Análise dos benefícios da especialização por setor no processo de M&A

Bruno Martins Serôdio (Student)

Student thesis: Master's Thesis

Abstract

Mergers and acquisitions (M&A) are a preferred method for executing a business expansion or restructuring strategy. Some literature suggests that a logic of specialization of financial advisors in the sector can impact different phases of the M&A process, influencing the efficiency of transactions and the ability to create value for the parties involved (Gaughan, 2017; DePamphilis, 2021). In this context, this study aims to analyze the hypothesis that the sectoral specialization of financial advisors can generate benefits throughout the different stages of the M&A process, with special emphasis on the impact on the duration of transactions. The analysis uses data from Refinitiv Eikon (2013-2023) and applies difference of means tests and multiple regressions to estimate the impact of financial consultants on the efficiency of transactions, using execution time as the dependent variable. The results indicate that the presence of financial advisors is associated with greater efficiency in the M&A process, reducing execution time and potentially improving transaction pricing. However, sector specialization could not be directly measured, which represents an opportunity for future research. Therefore, the aim is to provide relevant insights for companies, investors and regulators, highlighting the importance of specialized financial advice in optimizing M&A processes.