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Abstract(s)
A literatura empírica sobre a relação entre a internacionalização das empresas e o seu desempenho é prolixa, redundando em evidências díspares quanto ao sinal – positivo, negativo – e à configuração – linear, não-linear – desta relação.
Numa economia emergente como é a brasileira, onde decorre um vigoroso processo de internacionalização de cada vez mais empresas, é particularmente relevante investigar os efeitos deste processo, nomeadamente ao nível do desempenho dessas empresas.
Usando uma amostra de 236 das Melhores & Maiores empresas brasileiras, no período 2011-2015, estimou-se um modelo com dados em painel, tomando-se como variável a explicar o desempenho das empresas, medido pelo ROE, em função do grau de internacionalização (mas também o seu valor quadrático e cúbico), e considerando como variáveis de controle a dimensão das empresas e a taxa de crescimento real do PIB do Brasil.
Embora o grau de internacionalização médio das empresas representadas na amostra seja de 27%, em quase dois terços das observações o grau de internacionalização é inferior a 25%, sendo superior ou igual a 75% em apenas cerca de um décimo das observações.
Verificando-se que as empresas que, em algum dos anos considerados, exportam menos de 25% da sua produção apresentam a mais elevada média da rentabilidade dos capitais próprios, ROE, enquanto que aquelas que se situam nos escalões intermédios do grau de internacionalização revelam a menor média da ROE, tal sugeriria admitir-se uma configuração em U para a relação internacionalização-desempenho. Esta conjectura revela-se, contudo, improcedente, quando se controla a heterogeneidade das empresas através do estimador de efeitos fixos seccionais, resultando num perfil da relação internacionalização-desempenho em U-invertido. Assim, o desempenho das empresas brasileiras analisadas aumentará com o grau de internacionalização, mas apenas até este atingir cerca de 60%. A intensificação da internacionalização para além deste nível prejudicará o desempenho das empresas, provavelmente devido ao fato das economias de escala passarem a ser neutralizadas pelo crescimento dos custos de coordenação de uma rede comercial crescentemente dispersa por países cada vez mais afastados, geográfica e culturalmente.
O desempenho do grupo de empresas analisadas dependerá positivamente do número de trabalhadores que empregam e da conjuntura econômica nacional.
The empirical literature about the relation between the internationalization of the companies and their performance is prolix, resulting in disparate evidences as to the sign – positive, negative – and the configuration – linear, non-linear – of this relation. In an emerging economy such as Brazilian one, where there is a vigorous process of internationalization of more and more companies, it is particularly relevant to investigate the effects of this process, in particular on the performance level of these companies. Using a sample of 236 of the Better & Bigger Brazilian companies, in the period 2011-2015, a model of panel data was estimated, being taken as a variable to explain the performance of the companies, measured by ROE, in due to the degree of internationalization (but also its quadratic and cubic value), and considering as variable of control the dimension of the companies and the real GDP growth rate of Brazil. Although the average internationalization of the companies represented in the sample is 27%, in almost two-thirds of the observations the degree of internationalization is lower than 25%, being higher or equal to 75% in only about one-tenth of the observations. Checking that the companies that, in any of the years considered, export less than 25% of its production have the highest average return on equity, ROE, while those in the intermediate stages of internationalization revel the lowest ROE, this would suggest accept a U configuration to the relation internationalization-performance. This conjecture, however, is unfounded, when the companies’ heterogeneity is controlled through the sectional fixed effects estimator, resulting in a profile of the relation internationalization-performance of U-inverted. Thus, the performance of the Brazilian companies analyzed will increase with the internationalization degree, but only until this reaches about 60%. The intensification of internationalization beyond this level will undermine the performance of the companies, probably due to the fact that economies of scale should become neutralized by the increase of coordination costs of a commercial network increasingly disperse by countries more and more detached, geographically and culturally. The performance of the group of analyzed companies will depend positively on the number of workers they employ and the national economic conjecture.
The empirical literature about the relation between the internationalization of the companies and their performance is prolix, resulting in disparate evidences as to the sign – positive, negative – and the configuration – linear, non-linear – of this relation. In an emerging economy such as Brazilian one, where there is a vigorous process of internationalization of more and more companies, it is particularly relevant to investigate the effects of this process, in particular on the performance level of these companies. Using a sample of 236 of the Better & Bigger Brazilian companies, in the period 2011-2015, a model of panel data was estimated, being taken as a variable to explain the performance of the companies, measured by ROE, in due to the degree of internationalization (but also its quadratic and cubic value), and considering as variable of control the dimension of the companies and the real GDP growth rate of Brazil. Although the average internationalization of the companies represented in the sample is 27%, in almost two-thirds of the observations the degree of internationalization is lower than 25%, being higher or equal to 75% in only about one-tenth of the observations. Checking that the companies that, in any of the years considered, export less than 25% of its production have the highest average return on equity, ROE, while those in the intermediate stages of internationalization revel the lowest ROE, this would suggest accept a U configuration to the relation internationalization-performance. This conjecture, however, is unfounded, when the companies’ heterogeneity is controlled through the sectional fixed effects estimator, resulting in a profile of the relation internationalization-performance of U-inverted. Thus, the performance of the Brazilian companies analyzed will increase with the internationalization degree, but only until this reaches about 60%. The intensification of internationalization beyond this level will undermine the performance of the companies, probably due to the fact that economies of scale should become neutralized by the increase of coordination costs of a commercial network increasingly disperse by countries more and more detached, geographically and culturally. The performance of the group of analyzed companies will depend positively on the number of workers they employ and the national economic conjecture.
Description
Esta versão contém as críticas e sugestões dos elementos do júri
Keywords
Internacionalização Exportações brasileiras Desempenho Internationalization Brazilian exports Performance