Un modelo de fusiones por absorción para optimizar la eficiencia corporativa en el sector construcción en Panamá

Rogelio E. Calderón-Aguirre

doi:10.48204/j.faeco.v9n2.a11091

Submitted August 17, 2026

Published 2026-09-11

Artículos

Vol. 9 No. 2 (2026): Revista FAECO Sapiens

A merger by absorption model to optimize corporate efficiency in the construction sector in Panama

Rogelio E. Calderón-Aguirre⁺⁻

DOI https://doi.org/10.48204/j.faeco.v9n2.a11091

PDF (Español (España))

References

DOI: 10.48204/j.faeco.v9n2.a11091

Published: 2026-09-11

How to Cite

Calderón-Aguirre, R. E. (2026). A merger by absorption model to optimize corporate efficiency in the construction sector in Panama. Revista FAECO Sapiens, 9(2), 191–200. https://doi.org/10.48204/j.faeco.v9n2.a11091

This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

Abstract

This study analyzes the influence of mergers by acquisition on the optimization of financial and tax efficiency in construction companies. Using a quantitative approach, a post-positivist paradigm, and a non-experimental, cross-sectional, and explanatory design, the results of an applied instrument were analyzed with an inter-element correlation matrix, reflecting a mean of 0.508 (range: 0.471 to 0.583), confirming ex-ante psychometric homogeneity. Hypothesis testing using Spearman's rho revealed a moderate-to-strong and significant positive correlation between mergers by acquisition and financial efficiency (rho = 0.583, p = 0.029 < 0.05); conversely, tax efficiency exhibited a non-significant relationship (rho = 0.471, p = 0.169 > 0.05). It was concluded that mergers act as a direct catalyst for optimizing profitability and solvency ratios if supported by due accounting diligence. Second, post-merger tax efficiency exhibits high volatility due to the regulatory complexity of Panama's DGI (General Directorate of Revenue). Third, these findings methodologically justify the need to transition to a confirmatory structural model applicable to the Panamanian construction sector.

Downloads

Download data is not yet available.

References

Bullard González, A., Falla Jara, A., y Roldán Barraza, N. (2012). In god we trust, all other bring data. ¿Debe haber un control de fusiones empresariales en el Perú. THEMIS Revista De Derecho, (62), 83–122. pucp.edu.pe
Chen Stanziola, M. C. (2023). La fusión de sociedades anónimas en Panamá. Universidad de Panamá, Instituto de Estudios Nacionales.
Damodaran, A. (2021). Equity Risk Premiums (ERP): Determinants, Estimation, and Implications – The 2021 Edition. Social Science Research Network (SSRN). https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3825823
Damodaran, A. (2024). Investment valuation: Tools and techniques for determining the value of any asset (4th ed.). John Wiley & Sons. https://www.wiley.com/en-
Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman.
Gaughan, P. A. (2018). Mergers, acquisitions, and corporate restructurings (7th ed.). John Wiley & Sons.
Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2022). A primer on Partial Least Squares Structural Equation Modeling (PLS-SEM) (3rd ed.). Sage Publications. https://www.smartpls.com/documentation/must-reads/pls-sem-book
Hanlon, M., & Heitzman, S. (2010). A review of tax research. Journal of Accounting and Economics, 50(2-3), 127–178. doi.org
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Ross, S. A., Westerfield, R. W., Jaffe, J. F., y Jordan, B. D. (2023). Corporate Finance (13.ª ed.). McGraw-Hill LLC.
https://www.mheducation.com/highered/product/corporate-finance-ross.html
Sánchez, A., Galaso, P., & García, J. (2016). Las fusiones y adquisiciones realizadas por empresas españolas en América Latina: Un estudio desde la perspectiva del análisis de redes. CEPAL. https://repositorio.cepal.org
Scott, W. R. (1999). Institutions and organizations. Sage Publications.
https://books.google.com/books/about/Institutions_and_Organizations.html?id=kWb-AAAAQBAJ
Scholes, M. S., Wolfson, M. A., Erickson, M., Maydew, E., & Shevlin, T. (2015). Taxes and business strategy: A planning approach (5th ed.). Prentice Hall. stanford.edu
Tapia Frade, A. (2017). La fusión transfronteriza de sociedades anónimas (Tesis doctoral, Universidad Complutense de Madrid). Repositorio Institucional e-Prints UCM. https://eprints.ucm.es/40950/1/T38300.pdf
Vázquez Ordás, C. J. (1992). Un marco teórico para el estudio de las fusiones empresariales (Documento de trabajo N.º 044/1992). Facultad de Ciencias Económicas, Universidad de Oviedo. https://digibuo.uniovi.es/dspace/bitstream/handle/10651/45916/d044_92.pdf?sequence