Os efeitos da internacionalização na rentabilidade de empresas não financeiras do Brasil

Abstract

The increased integration of world economies reflected in a growing role towards the internationalization of enterprises, particularly in developing countries. Some studies show that as the degree of internationalization increases, companies gain experience making them more efficient and thus improving its performance. However, other studies show that the higher the degree of internationalization, more resources should be shifted to the international activities and can take, especially early in the process, resources from other areas that could be more profitable. In this context, this research aims to analyze what effects the degree of internationalization in the performance of non-financial companies in Brazil. The research sample included these companies in the ranking of Dom Cabral Foundation of Brazilian transnational corporations on the list of the 500 largest and best of Exame magazine, from 2006 to 2012. On this basis, we excluded those with asset values and equity negative, and the financial sector because of its particularities. The definition of research variables was based on the national and international literature on internationalization and performance. These variables were composed by the indicators of the degree of internationalization of companies, and financial performance indicators collected Economática Base. From the technique of factor analysis created an aggregate performance index, the composition of which was through the performance variables correlated. As research used data with cross-section characteristics, the most appropriate statistical models were regressions with panel data which aimed to analyze the effects of internationalization on profitability. The panel data analysis has three distinct approaches as independent pooled cross-section, fixed effects models and random effects models. To define the best model, some tests were used, and the most appropriate model was the Pooled. Regarding the existence of problems in econometric models, heteroskedasticity and autocorrelation tests were performed. The results showed that: (a) the relationship between the degree of internationalization and performance of these companies is characterized by a negative linear behavior, so that the higher the degree of internationalization of the company, the lower tends to be the performance; (b) controls the leverage significantly the relationship between the degree of internationalization and performance; (c) fixed capital intensity of the company as well as some sectors have significant influence on the analysis of three models; and (d) the crisis period did not show any influence on the relationship between the degree of internationalization and performance.