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Acquisitions, Joint Ventures Or Arm's-Length Alliances? Analyzing the Determinants of the Choice of Growth Strategy in Brazil from 1996 Through 2007 (Report)

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Title: Acquisitions, Joint Ventures Or Arm's-Length Alliances? Analyzing the Determinants of the Choice of Growth Strategy in Brazil from 1996 Through 2007 (Report)
Author : Brazilian Administration Review - BAR
Release Date : January 01, 2010
Genre: Business & Personal Finance,Books,
Pages : * pages
Size : 333 KB

Description

INTRODUCTION One important issue in strategy is to understand the sources of performance heterogeneity among firms. In other words, a great deal of studies in this field seeks to analyze variables that make a firm show abnormal performance in relation to their competitors. As Peteraf (1993) suggests, this heterogeneity is largely determined by the firm's internal resources and capabilities. Thus, access to these resources and capabilities may allow firms to generate abnormal returns and build important competitive advantages. Obtaining these resources can take place in several ways. Makadok (2001) states that firms have the option to grow internally through the process of capability-building, or externally through resource-picking. In addition, external growth embeds specific options such as mergers, acquisitions, joint ventures or other kinds of alliances. Whichever is the growth option, this decision should take into account the uniqueness of the firms and the potential of value creation of each alternative.