Banca de QUALIFICAÇÃO: YANN SANTOS TEIXEIRA

Uma banca de QUALIFICAÇÃO de MESTRADO foi cadastrada pelo programa.
STUDENT : YANN SANTOS TEIXEIRA
DATE: 14/03/2026
TIME: 14:00
LOCAL: Plataforma teams
TITLE:

QUESTIONING SYNERGY: AN ONTOLOGICAL AND EPISTEMOLOGICAL CRITIQUE OF VALUE CREATION IN MERGERS AND ACQUISITIONS

KEY WORDS:

mergers and acquisitions; synergy; epistemology; ontology.

PAGES: 31
BIG AREA: Ciências Sociais Aplicadas
AREA: Administração
SUBÁREA: Ciências Contábeis
SUMMARY:

Synergy is the dominant justification for mergers and acquisitions (M&As) and is embedded in accounting language through the recognition of goodwill as an asset representing expected future economic benefits. However, evidence from business combinations points to a different reality, which, at the very least, outcomes are heterogenous, suggesting that value creation cannot be assumed and that synergy is best treated as a contingent claim rather than a default premise. Accordingly, this project addresses whether the synergy premise is epistemically justified and ontologically coherent; that is, whether a business combination warrants presuming the creation of a unified collective subject. Grounded in Popper’s philosophy of science, the project proceeds in two stages. First, it develops a critical-reflexive analysis that makes explicit the epistemic and ontological commitments embedded in synergy-based reasoning and advances an alternative lens under which business combinations are disruptive reorganizations that necessitate the constitution of a new collective subject. Second, it evaluates this alternative interpretation using Brazilian M&A deals over 2003–2025, defining 2003 as the start of the sample because Brazil’s new Civil Code, a landmark statute governing privatelaw relations, entered into force that year. The quantitative research combines (i) an event study of acquirer abnormal announcement returns in short windows and 24-month buy-and-hold abnormal returns; and (ii) two regression models assessing post-transaction value-creation dynamics using book-to-market and Economic Value Added (EVA) as dependent variables, with attention to integration conditions such as industry and geographic proximity. The study aims to refine interpretations of value creation in business combinations and to present new lens for goodwill accounting and M&A related practices.

COMMITTEE MEMBERS:
Interna - 1804227 - DANIELLE MONTENEGRO SALAMONE NUNES
Presidente - 1450485 - JOMAR MIRANDA RODRIGUES
Interno - 2122897 - JORGE KATSUMI NIYAMA
Externo à Instituição - VAGNER ANTÔNIO MARQUES - UFES