Determinantes das atividades de desinvestimento corporativo: uma análise para empresas brasileiras dos setores de construção e transporte, consumo cíclico e materiais básicos

Abstract

Previous studies on corporate divestiture in international publications have documented that operations with poor operating performance, financial difficulties or with low investment levels are significant determinants of corporate divestment decisions. They also consider that larger companies, firm age and firms that had previous experience in divestment are more prone to new divestitures. The hypotheses were formulated based on previous results and the research was developed to identify the determinants of divestment for a sample of 161 Brazilian companies for the period from 2004 to 2015 with 352 divestiture events. The findings are consistent with the proposition that firm size and prior divestitures experience are significant determinants of divestitures. As a surprise, the results do not support the hypotheses that poor operating performance, leverage, lower investment level and firm age as determinants of divestiture activities. This study provides an introduction to the topic of corporate divestiture and its determinants in the national academic context.