inquiry on these motives is theoretically based on the maximization of stockholders’ wealth, on Edith Penrose’s (1962) theory of growth, and on the theory of corporate governance. This paper analyses the grounding and motives underlying a merger or acquisition, seeking an interface between them, the trajectory of the firm and its explanatory theoretical framework, that is, the theory of the firm. Furthermore, a summary of the empirical evidence is presented about the activity of the mergers and acquisitions in international economic-financial literature in the last decades.
关键词：theory of the firm ; grounding and motives for mergers and acquisitions ; economic theory.
