Framework de suporte à tomada de decisão em fusões e aquisições: um estudo que considera o impacto da incerteza

Abstract

Mergers and Acquisitions (M&A) constitute relevant means of implementing corporate strategies aimed at sustainable business growth. However, capturing the expected value proves to be a challenging topic. In this regard, a procedural perspective with analytical elements and criteria to support decision-making can aid in achieving positive outcomes in mergers and acquisitions. Employing the Design Science Research (DSR) method, this study proposed a framework for managers and companies to discuss and evaluate pertinent analysis elements within the decision-making process of acquiring other companies. The artifact comprises four dimensions of analysis – acquiring company, target, sector, and external context. Each dimension consists of a set of analysis elements. Furthermore, the artifact includes an element representing uncertainty in the decision-making process, depicted as a 'shock,' which could impact the four dimensions of analysis. The practical contribution of this research is the proposition of the artifact to assist decision-makers during M&A execution. Academically, the work advances the field of procedural perspectives on mergers and acquisitions by portraying decision-making as a flow composed of distinct, sequential, and interconnected stages.