A relação entre a internacionalização e o desempenho econômico de empresas brasileiras de capital aberto

Abstract

The relationship between the degree of internationalization and performance has been widely discussed in the literature of international business. However, there is still a lack of studies of this relationship in emerging countries. Furthermore, there is a divergence in results obtained, some authors found a positive linear relationship between internationalization and performance, others have found a negative linear relationship, they still had some have found a non-linear relationship U shaped, others have found a non-linear relationship inverted U-shaped furthermore been also proposed a relationship horizontal S-shaped. In this sense, some hypotheses were trying to justify this divergence of results, among which were cited the different ways of measuring the level of internationalization and performance and the existence of variables moderating the relationship between internationalization and performance. Therefore, this study sought to contribute to the literature of international business using models with different variables of internationalization and performance, including the variable moderating input mode. For this, there were three main goals scored: (1) Analyze the relationship between internationalization and performance of Brazilian companies using different measures of internationalization and performance; (2) Analyze whether there is a difference in the relationship between internationalization and performance for different ways to measure the internationalization and performance; and (3) To verify the impact of the input mode on the relationship between internationalization and performance in Brazilian companies. The study sample corresponds to 431 Brazilian non-financial public companies listed on the BM & FBovespa from 2006 to 2014. Data were obtained from three sources: (1) Economática; (2) Ranking of the Brazilian transnational companies prepared by the Dom Cabral Foundation; and (3) lists the 500 Biggest and Best of Exame magazine. After analyzing the regressions with data panels identified a divergence of results for the different variables of internationalization and performance, it has been found negative linear relationships and non-linear shaped inverted S. Additionally, it was found that the variable restraining input mode has an effect on the relationship between internationalization and performance, companies that internationalized, predominantly, at the patrimony entry mode showed a relationship in U-shape for all performance variables, suggesting that in the early stages of internationalization through patrimony entry mode the additional costs of internationalization outweigh its incremental benefits, producing a negative relationship, however, after reaching a certain level of internationalization, the incremental benefits begin to exceed the additional costs by producing a positive relationship.