Combinação de negócios no setor de saúde suplementar no Brasil : uma análise de concentração de mercado e rentabilidade
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Data
2024-07-29
Autores
Carnetti, Wander Chagas
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Universidade Federal do Espírito Santo
Resumo
This research analyzes whether market concentration and profitability are determining factors for the likelihood of business combinations in the Brazilian supplementary healthcare sector. The supplementary healthcare segment, in addition to being an essential segment for the population, is highly concentrated due to its economies of scale, and has a large number of mergers and acquisitions, and is increasingly growing. The research used data from Self-Management, Medical Cooperatives, Philanthropy, Group Medicine and Specialized Health Insurance Companies that were registered in April 2024 with the ANS – National Health Agency and that had active beneficiaries until December 2022, in addition to the supplementary healthcare market concentration analysis processes submitted to CADE – Administrative Council for Economic Defense. Data were extracted from 707 companies and 232 processes submitted for approval by CADE in the period between 2011 and 2022, totaling 6,618 observations used in a logit model to estimate the probability of business combinations occurring. Among the characteristics of the companies studied, it was possible to confirm the study hypotheses through performance using the ROIC proxy for return and the Herfindall index for market concentration, in relation to total beneficiaries. The results demonstrated that profitability and market concentration, in relation to total beneficiaries, can be considered as determining factors for the occurrence of business operations, either to the detriment of inefficient companies being subject to merger and/or acquisition by companies that are operating with positive returns and in a state of solvency or because companies with higher concentration indices seek, through business combinations, to reduce production costs and increase goods and services through economies of scale. These results, in addition to contributing to the understanding of a market with strong movement in mergers and acquisitions, help to better understand the factors that make companies potential targets for this type of operation
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Saúde suplementar , Empresas - Fusão e incorporação , Concentração empresarial , Lucros , Concentração de mercado , Rentabilidade , Combinação de negócios , Supplementary health , Market concentration , Profitability , Business combination