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Abstract(s)
Com a globalização, tem-se acentuado a tendência para as empresas se internacionalizarem, designadamente através das exportações, o que suscita o desafio de conceber explicações teóricas – e de testá-las empiricamente – sobre o modo como a internacionalização das empresas influencia o seu desempenho (nomeadamente a sua produtividade) ou, no outro sentido, este condiciona a sua entrada nos mercados externos. Embora a literatura teórica aponte para um efeito genericamente positivo da internacionalização das empresas sobre a sua produtividade, admite também que a relação internacionalização-produtividade possa revelar-se não linear, apresentando perfis que conjugam fases onde a relação é crescente com outras onde é decrescente, o que tem vindo a ser corroborado empiricamente.
Neste contexto, pretendeu-se, mormente, caracterizar a relação entre o grau de internacionalização e a produtividade de um grupo específico de empresas brasileiras de grande dimensão e bom desempenho econômico-financeiro, com base em dados em painel fornecidos pela revista Exame relativos acerca de duas centenas das empresas brasileiras selecionadas como as Melhores e Maiores (M&M), no quinquênio 2011-2015.
Sendo o grau de internacionalização médio do conjunto das empresas M&M representado na amostra utilizada de cerca de 28%, constata-se que mais de metade das observações são relativas a empresas cujo grau de internacionalização, em algum dos anos de 2011 a 2015, é inferior a 25% e que apenas cerca de um décimo das observações são relativas a empresas que exportam, pelo menos, três quartos da sua produção, verificando-se uma considerável heterogeneidade do grau de internacionalização médio nos diferentes setores de atividade.
Quanto à relação internacionalização-(ln)produtividade, constata-se que será inadequado recorrer ao estimador de coeficientes constantes para defini-la, pois tal induziria a conclusão de que a relação em causa apresentaria um perfil em U, quando os resultados econométricos obtidos recorrendo-se ao estimador (de efeitos seccionais fixos) e à especificação do modelo mais adequados sugerem um perfil em S para esta relação, i.e., sancionam o paradigma dos três estágios qualitativamente distintos do processo de internacionalização. O perfil evidenciado revela que a produtividade cresce com o grau de internacionalização, mas apenas no intervalo entre os 20% e os 70%, sensivelmente, apresentando-se decrescente com o grau de internacionalização fora deste intervalo.
Globalization has accentuated the tendency for internationalization of firms, mainly through exports, which brings about the challenge of conceiving theoretical explanations, and of testing them empirically, on how the internationalization of firms influences their performance, (in particular their productivity, or in another perspective, how it enables the foreign market entry. Although the theoretical literature states a generically positive effect on internationalized firms’ productivity, it also admits that the relation between internationalization and productivity may prove to be non-linear, with profiles that combine growing and descending relations, which has been empirically supported. In this context, the study intended to characterize the relationship between the degree of internationalization and the productivity of a specific group of full-scale Brazilian firms with good financial performance, based on panel data provided by Exame magazine concerning around two hundred Brazilian firms selected as the best and the biggest (Melhores e Maiores – M&M) in the five-year period from 2011 to 2015. Since the average degree of internationalization of that group of firms represented in the sample is approximately 28% (twenty-eight per cent), it can be noticed that more than half of the observations are related to firms with a degree of internationalization lower than 25% (twenty-five per cent) during some years between 2011 and 2015 and only around one tenth of the observations are related to firms exporting at least three-quarters of their production, showing a significant heterogeneity of the average internationalization degree in different fields of activity. As for the relationship between internationalization and (In)productivity, it has been noticed that it would be inadequate to resort to the constant coefficients estimator to define it, since it would lead to the conclusion that the relationship proposed would present a U-profile, while the econometric results obtained by the estimator (with fixed effects) and the ideal model’s specification suggest a S-profile, in other words, they confirm the three qualitatively distinct stages paradigm in the internationalization process. The evidenced profile reveals that productivity increases with the internationalization degree, but only between 20% and 70%, while it tends to decrease when out of this range.
Globalization has accentuated the tendency for internationalization of firms, mainly through exports, which brings about the challenge of conceiving theoretical explanations, and of testing them empirically, on how the internationalization of firms influences their performance, (in particular their productivity, or in another perspective, how it enables the foreign market entry. Although the theoretical literature states a generically positive effect on internationalized firms’ productivity, it also admits that the relation between internationalization and productivity may prove to be non-linear, with profiles that combine growing and descending relations, which has been empirically supported. In this context, the study intended to characterize the relationship between the degree of internationalization and the productivity of a specific group of full-scale Brazilian firms with good financial performance, based on panel data provided by Exame magazine concerning around two hundred Brazilian firms selected as the best and the biggest (Melhores e Maiores – M&M) in the five-year period from 2011 to 2015. Since the average degree of internationalization of that group of firms represented in the sample is approximately 28% (twenty-eight per cent), it can be noticed that more than half of the observations are related to firms with a degree of internationalization lower than 25% (twenty-five per cent) during some years between 2011 and 2015 and only around one tenth of the observations are related to firms exporting at least three-quarters of their production, showing a significant heterogeneity of the average internationalization degree in different fields of activity. As for the relationship between internationalization and (In)productivity, it has been noticed that it would be inadequate to resort to the constant coefficients estimator to define it, since it would lead to the conclusion that the relationship proposed would present a U-profile, while the econometric results obtained by the estimator (with fixed effects) and the ideal model’s specification suggest a S-profile, in other words, they confirm the three qualitatively distinct stages paradigm in the internationalization process. The evidenced profile reveals that productivity increases with the internationalization degree, but only between 20% and 70%, while it tends to decrease when out of this range.
Description
Keywords
Internacionalização Exportações Produtividades Brasil Internationalization Exports Productivity Brazil