Os efeitos do capital do giro de empresas multinacionais em períodos de crise no desempenho: um recorte regional

Abstract

This study aimed to understand the impact of working capital management and internationalization on performance of Brazilian companies in periods of crisis. The subject proved to be relevant considering the crisis that the country went through between 2015 and 2016 and which according to economic data, has not been overcome yet. To this end, the sample was composed of 723 listed companies in B3, and the hypotheses were tested using econometric models with fixed effects using panel data regression. The findings showed that in case of interaction of working capital and internationalization, there are two optimal points to be pursued by management to achieve maximum performance in period of crisis. However, when analyzing results of the robustness tests, it appears that when performing the procedure of centralization of the variables, the interaction of working capital with internationalization loses its significance. As limitations, we consider the short period of analysis and the beginning restricted to 2010 due to the lack of data. As implications for future research, it is suggested analyzing and verifying whether internationalized companies from developed countries have the same relation with performance found in Brazilian companies in period of crisis. The theoretical gap found was that, previous studies have not considered the combined effects of internationalization as a driver and the crisis as a performance reducer in organizations.